EQUIVEST FINANCE, INC.
2 CLINTON SQUARE
SYRACUSE, NEW YORK 13202
RICHARD C. BREEDEN
Chief Executive Officer
November 24, 1998
Dear Stockholder and Series 2 Preferred Stockholder:
In connection with the annual meeting of stockholders of
Equivest to be held at Long Wharf Resort, 5 Washington Street, Newport, Rhode
Island, on December 8, 1998, enclosed for your information are the Annual Report
on Form 10-KSB for the fiscal year ended December 31, 1997, Quarterly Report on
Form 10-QSB for the period ended September 30, 1998, Report on Form 8-K in
relation to Equivest's acquisition of Eastern Resorts Corporation ("ERC"), filed
with the U.S. Securities and Exchange Commission ("SEC") on September 11, 1998
and Report on Form 8-K/A which contains financial information relating to
Equivest's acquisition of ERC, filed with the SEC on November 12, 1998.
We would be happy to provide you with copies of the exhibits
to the above reports at your request. A fee may be charged to cover reasonable
expenses incurred by us in furnishing the documents. Requests should be
addressed to Eric C. Cotton, Secretary, Equivest Finance, Inc., 2 Clinton
Square, Syracuse, New York 13202.
Sincerely,
/s/ Richard C. Breeden
-----------------------------
Richard C. Breeden
Chief Executive Officer
<PAGE>
The annual report of Equivest Finance, Inc. on Form 10-KSB for the fiscal year
ended December 31, 1997, filed with the SEC on March 31, 1998, is incorporated
by reference herein.
The quarterly report of Equivest Finance, Inc. on Form 10-QSB for the period
ended September 30, 1998, filed with the SEC on November 13, 1998, is
incorporated by reference herein.
The report on Form 8-K of Equivest Finance, Inc., filed with the SEC on
September 11, 1998, is incorporated by reference herein.
The report on Form 8-K/A of Equivest Finance, Inc., filed with the SEC on
November 12, 1998, is incorporated by reference herein.
