from liquidators that her savings are in peril.

Mrs. Joan Jones, 57, a widow who lives in Mount Holly, New Jersey, said other overseas investors in the Bermuda company could be unaware that Televest was in provisional liquidation.

Mrs. Jones, who only learned of the financial troubles through a daughter who is a Bermuda resident, also said Government should have had controls over the company, which she thought was as secure as a bank.

Her daughter, who did not wish to be identified, said provisional liquidators Kempe & Whittle Ltd. were to blame for not notifying each of the more than 500 investors about the plight of Televest.

"My mother could be merrily spending what she has,'' unaware that a large part of her life savings were in danger of being lost, her daughter said.

Mr. Charles Kempe of Kempe & Whittle said the provisional liquidators had satisfied all requirements of the Companies Act by advertising in Bermuda.

"Although I'm sympathetic to persons who do live in (other) jurisdictions, the very vast majority of interested parties live in Bermuda,'' Mr. Kempe said.

Investors bought blocks of preferred shares in Televest, attracted by guaranteed annual interest of seven to nine percent.

Redemption of shares was halted in December when the Supreme Court placed Televest and four related companies in provisional liquidation.

A court date to hear petitions to wind up the companies has not been set.

Lawyer Mr. Julian Hall, who represents three Televest directors who oppose the winding-up petitions, alleges a local conspiracy to destroy the companies. His application to dismiss the petitions is to be heard in Supreme Court on Monday.

Mrs. Jones said she felt confident after reading the Televest prospectus but was now extremely worried. Televest was always businesslike and prompt in sending statements and dividends, she said. Upon hearing of the liquidation "I was shocked'', she said.

"I feel that the Government should have a say in any kind of a big corporation that is dealing with people's money,'' she said. "They should protect the people of their country.'' A Finance Ministry memorandum has shown Government was looking at ways to regulate Telvest months before the provisional liquidation was ordered. But no action was taken.

Mrs. Jones' daughter said she did not feel anyone was looking out for the interests of the investors and disagreed with lawyer Mr. Andrew Martin's advice that those who were concerned should ask that their shares be redeemed.

No financial institution would be able to refund all deposits if everyone demanded them, she said. "I'm just shocked that the people agreed to do it.'' Kempe & Whittle has said requests for redemptions of shares would not be honoured before the court dealt with the winding-up petitions. Investors who asked for their money back would not be given preference over those who did not.