Investors who lost out in their bid for Bermuda's largest tourism development in years could be back in the picture.

Nearly four months since Development and Opportunity Minister Terry Lister pulled the plug on a $300 million plan for Morgan's Point, the former Naval Annex in Southampton, the developers have re-entered the battle for the site.

Morgan's Harbour Investment Limited have remained silent since the negotiations were broken off, but they have now spoken for the first time about their efforts to have the Government look again at their proposal.

Their plea for a face-to-face meeting with the Cabinet comes after a 90-day exclusivity period for Alan Burland's BEAM Ltd, to come up with an alternative plan, elapsed.

MHIL chief executive Rob Davies said: "We are aware that other teams who did not win the original bid have had this opportunity and as our project remains the most viable for this site, we believe all Ministers should have the opportunity to understand what we have to offer.

"We sought this audience without success in August and are now asking again.

"Our commitment to the project remains undiminished. We hope that the last three months will have shown the Government just how complex and challenging the site is, and that we are still well ahead of other groups in facing the challenges.'' Developers re-enter fray In 1997, MHIL were the successful bidders for the mixed tourism and leisure project in Southampton, which was to encompass golf, homes, park, marina and a village.

They spent $3.5 million on preparation work and were prepared to fund the cleaning up of waste oil left behind by US forces -- but were stunned when Mr.

Lister said the deal was off.

He said MHIL and backers, the West Group, had failed to sign a formal agreement and Government had acted so the matter did not "remain in limbo'' any longer.

Days later it was revealed that BEAM, who had lost out in 1997 to MHIL, had been given three months to come up with a proposal. It is understood they made a presentation to Cabinet, but Terry Lister was not present.

And last month, another former bidder, now called Capital Consultants Ltd, sent a modified plan to Naval Annex operators Bermuda Land Development Company.

MHIL are hoping the Cabinet will take time to consider their project, which they believe may not have been fully understood at the time the deal was called off.

They have also submitted an application to extend and renew planning permission (in principle) for the site, which was initially granted in 1997.

Previously, a contentious issue has been housing allocation, with the Government keen on "Affordable homes''.

The MHIL plan includes 300 homes, with 70 percent of the 300 total priced below $650,000 and nearly half of those at under $500,000. In addition, it says there will be a "large number'' of apartments and townhouses starting at $350,000.

Mr. Lister is currently off the Island and attempts through Government Information Services to contact Premier Jennifer Smith's office failed.

BUSINESS BUC