For four consecutive weeks, the Bat Theatre Company will offer a continuing comic serial, with a new episode of "sex, wicked language and violence" offered each week.

The basic situation was concocted by Jim Simpson (director of Off-Broadway's Bedfellows and Nixon's Nixon) and playwright Jeffrey Jones (J.P. Morgan Saves The Nation). In The Black Hole, a 21st Century space station circles the earth where Bill Gates, the world's richest man has built "The Mall of the Universe." On view at the shopping emporium are a cult dedicated to Princess Di, and the William Shatner Center for the Performing Arts. Oh, aliens and psycho-killers are also roaming about.

Taking their turns directing are Hilary Adams, Laramie Dennis, Daniel Aukin, Hayley Finn, Linsay Firman, Simon Hammerstein and Playbill On-Line's own Sean McGrath.

Scripting the shows are Bob Fisher, Janet Allard, David Auburn, Dennis Davis, Jake-ann Jones, John Poglineo and Candido Tirado.

Performing the serial are "The Fur Balls," a 31-member troupe selected by Simpson. Their first production was Mac Wellman's Cellophane earlier this year. For tickets ($8) and information on The Black Hole at the Flea Theatre, 41 White St., March 5-28, call (212) 226-0051.

-- By David Lefkowitz