want to say much about the row over the firm's structure.

Mr. McDonald said yesterday he had been advised by his attorney not to comment on the affair.

But he repeated what he said were known facts about the involvement of him and his brother, Bill, in the company's affairs.

"Those facts that my brother and I met with Gavin Wilson, who was and is, president of Cablevision, William Craig, a director, and representatives of Hollis and Co. legal firm.

"We negotiated contracts and, on July 17, 1987, we entered into agreement with Bermuda Cablevision to build a cable system and use our best efforts to get it financed and operate it in an efficient manner.

"In the agreement we granted a loan to Bermuda Cablevision of $1.5 million as equity because it was in the hole of well in excess of $1 million at the time.

"Banks in North America would not finance a cable system in Bermuda since they could not sell it to non-Bermudians if they foreclosed on it. As a result, we could not get it financed.

"My brother and I continued to put money into it to make it work. We put well over $6 million into it when all is said and done. We built the cable system and got it running.

"Back in 1987, after the consulting agreement was signed, there was a special general meeting of the shareholders and they voted in favour of the agreement.'' "The agreement stated that we would build a system and as compensation we would get 60 percent of the earnings in the form of a company fee and partially in the form of dividends on stock. However, we could not get much stock because of the 60/40 rule.

"At the AGMs every year up until 1990, while the system was under construction and no profits were available, there was no discontent. Everyone was happy. At the first AGM where there was a profit this discontent arises.'' The McDonalds are cable television owners and operators with interests in the United States and the United Kingdom, as well as Bermuda. They are based in Birmingham, Alabama.