Marc,  Here's a draft reply to your latest e-mail, which I would send to all those  copied on your note to me.
What do you think?
Marc,  We have sought, and paid for, advice from Indian counsel concerning commodity  derivative transactions with Indian counterparites.
We have had that advice  updated and confirmed in connection with this proposed transaction.
The  result of that advice is that we will require an opinion from DPC's outside  counsel that the proposed transaction is enforceable against DPC before the  transaction can proceed.
While I have no legal objection to sending a form  of L/C that would be acceptable to us, it doesn't make much sense to go  through the exercise if DPC will not be providing the necessary opinions.
Mark

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