yesterday at the annual general meeting when board members facing a losing fight over control of the company resigned and walked out of a meeting held at Conyers, Dill and Pearman.

Three Bermuda directors will now be key players in a challenge to join with new board members and develop new strategies and initiatives for the future of the mammoth pharmaceuticals and health care concern.

The stage for the showdown was set when the trusteeship of two trusts that controlled voting rights for almost 30 percent of the company was taken from the Bermuda Trust Company Limited and given to Grosvenor Trust Company Limited by the Supreme Court just over a week ago.

While many close to the case were highlighting the importance of the legal issues and how they could potentially affect Bermuda as a domicile for trust business, the real issues came down to the control of the huge concern.

It appears likely now that Dr. Helmut Determann will be elected chairman of the board, after having been with the company for almost 25 years. Others likely to comprise the new board include three members of the old board, Dr.

Donald Frederickson and local directors Mr. Nicholas Dill of Conyers, Dill and Pearman and Mr. Ray Moore of Jardine Matheson.

Other names likely to appear on an attendance sheet at a meeting as early as next month include Mr. Andrea Broggini, Dr. Peter Hobbins, Mr. Bob Schwindt and Mr. Stefan Engelhorn, the nephew of Mr. Kurt Engelhorn, the majority shareholder.

Out-going chairman of the board, Mr. Karl Otto Poehl, reportedly took the floor of the AGM and proposed a re-election of the standing board, a move apparently opposed by the family of owners. And when it became clear that the trustees voting the rights of the family would seek to elect another proposed slate of directors, Mr. Poehl was said to have left the meeting.

The corporate struggle over the company has spilled some serious company secrets into the open, some which became so obvious on Thursday when the battle stage was set during a presentation to shareholders by the management team.

That presentation was designed to show shareholders were the company was and where it was going. Unfortunately, there was already too much concern about the difficulties facing the company, especially in terms of the way the company's executive bosses had treated staff.

The industrial unrest within the company ranks was just one indicator that there was trouble and the shareholders are now anxious to begin a healing process that will ensure the company's future.