talks to sell the business to Canadian-based Trans-America Corporation collapsed due to financing and other problems.

The application by the Club's Members' Advisory Council was one of "several'' bids received by receiver Price Waterhouse before the closing date for offers last Saturday.

Price Waterhouse vice-president Mr. Richard Kempe said: "We are likely to know what we are going to do with the St. George's Club within a couple of weeks.'' He would not reveal the identity of the other bidders, adding none were local.

"There have been a lot of people inquiring about the St. George's Club but not many people have come forward with a firm offer,'' he said. "All the bids are subject to Bermuda Government approval of the purchaser. The MAC is subject to a few more provisos than the others because they do not have a corporate structure at this time.'' The Trans-America bid was thrown out in March because "they had problems financing it and there were some other matters as well'', he said.

MAC chairman Mr. James Stewart said his organisation sent out a non-binding questionnaire to all members of the timeshare operation asking how much each would be prepared to invest.

The MAC plan involves a stock offering to members.

"We've made what we feel is a pretty fair offer,'' he said. "It involves a sizeable amount of cash, although I don't want to disclose the full amount at this point in time.'' Mr. Stewart said the MAC "brings something to the table that nobody else does'' because its main concern is not making money but to keep the Club operational so they could all enjoy it. "Our members have a personal attachment to the Island,'' he said. "We are here because we like Bermuda.

"My feeling is that timeshare certainly has not been the most successful venture for the Island and if for some reason the St. George's Club development becomes unprofitable again, the developer would have to walk because they could not pay their debt service and the Club would be back in the same position it is now.

"MAC members are very driven to keep the Club operating and develop the cash situation in order to ensure that the club is kept operating.'' The St. George's Club has debts of approximately $79 million and was seized by its principal creditor, Central Guaranty Trust Company, last year.

The Club was previously owned by the worldwide York-Hannover group of property companies, which has collapsed due to heavy debts.