Attached in Word format are the following documents marked against the 
previous version.  The changes are all minor and the majority of the changes 
reflect the name change from McGarret IV to McGarret II and Big Island IV to 
Big Island IV:

Series Certificate (258191)
Series Supplement (258196)
Drawdown Request (258198)
Total Return Swap Confirmation (258201)
Put Option Agreement (258202)
Put Option Assignment (258215)
Notice of Put Option Assignment (258218)
Second Amended & Restated LLC Agreement of McGarret II (258239)
Second Amended & Restated LLC Agreement of Big Island II (258206)
Independent Auctioneer Letter Agreement (258302)
Am. No. 1 to Sale & Auction Agreement (258307)
Direction Letter to Owner Trustee (260012).

Please call Muriel McFarling (Thursday and Friday) in Houston at (713) 
220-4242 if you have any questions.


Chris Krecek, Secretary/Legal Assistant
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
Phone: (214) 659-4481
Fax: (214) 659-4401
Email: ckrecek@andrews-kurth.com

CONFIDENTIALITY NOTICE:  The information in this e-mail (including any 
attachments) is confidential, legally privileged and intended only for the 
use of each recipient named above.  If you are not an intended recipient, you 
must not read, use or disseminate this information.  If you have received 
this e-mail in error, please notify the sender immediately by reply e-mail 
and delete this e-mail from your computer.
VIRUS WARNING:  Although this e-mail (including any attachments) is not 
intended to contain any virus or defect that may affect your computer, you 
are responsible for ensuring that no virus or defect exists.  The sender 
disclaims any responsibility for any loss or damages arising from any virus 
or defect associated with this e-mail.



 - 260012.doc
 - 258191.doc
 - 258196.doc
 - 258198.doc
 - 258201.doc
 - 258202.doc
 - 258215.doc
 - 258218.doc
 - 258239.doc
 - 258260.doc
 - 258302.doc
 - 258307.doc
 - 258187.doc