Subject: Beau Canada - Project Merlin
From: [email-masked]
To: [email-masked], [email-masked], [email-masked]
Cc: [email-masked]
Date: Mon, 13 Nov 2000 04:01:00 -0800 (PST)

You may be aware, but all of the hard work was worth it.  The Project Merlin 
debt, including full recovery of our legal fees, was repaid, in cash, last 
Friday.  Also, Murphy purchased Beau Canada last week, with the effect that 
we are able to exit our equity position at what I understand was a reasonable 
return, and we continue to hold debenture security over all of the assets to 
secure our trading positions.  In short, (a) debt repaid in full in cash, (b) 
equity recovered for good value, and (c) trading positions secured.  Things 
were on the edge there for a while, so all in all, an excellent result.

Many thanks and regards, Peter.