United States in connection with an alleged $5 million stock fraud, according to maverick newsletter Inside Bermuda.

The monthly publication stated the suit was filed by Los Angeles resident Dan Rubin of Rubin Investment Group, on December 26, 2000 at the United States District Court for the Central District of California.

The accusations against LOM focus on allegations that the company and others either knew or should have known that a share transaction was improper.

The action focuses on a transaction between Mr. Rubin and Myron Gushlak over the purchase of shares of GlobalNet of Illinois.

Mr. Rubin claims the transaction was underhand and that he has lost money on it, and LOM is named as one of the companies involved in the complex action.

LOM is currently seeking to have its name struck off the list of 11 separate defendants in the legal action.

The article states that Mr. Rubin has hired hot-shot attorney Robert Shapiro -- a member of the so-called "dream team'' that successfully defended O.J.

Simpson who was tried for murder.

It states Shapiro was named Criminal Defense Lawyer of the Year in 1993 signed the complaint on behalf of his law firm Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro.

The articles names the defendants in the suit as Myron Gushlak, described as a Cayman Islands resident, Transatlantic Securities Ltd. of Jersey in the Channel Islands, Harpings Management Ltd. of the Isle of Man, Bank Sal Oppenheim Jr & Cie (Schwiez) of Switzerland and Lines Overseas Management of Bermuda.

Contionued on Page 24 LOM faces OJ lawyer Other defendants include: Boston Safe Deposit and Trust of Massachusetts, CIBC Mellon GSS of Canada, Midwood Securities of New York, Wexford Securities, Instinet Wien Securities, Computer Clearing Services Inc of Delaware, Beacon Trading LLC and GlobalNet Inc of Illinois.

The article said that Mr. Rubin alleges that he was induced by Gushlak to purchase one million shares of GlobalNet Inc late last year for approximately $1 a share based on false and misleading information.

It adds: "Prior to purchasing the stock, Rubin claims that Gushlak gave him a press release dated October 31, 2000 stating that GlobalNet, whose shares are traded on the NASDAQ over-the-counter market, would have full NASDAQ listing, effective November 6, 2000.'' It quotes the legal document: "The transaction with respect to the shares occurred on or about November 1, 200 after the market closed an the press release had been delivered.'' And then the newsletter adds: "However: `almost immediately after closing the sale of shares,'' Rubin said he learned from Bridge News Service, which had distributed the information and with whom he had allegedly checked its authenticity prior to investing his funds that the "press release had been withdrawn'.'' The article states that after Gushlak executed his scheme to defraud, the price of GlobalNet began to fall and is now trading at less than $1. The article then claims that the trade was rejected by two reputable brokers as "improper trades''.

The LOM link then kicks in, according to the magazine. It says: "Gushlak then had the shares moved to an offshore broker/dealer in Bermuda, Lines Overseas Management, which accepted and executed the trade through defendants CIBC and Boston Safe Deposit & Trust.''.

It also quotes LOM's vice president/group compliance as saying: "LOM is seeking to be struck off from the list of defendants. Under advise of our US legal counsel we are unable to comment further publicly as the matter is currently in litigation.''