Belvedere Insurance

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Belvedere Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

GTE Re applies to wind-up Bermuda-based Belvedere Insurance Company Limited.

A dispute between Belvedere Insurance and GTE Reinsurance Company, which are both based on the island, turned ugly this month when the latter applied to Bermuda Supreme Court to have the former wound up. The irony of GTE Re's application is that the company is believed to be a net debtor of Belvedere's, rather than a net creditor.

The latest round in a long-running battle between reinsurer Belvedere Insurance Company Ltd. and its former vice-president and treasurer, Vanessa Thomas, will be heard in chambers at Bermuda Supreme Court on Monday.

Caliban Holdings Ltd, which owns Belvedere Insurance and other insurance-related entities, has brought a legal action against Belvedere's former vice president and treasurer, Vanessa Thomas, to try to force her to sell her five per cent stake in Caliban back to the company.

Belvedere Insurance says it will fight a legal action begun against its parent Caliban Holdings this week.