Please call me to discuss further.

Alan



	Sheila Glover
	06/08/2000 09:48 AM
		 
		 To: Alan Aronowitz/HOU/ECT@ECT
		 cc: Jeff Kinneman/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
		 Subject: Overseas vehicle

Alan,
I spoke with Jeff on Tuesday regarding the overseas vehicle and where we want 
to proceed.   Jeff suggested that we document the current understanding based 
upon all the work which has been done to date.  

We are awaiting Goldman, Sach's preferential margining treatment of Short 
proceeds against longs in our current structure which would lessen the 
benefits of moving overseas at this time. 

Let me know your thoughts.
Thanks., Sheila