business from its main creditor.

This latest twist follows a meeting in Boston of 300 people who own holiday weeks at the resort.

They are worried they may lose their investment if the financially broke club goes out of business.

"We're interested in buying the club,'' said Mr. Jim Stewart, chairman of the Members Advisory Council. "This would give the members an interest beyond a timeshare and give them control over the club's fate.

"It would also take the pressure off Bermuda's government because the members would essentially be calling their own shots.'' Mr. Richard Kempe, for receivers Price Waterhouse, confirmed that the MAC had approached him about a possible offer.

But he said negotiations were still continuing between principal creditor Central Guaranty Trust Company and another potential buyer.

Although Mr. Kempe is still refusing to name the interested party, CGTC confirmed several weeks ago that it is the Canadian-owned Trans-America Hospitality Corporation.

But some timeshare owners regard a sale to Trans-America as inappropriate because of its close links with the club's former owner, the York-Hannover property group.

The owner of Trans-America is German-Canadian Mr. Wolfgang Stolzenberg whose bankrupt company Castor Holdings is owed millions of dollars by York-Hannover.

York-Hannover was also run by another German-Canadian Mr. Karsten von Wersebe, who was an original founder of Castor with Mr. Stolzenberg.

Mr. Kempe said he had "allayed the fears'' of members who were concerned the club will still be controlled by the same people as before.

But timeshare owners said yesterday that this was not the case.

And some have criticised the bidding process for being so quick that other parties who may be interested in buying the club did not have time to prepare an offer.

American Mr. Arthur Heimbold, who flew from California to attend the MAC's Boston meeting, said the situation was "out of control''.

The only offer to buy the club appeared to be from a group that is a `front' for York-Hannover, which "grossly mismanaged the facility, according to all accounts'', he said.

He added: "Many members at the meeting expressed extreme concern over the state of affairs.

"The owners had the understanding that the Government stood behind the developer and, we assumed, would be monitoring the performance of the managers of the club.

"Apparently the latter hasn't happened and the situation is out of control.'' Mr. Stewart said: "If we were satisfied with the new potential owner then we wouldn't be contemplating putting together an offer of our own.

"I've been accused by Mr. Kempe of upsetting a sale and not wanting the site to be sold, but that is not fair.

"My concern, and of others, is that everything is above board and that the club stays open to the benefit of everyone.'' At the meeting in Boston, it was revealed Price Waterhouse is being paid between $50,000 and $60,000 per month as receiver.

Timeshare owners also claim Mr. Kempe told them there was only a "50-50'' chance that the deal with Trans-America would go through.