local businessman, Mr. John Kaufmann.

A letter from the Bank to fabricated Bermuda roof manufacturer SKB Coatings, of which Mr. Kaufmann is president, has been released to The Royal Gazette .

It states: "Based on a preliminary agreement reached with Mr. Kaufmann, the Bank has agreed to withdraw the writ.

"There is no intent on behalf of the Bank that its actions in regard to this transaction will have a bearing on the continuing operations of SKB Coatings Ltd.'' SKB's general manager, Mr. Douglas Outerbridge, pointed out that the matter was between the Bank of Bermuda and Mr. Kaufmann as an individual and in no way involved the company.

"It has absolutely no effect on our operations,'' said Mr. Outerbridge. "The Bank is continuing to support us as a business.''