  We discuss the phenomenology of the lightest neutralino in models where an
effective bilinear term in the superpotential parametrizes the explicit
breaking of R-parity. We consider supergravity scenarios where the lightest
supersymmetric particle (LSP) is the lightest neutralino and which can be
explored at LEP2. We present a detailed study of the LSP decay properties and
general features of the corresponding signals expected at LEP2. We also
contrast our model with gauge mediated supersymmetry breaking.
