Enron Metals is considering filing a breach of contract arbitration 
proceeding against Pan Ocean Ltd. and Panobulk America.

If you are aware of any reason that Pan Ocean Ltd. and Panobulk America 
should not be sued, please call me at 713-345-7105 or e-mail me by the end of 
business on Monday, March 26, 2001.  If I do not hear from you by then, I 
will assume that you have no objection to Enron Metals instituting this 
litigation.

Thanks for your assistance.