Bermuda Homes for People chairman Richard Winchell last night gave details of why his organisation had to pull out of the Harbourside Village project.

"One of the things that was missing was control of the property and time wasting," he said.

Mr. Winchell said initially BHP had 40 down-payments for homes averaging $595,000 at Harbourside Village, however, over time the number eroded to 35.

"The bank asked us to have 50," he said.

When asked if BHP folded up because of a lack of capital, he said: "Put it this way ? a letter I sent said we had been unable to get full financing or get control of the property."

He said it was more complicated than the resignation in March of Clifford Schorer, the American who spearheaded the plan and claimed he was owed $733,000.

"I have spoken to most of the people who had put down deposits. Most of them are still very committed to the project. I am very happy the project is continuing," Mr. Winchell said.

On Thursday, Mr. Winchell said BHP's efforts to continue the Harbourside project had been unsuccessful.

"In light of the delay in resolving various matters, we feel that BHP should step aside in fairness to the prospective homeowners," he said.

Law firm Cox Hallett and Wilkinson is returning 35 deposits that had already been put down on the market-price units.