HancockWatch is designed to provide independent information on the proposed demutualization (conversion from a mutual to a stock company) of John Hancock Mutual Life Insurance Company. This information is intended to assist Hancock's 2.8 million participating policyholders and the public in considering the merits of the plan. It is our view that the plan is NOT in the policyholders interests nor those of the insuring public. Please read on.

SITE INDEX

Hancock's conversion into a stock company was completed on January 27, 2000. This site was originally created and maintained during the conversion process. We have preserved it to provide the public with information about what we believe was wrong with the conversion.

Hancock Legal Proxy

Many policyholders have sent us their proxy to attend the Special Policyholder Meeting on November 30, 1999. We will vote as instructed in opposition to the plan and will make a statement articulating why we believe the plan is unfair to policyholders.

• Proxy Form (Deadline has passed)

• Our concerns about the policyholder voting process

Hearings

Find out what the time table is for Massachusetts regulatory approval process, policyholders’ involvement and the vote.

• Massachusetts Agency Review Schedule

Policyholders' Opposition to Hancock's Plan

This section of the Web Site contains the arguments against Hancock’s Demutualization Plan, and explains why we believe the Plan is not fair to Hancock’s policyholders. The first document, the Petition to Intervene, discusses those issues briefly and may be most useful.

• Petition to Intervene

Policyholder Experts in Opposition to Plan

This section contains our expert witnesses’ statements on why they believe the Plan is prejudicial and not fair or reasonable to Hancock’s policyholders as the law requires – this is true even though policyholders are receiving compensation for the conversion. If you can only read one statement, read that of David Schiff.

The highlights of Mr. Schiff's statement:...

• the information Hancock sent to policyholders to obtain their approval is misleading in many ways;
• individual life insurance policyholders are giving up much more in terms of rights than they were told and these could affect their policies;
• Hancock’s Plan results in nearly 80% of all policyholders being cashed out (instead of being given stock which will be priced so as to increase in value) and thus losing their ownership stake in Hancock;
• the so-called "fairness opinion" by Hancock’s investment bankers Morgan Stanley Dean Witter fails to disclose its financial conflicts of interest (which should disqualify it here and has misled policyholders),
• the policyholder voting process is flawed and unfair because Hancock "lost" almost 400,000 (14%) of its policyholders (out of its approximately 2.8 million voting policyholders), these policyholders will not vote nor receive any consideration;
• the failure to allow policyholders to buy stock at favorable prices in the Initial Public Offering is unfair to policyholders.

• David Schiff, Insurance Industry Analyst
• James H. Hunt, Insurance Actuary

Prior Policyholder Experts in Opposition to Plan

On November 12, 1999 Wit Capital surprised us by notifying us it was withdrawing its two executives as expert witnesses in our case. They also asked us to withdraw the experts' statements in the proceeding and from this site. However, as their statements are in the public record, we are maintaining their statements on this site to better inform the public debate. We believe Wit Capital's withdrawl is not based on the merits but on other business considerations. We intend to reference these statements as part of our case in opposition to the Hancock Plan.

• William C. Feeley, Wit Capital Group, Investment Banker
• Robert Mendelson, Wit Capital Group, Investment Banker

Other Statements of Opposition to Hancock's Plan

We urge you to read Professor Belth's statement below. He is a prominent, widely regarded expert in insurance and calls it as he sees it.

• Professor Joseph M. Belth, Editor of the Insurance Forum

THE PUBLIC HEARINGS

Two days of public hearings were held on November 17 and 18. What follows are some brief comments until after we submit out final legal brief in the proceedings which is due on Tuesday, November 23. Stay tuned.

• Hancock Chairman Stephen Brown's Testimony (preview)

What Hancock's Witnesses Weren't Asked
Policyholder representatives were not allowed to cross-examine Hancock's witnesses at the November 17, 1999 public hearing. As a result, virtually all of the following relevant information was never obtained, nor were Hancock's witnesses ever challenged to meet their
burden of proof.

• Proposed Questions for Hancock's Witnesses
• Additional Proposed Questions for Hancock's Witnesses
  
  

HancockWatch is an Adkins & Kelston site.
ADKINS & KELSTON, P.C.
ATTORNEYS AT LAW
90 Canal St.,
Fifth Floor
Boston, MA
02114
Phone: (617) 367-1040                                                          E-mail: ak@sswg.com 

Policyholders are being represented in this matter by:

Adkins & Kelston, P.C.

and

The Center for Insurance Research

Site last updated 02/04/00

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