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(4) UPSINCO, Ltd./OPL
On June 9, 1983, pursuant to petitioner's plan, Hall,
through Parker & Co.-Interocean, Ltd. (Parker & Co.),17 prepared
a summary of a proposal to organize an insurance subsidiary
domiciled in Bermuda under the name UPSINCO, Ltd. (UPSINCO). By
a memorandum dated June 13, 1983, Mr. Corde provided to Mr.
Johnson copies of the forms filed with the Registrar of Companies
in Bermuda relating to the incorporation of UPSINCO.
On June 23, 1983, a meeting was held which the following
persons attended: Messrs. Danielewski, Johnson, and Jerome Stein
representing petitioner; Messrs. Garrity, Corde, and John Iacono
representing Hall; Messrs. Robin Spencer Arscott and Geoffrey
Hunt of Hall-Bermuda; and Messrs. Chet Butterfield and John
Ellison of the Bermuda law firm of Conyers, Dill & Pearman.
Among other things, the purpose of the meeting was to discuss
various aspects of the Shippers Interest program including the
contract form, documentation/ certification, service instruction
agreement, monthly bordereaux,18 and premium/loss reports.
16(...continued)
times the rate of .0245 percent. The average daily value equaled
the average parcel value of $80 times the annual total parcels of
1,616,809,741 divided by 365.
17Parker & Co. is a wholly owned subsidiary of Hall.
18Petitioner's bordereau is a statement which summarizes, by
State, the units of excess value purchased by shippers and the
(continued...)
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