on an exercise to buy Mr. Gavin Wilson's 41.5-percent stake in Bermuda Cablevision.

The money has been placed in escrow for Mr. Wilson at Hallett, Whitney and Patton law firm.

Sargasso is owned by Mr. Jeff Conyers and Mr. Max Roberts, president and vice president, respectively, of investment firm First Bermuda Securities (FBS).

FBS transferred the option to buy Mr. Wilson's shares to Sargasso just before December 31, 1992 -- the deadline when it was supposed to have been exercised.

Mr. Conyers said the extension had been necessary because of several uncertainties currently surrounding ownership of Cablevision.

"Ideally, we would prefer longer than the two-month extension period and we're negotiating with Mr. Wilson regarding this,'' he said.

"In saying that, we might still exercise the option over the next two months.

Nothing has been decided yet.

"We have paid $100,000 and are trying to keep everything as open as we can.'' Mr. Conyers said he was contemplating taking a more aggressive approach in his pending law suit against Cablevision, in which he holds a small stake, and its directors.

He is taking them to Supreme Court in an attempt to prove the company is illegally owned by non-Bermudian interests.

"We're getting legal advice from a QC in London,'' said Mr. Conyers. "We've got to determine the most effective way of getting the case heard.'' JEFF CONYERS: ` ... trying to keep everything as open as we can.'