Brent, Andrea and I had a "status" conversation this afternoon.  Brent will 
go to Sao Paulo on July 20 to meet with Andrea, Randy and commercial people.  
Andrea has requested that you and I go to Brazil after July 28 when the 
outside lawyer is back from vacation.  In general, the three of us are 
conforming and updating physical resolutions (final and proposed) and 
identifying additional research necessary to address the financial trading 
issues.  These are related to specific deals originating in Brazil (which are 
truly settled financially, e.g., a purported prepay where no physical 
commodity was to be delivered) and issues arising here in Houston (e.g., the 
Hickerson request for fixed income, FX and equity trading).  Brent will be 
discussing pending transaction structures while in Sao Paulo. 

It appears  that Brent is the "point person" for dealing directly with the 
Sao Paulo office and he will bring me in as necessary (although I will be 
dealing frequently with Andrea).