Exhibit 10.2

                          RESTATED PROMISSORY NOTE


$350,000.00
                                                             Houston, Texas
                                                              June 14, 1999


     For value received, the undersigned hereby promises to pay to Kaiser
Aluminum & Chemical Corporation, a Delaware corporation, or order, at 5847
San Felipe, Suite 2600, Houston, Texas, on or before the Maturity Date (as
defined below) the lesser of (a) the principal amount of Three Hundred
Fifty Thousand Dollars ($350,000.00), and (b) the aggregate unpaid
principal amount outstanding under this Restated Promissory Note (this
"Note").  No interest will be due and payable with respect to such amounts
paid on or before the Maturity Date.

     Amounts borrowed by the undersigned and evidenced by this Note may be
used only to purchase (including remodel) the undersigned's new principal
residence in Houston, Texas.  The undersigned may borrow under this Note
from time to time between the date hereof and the Maturity Date.  Any
amount borrowed under this Note may be repaid, in whole or in part and from
time to time before the Maturity Date, without premium or penalty.  Amounts
borrowed and repaid may not be reborrowed.  If not repaid sooner, the
aggregate unpaid principal amount outstanding under this Note shall be paid
in full, without presentment, grace, demand, or notice upon the earliest to
occur of (a) fifteen (15) days after the closing of the sale of the
residence of the undersigned located at 5431 Blackhawk Drive, Danville,
California, and (b) December 31, 1999 (the "Maturity Date").

     Should default be made in the payment of any amount due under this
Note, the entire outstanding principal amount outstanding under this Note
shall be immediately due and payable, without presentment, grace, demand,
or notice.  After default, interest shall accrue on all unpaid amounts
under this Note at the highest rate then lawful in the State of Texas;
provided, in no event shall interest on the debt evidenced by this Note
exceed the maximum amount of nonusurious interest that may be contracted
for, taken, charged or received under any applicable law.

     Principal, and interest if any, shall be payable in lawful money of
the United States of America.  The undersigned agrees that the records of
Kaiser Aluminum & Chemical Corporation as to the amount of principal
outstanding and unpaid under this Note from time to time shall be deemed
presumptively correct in the absence of manifest error.

     If action is instituted on this Note, the undersigned shall pay to
Kaiser Aluminum & Chemical Corporation such sums as a court of competent
jurisdiction may fix as reasonable attorneys' fees and as costs.  The loans
evidenced by this Note were negotiated and consummated in the State of
Texas, and it is agreed and understood that the legality, enforceability,
and construction of this Note shall be governed by the laws of the State of
Texas.

     This Note restates in its entirety the Promissory Note, dated June 14,
1999, from the undersigned to Kaiser Aluminum & Chemical Corporation.


                                   /s/  Raymond J. Milchovich
                                   ____________________________________
                                        Raymond J. Milchovich