one of the company's liquidators said yesterday.

Mr. Charles Kempe of Kempe & Whittle Ltd. made the comment after a day of shareholders' and creditors' meetings for Televest and four sister companies, all of which have been declared insolvent and are being liquidated.

As expected, the Televest meeting at Number One Shed drew the biggest crowd.

It was attended by about 150 creditors with claims against Televest totalling about $4.9 million, Mr. Kempe said.

About 500 investors had $8.3 million tied up in Televest. They were attracted by promised annual returns of seven to ten percent.

The shares were to be redeemable upon 14 days notice.

But payment of dividends and redemption of shares were both stopped when Televest and related companies were placed in provisional liquidation in December.

In subsequent court proceedings, the Televest/Telecheck investment and credit card empire was depicted as a house of cards. Directors Mr. Thomas Burns, Mr.

Richard Burns, and Mr. Christopher Donnachie redeemed investors shares not from profits, but by selling more shares, court was told.

The cards collapsed as a result of claims from bankrupt United Kingdom companies which had provided start-up capital for the Televest companies. At yesterday's meetings, there was agreement in principle to arrive at a "scheme of arrangement'' by which all the companies assets and liabilities would be lumped together. Mr. Kempe, who told creditors this would maximise returns by avoiding costly litigation, said the liquidators hoped to come back with a proposal within three months.

"We did examine with (Televest investors) a spectrum of scenarios,'' Mr.

Kempe said. "Depending on which course was pursued, whether it was litigated or not litigated, and depending on the outcome of the litigation -- whether Televest was to win or lose -- there are varying results which would see Televest investors receiving anywhere from 21 to 37 cents.'' Those estimates involved many assumptions, he noted. "It could be better, it could be worse.'' The three Televest directors were invited to attend yesterday's meetings and answer questions, but they declined, Mr. Kempe said.

Mr. Kempe and Mr. Gil Tucker were yesterday named permanent liquidators of Telecheck Holdings Ltd., TBL Ltd., CTRAK Ltd., and Compuguide Ltd., subject to Supreme Court approval.

Because of potential conflicts, Mr. Peter Mitchell of Cooper and Lines was named to join Mr. Kempe and Mr. Tucker as a permanent liquidator of Televest.

Televest investors Ms Janis Rego, Mr. Neil Allan, Mr. Simon Onabowale, and Mr.

Michael Bouchard were named to a Committee of Inspection to advise the Televest liquidators, he said.

For CTRAK Ltd., the Committee of Inspection consisted of Sarnia Mutual Investments Ltd., the major UK creditor.

Creditors the Bermuda Commercial Bank and Shapers Hair Beauty & Nail Salon were named to Committee of Inspection for Telecheck Holdings Ltd.

The entire group of companies only had about $4 million in assets to satisfy claims of more than $12 million, Mr. Kempe said. All the major assets were in Telecheck Holdings Ltd., though there was some question about whether they truly belonged there, Mr. Kempe said.

The directors owed about $2 million in loans from the companies, and the liquidators were prepared to pursue their personal assets to recover that money, he said.