Attached is a revised version of our memorandum regarding pulp and paper
transactions.  The memorandum incorporates your comments and our further
thoughts relating to certain issues we discussed during our conference call
yesterday.  Also attached is a revised attachment to the memorandum.

You can reach David at 212-504-6285 and Scott at 212-504-6968.

Have a good weekend.

Scott Eckas

(See attached file: 0463515.03)          (See attached file: 0464504.01)




|------------------------------------------------------------------|
|NOTE:  The information in this email is confidential and may be   |
|legally privileged.  If you are not the intended recipient, you   |
|must not read, use or disseminate the information.  Although this |
|email and any attachments are believed to be free of any virus or |
|other defect that might affect any computer system into which it  |
|is received and opened, it is the responsibility of the recipient |
|to ensure that it is virus free and no responsibility is accepted |
|by Cadwalader, Wickersham & Taft for any loss or damage arising in|
|any way from its use.                                             |
|------------------------------------------------------------------|



 - 0463515.03
 - 0464504.01