I attach the Clifford Chance report which I have just received dealing with 
the Sep issue and the APX - i.e., the first two priority items on our list.

Clifford Chance London will finalise their advice on the third priority item, 
the Swaps, after Conference with Counsel on Monday.

Advice from Clifford Chance on the secondary priority items will follow 
during the course of next week.

Kind regards

Mark
---------------------- Forwarded by Mark Elliott/LON/ECT on 27/01/2000 19:03 
---------------------------


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27/01/2000 17:51
To: Mark Elliott/LON/ECT@ECT
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Subject: New fax received (Likely sender: 31 20 5777209 ).


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