Here is the first draft of the memo from Marval.   There looks like there 
will be a few issues to further discuss.
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on 
12/06/2000 05:04 PM ---------------------------


IRIBARNE Sebasti?n M. <SMI@marval.com.ar> on 10/06/2000 02:37:20 AM
To: "'brent.hendry@enron.com'" <brent.hendry@enron.com>, 
"'andrea.calo@enron.com'" <andrea.calo@enron.com>, 
"'patrick.hansen@enron.com'" <patrick.hansen@enron.com>, 
"'cristian.folgar@enron.com'" <cristian.folgar@enron.com>
cc: "AGUILAR, Fernando" <FA@marval.com.ar> 
Subject: memo




Dear All, 

Please find enclosed a first draft of the memorandum.? Due to the broad scope 
of questions and time constraints we had to set up a team to prepare the 
relevant answers.? There are some questions that are still pending, and the 
memo is being reviewed and edited.? However, the attached document should 
give you a general idea of the more relevant issues that have to be 
considered.? We will try to complete the pending answers early next week, and 
we'll send you an updated version as soon as it becomes available.? It may be 
convenient to meet with you once you've had a chance to go through this first 
draft to address any further questions or clarifications you may have.

Kind regards, 

Sebastian M. Iribarne. 

 <<o1088174.doc>> 

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 - o1088174.doc