to fight for their cash.

They plan to form an independent group and demand information on the firm's legal crisis.

About 500 local investors are together owed more than $8 million by Televest, one of a list of related companies that face winding-up proceedings in court.

An investors' meeting planned for last Friday was postponed because not enough information was available, said organiser Mr. Jay Hooper.

Another meeting would be announced this week, he said.

Mr. Hooper said he was one of several investors organising the group. Some had substantial stakes in Televest.

Concern among investors was shown by the fact that 50 or 60 of them showed up for Friday's meeting. They could not be reached with news of the cancellation in time, he said.

"We want to present facts, not rumours,'' said Mr. Hooper, an executive with Island Glass and Metal.

"We want to know where we stand, what the chances are of getting the funds back and how long it might take.

"Perhaps at some stage legal advice will be sought. But that has not been determined as yet.

"We want to try not to have splinter groups. We want to have a united front of investors.'' Meanwhile a war of words broke out between lawyers Mr. Julian Hall, who represents Televest directors, and Mr. Alan Dunch, who represents the provisional liquidators of the company.

Mr. Hall said he understood the provisional liquidators were behind the planned investors' meeting. This was denied by Mr. Hooper and Mr. Dunch.

Mr. Hall added the directors wanted a chance to address any such meeting, either personally or through him.

He said he had still not received an $11.1 million undertaking from British accountants Price Waterhouse, which would cover damages if the court determined that the winding-up actions should never have been launched.

This was despite the fact that lawyers for the provisional liquidators had promised the undertaking would be forthcoming, he said.

"My guess is that Price Waterhouse is unwilling to give that undertaking.'' He had "more than ample grounds'' to have the winding-up petitions dismissed.

Mr. Dunch said the provisional liquidators were prepared to discuss the crisis with investors.

It was "arrant nonsense'' to say the petitions would fail. "I believe the Government itself has concluded that this group of companies is hopelessly insolvent.

"The court ordered that an undertaking be given in an amount to be agreed between the parties.

"Mr. Hall is putting forward a ridiculous and completely unsubstantiated figure of 11.1 million.

"We have communicated to him our view that no damage will have been suffered by this group of companies as a result of the provisional liquidation. Any amount has to be nominal at best.

"We continue to argue on the issue of the what the amount ought to be, and until that matter is resolved no undertaking can be given.''