of the Bermuda-based computer company.

Creditors, however, voted yesterday afternoon in favour of a voluntary winding up recognising nothing would transpire until shareholders meet May 22, reported Mr. James Pearman, vice president of the company.

"We thought it expedient to postpone the decision. There are some business possibilities that need time to develop. There is some potential for investment in the company,'' said Mr. Pearman, retired partner of Conyers, Dill & Pearman.

"Shareholders may or may not agree to liquidation on May 22,'' he added. Mr.

Pearman, also a creditor of Five Rings, declined to go into detail about what the possible business opportunity might be.

And Mr. Morbey, president of Five Rings, could not be reached late yesterday afternoon for comment.

Prior to the creditors meeting, slated to get underway at 4 p.m., he said: "We are meeting today (Monday) to decide things. Until the shareholders and creditors are appraised there is not much I can say.'' The agenda for yesterday's meeting included a presentation of the company's affairs, consideration of a shareholders' resolution that the company be voluntarily wound up, the appointment of a liquidator if needed, and if necessary the appointment of a committee of inspection.

Incorporated December 11, 1986, Five Rings was formed to develop and publish software programmes for the CD-I, desktop computer and information superhighway interactive multimedia markets.

The company was set up to be a global player in CD ROM and CD-Interactive, the audio/visual uses of digital data, technology.

Bermuda was to be the company's domicile but not its only location of operation.

Five Rings also provided multi-media consultation, design and production services and had an affiliation with Phillips laboratories in the US and Europe.

Five Rings, with offices in the Commerce Building on Reid Street, had been affiliated with Dallas-based Big Hand Productions Inc.