Attached for counsel in the Farallon and Legg Mason actions, and for Tom and
Kathy, whom I understand to be the counsel principally retaining Messrs.
Hellmold and Daines respectively, is an electronic copy of the report of ECT
Securities' due diligence expert.  Hard copies will also be sent.

Steve Howard
Alschuler Grossman Stein & Kahan LLP
phone: 310-407-7613
fax: 310-552-6077
cell:  213-716-0536
e-mail:  showard@agsk.com
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
                                                                     
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 - McGrath Report.doc