Bermuda-related shareholders of an investment company have won a temporary court injunction to stop American businessmen Dr. Gilbert Beinhocker and Mr.

Gregory Plunkett from running their firm.

As well as granting the injunction, Judge Mark Wolf, of the US District Court of Massachusetts, on Friday also appointed a temporary receiver to take control of EPA.

Mr.

Jeremy Fitz-Patrick, the leader of EPA's disgruntled shareholders, yesterday welcomed the decision.

"We applied for this nine months ago,'' he said. "It is a terrific victory for us.'' Mr. Morris Goldings, an attorney for Mr. Plunkett and Dr. Beinhocker, said his clients may appeal the decision.

"Once the judge issues something in writing we will determine whether to appeal,'' he said. "We will appeal if we disagree with the written opinion.

It's just another step in the course of litigation.'' Mr. Goldings pointed out that the measures were only temporary and said a full hearing of his clients' dispute with the EPA shareholders has yet to be heard.

Last week's hearing is the latest development in an ongoing action brought by EPA's investors, who are seeking to recover $750,000 from Dr. Beinhocker and Mr. Plunkett.

EPA was run on a day-to-day basis by Dr. Beinhocker and was set up to invest in various projects on behalf of its shareholders.

But the deal turned sour and investors claimed they were left with no control over a company they provided all the capital for.

Mr. Fitz-Patrick, who grew up in Bermuda, has alleged in the past: "All the investors were issued with non-voting preferred stock and Dr. Beinhocker issued himself with all the voting common stock.'' His group brought their action in a bid to regain control over their investment and get their money back.

EPA's investors included Field Nominees and Murdoch & Co., which are the nominee holding companies of the Bank of Butterfield and the Bank of Bermuda, respectively.

Dr. Beinhocker was president of EPA but Mr. Plunkett's role in the company was not clear.

A court document filed last December alleges that Dr. Beinhocker and Mr.

Plunkett wrongfully claimed "compensation and reimbursements'' from EPA.

It also alleged: "On numerous occasions between 1989 and the present, Beinhocker and Plunkett made deliberate misstatements of fact and failed to advise the preferred shareholders of the critical facts, all of which had the effect of defrauding EPA and benefitting Beinhocker and Plunkett personally.'' Dr. Beinhocker and Mr. Plunkett have denied the allegations against them and are suing Mr. Fitz-Patrick for libel, accusing him of initiating an alleged Royal Gazette "campaign'' against them.

The newspaper has run several articles this year detailing several accusations from former business associates and investors accusing Dr. Beinhocker and Mr.

Plunkett of malpractice.

The two financiers accused The Royal Gazette of printing "false, misleading and defamatory'' allegations against them.

They are currently suing the newspaper and one of its business journalists, Mr. David Marchant, for libel and are seeking damages of $30 million.

The newspaper has denied the accusation and is defending the action. Dr.

Beinhocker and Mr. Plunkett had their assets frozen by a New England court following an action brought by a New York firm of lawyers which is owed more than $170,000.

Last year, they set up American Russian Cosmos Ltd. in Bermuda to provide a satellite telecommunications network over the former Soviet Union.

It is not clear what stage plans for the company have reached.