publicity that even Premier the Hon. Sir John Swan got caught up in.

A party of distinguished Russians, including scientists who had worked on the former Soviet Union's space programme, were flown over to Bermuda.

They were wined and dined at top restaurants during a trip that is reported to have been funded by local resident Mr. Jim Todd for $100,000.

A meeting was arranged with Sir John at his Cabinet office and the party had an official photograph taken with the Premier (see above).

Talks took place with Cabinet ministers about Bermuda being used to pick up satellite signals to distribute to the US, Canada, Central America, the Caribbean and other areas.

A few weeks earlier, The Royal Gazette had interviewed Dr. Beinhocker and Mr.

Plunkett after being contacted by ARC's company secretary, local lawyer Mr.

Perry Trott.

Dr. Beinhocker, who did virtually all the talking during the interview, described himself and Mr. Plunkett as "pathfinders''.

They said ARC, which aims to provide a modern satellite communications system for some 300 million people in the former Soviet Union, was the most ambitious project they had been involved with.

ARC is a joint venture between their Bermuda-based Friends Trading Corporation and Russia's largest trading association, Inform Cosmos, which is owned by four major scientific and industrial corporations and a bank and employs 230,000 people.

"This is not just another deal,'' said Dr. Beinhocker at the time. "It has special and unique attributes and will be far in excess, in terms of financial parameters, of anything we have ever done.

"This is literally an enterprise without any discernible boundaries in terms of revenue projections.'' Initial revenue projections for the project were anywhere between $1 billion and $2 billion, Mr. Plunkett had added.

Dr. Beinhocker is co-chairman of ARC with Dr. Igor S. Tsyrlin, a top Russian scientist who was awarded the Lenin Prize in 1981.

Mr. Plunkett, who runs Boston-based broker/dealer First New England Securities, was appointed treasurer.

The honorary chairman of the company was due to be no less a figure than the Russian Minister of Communications.

TOP LEVEL TALKS -- Bermuda's Premier the Hon. Sir John Swan discussed the two Americans' business dealings four months ago when he met them and a party of Russian businessmen and scientists involved with Bermuda-based American Russian Cosmos. Pictured with Sir John in the front row are (from left) Mr.

Gary Sharma, whose brother is a leading politician in India; Dr. Igor Tsyrlin, Dr. Beinhocker, Prof. Leonid Goussev, Mr. Plunkett and local lawyer Mr. Perry Trott, ARC's secretary.