THE founder and honorary chairman of the Seapower group, Choi Sai-leung, spent yesterday locked in last-minute negotiations over a $550 million put option with his opponent, group chairman Francis Yuen Tin-fan. Mr Choi may today be required to buy all Seapower shares and warrants for $3.30 and $2.08 each from Mr Yuen, who owns more than 18 per cent of Seapower International Holdings, and his allies who own a further 30 per cent of the company. Mr Yuen bought into Seapower in February 1992, taking an 18.46 per cent stake at $1.60 a share. If he sold at the option price, he would make a profit of 106 per cent in less than two years. Cheung Kong (Holdings) chairman Li Ka-shing and CITIC Pacific chairman Larry Yung Chi-kin bought in at the same time, taking stakes of nine per cent and three per cent respectively. More recently the Leung family, which controls Kee Shing Holdings, took a stake of almost 20 per cent as Seapower closed out a series of huge margin share trading accounts at a subsidiary. The accounts were said to belong to Indonesian clients and to be a major source of tension between Mr Yuen and Mr Choi. The Leungs are said to be close to Mr Yuen, although Mr Choi owned 10 per cent of Kee Shing in the past. Mr Choi will have two months to raise the $550 million and may also be forced to make general offers for Seapower International and Seapower Resources International if he cannot make share placements. Mr Choi signed a deed of settlement with Mr Yuen in February that set out the put option and a series of other conditions Mr Choi had to meet.