when Bermudian shareholders rebelled against their own board.

Allegations that the company was illegally structured led to a walk-out by the chairman of the meeting, American Mr. Allan McDonald, to the anger of local shareholders.

The Bank of Butterfield, which controls 70 percent of Cablevision's shares, was also dragged into the dispute.

Sixty percent of Cablevision's profits, which came to $771,525 for fiscal 1991, go abroad to a company controlled by Mr. McDonald and his brother, Bill.

A motion to allow Bermuda's Supreme Court decide whether more than 40 percent of the company is owned outside the Island was voted down by the Bank. For the full story, turn to the Business Section on Page 10 .