Below is WFW's opinion on the closure of Daesan port.

Matt
---------------------- Forwarded by Matthias Lee/SIN/ECT on 10/08/99 06:05 PM 
---------------------------


akwan@wfw.com on 10/08/99 05:44:43 PM
To: Matthias Lee/SIN/ECT@ECT
cc: ngregson@wfw.com, sbainbridge@wfw.com 

Subject: "PACIFIC VALOUR"



I refer to your e-mail received (for the first time) today regarding the 
alleged
closure of the port of Daesan on 20 and 21 September 1999.  My comments are as
follows.

1.   First, the current evidence is hearsay, unsupported by documents (those
concerned being ?reluctant? to confirm the position in writing), and
contradictory (Daesan Port indicates closure until 1535 hours on 21 September
whereas Daedong Marine says it was closed until 1620 hours on the same day).

2.   Moreover, since the vessel was unavailable to present for loading 
by/within
20 (or even 21) September, the closure of the port in no way affected its
ability to load.  Of course, had the vessel presented within 20 September but
was prevented from loading due to the port being closed, the position would 
have
been different.

If  follows  that the latest ?evidence? does nothing to strengthen Enron?s 
claim
against Hyundai.

Best regards

Neale Gregson