Prosecution: Reinsurance contracts were renegotiated after Bright's £105m pledge fell short
The prosecution has accused Michael Bright of writing a letter dated 5 March 2001, the same day as Independent's board meeting, to Mr Copping, a senior director at ERC which agreed to have in place a pledge of £141,400,000 within 48 hours, or the contracts between the two companies would become null and void, writes Andrew Tjaardstra .
The prosecution alleges that before the board meeting, Mr Bright knew this money was needed to appease ERC, which had worked out this was the money it needed if it was placed in "its worst position".
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