Motor Trade Finances says a letter from Heartland New Zealand to MTF shareholders confirms that its dissident shareholders are working in co-operation with Heartland.
In his own letter to shareholders, the MTF chairman, Stephen Higgs, said Heartland was a competitor and was acting in its own interests in communicating with MTF shareholders.
Mr Higgs said MTF shareholders shouldn't be distracted by information sent them by Heartland.
Mr Higgs again urged MTF shareholders to vote against a number of resolutions, mostly regarding the company's potential liability after last year's High Court judgement, which ruled that some of the fees that MTF charged were unreasonable.
About half MTF's profit comes from fees and the dissident shareholders said the liability could be anything up to $30 million.
Mr Higgs insisted Heartland was behind the situation.
It was the Commerce Commission which initiated the legal action and MTF is appealing last year's decision.