cannot output on OS X 10.7

Hello
  After upgrading to OS X 10.7 Lion both MG5 1.3 and 1.4 are not working here ...
In both cases an error arises when I issue output

1.4 complains as follows

mg5>output madevent pp2gg
INFO: directory /Users/roberto/MadGraph5_v1_4_2/pp2gg already exists.
If you continue this directory will be cleaned
Do you want to continue? [y, n]
y
INFO: remove old information in pp2gg
INFO: Organizing processes into subprocess groups
INFO: Generating Helas calls for process: g g > g g WEIGHTED=2
INFO: Processing color information for process: g g > g g WEIGHTED=2
INFO: Generating Helas calls for process: u u~ > g g WEIGHTED=2
INFO: Processing color information for process: u u~ > g g WEIGHTED=2
INFO: Generating Helas calls for process: c c~ > g g WEIGHTED=2
INFO: Combining process with u u~ > g g WEIGHTED=2
INFO: Generating Helas calls for process: d d~ > g g WEIGHTED=2
INFO: Combining process with u u~ > g g WEIGHTED=2
INFO: Generating Helas calls for process: s s~ > g g WEIGHTED=2
INFO: Combining process with u u~ > g g WEIGHTED=2
INFO: Creating files in directory P0_gg_gg
INFO: Generating Feynman diagrams for Process: g g > g g WEIGHTED=2
INFO: Finding symmetric diagrams for subprocess group gg_gg
INFO: Creating files in directory P0_qq_gg
INFO: Generating Feynman diagrams for Process: u u~ > g g WEIGHTED=2
INFO: Finding symmetric diagrams for subprocess group qq_gg
History written to /Users/roberto/MadGraph5_v1_4_2/pp2gg/Cards/proc_card_mg5.dat
Generated helas calls for 2 subprocesses (7 diagrams) in 0.131 s
Wrote files for 23 helas calls in 0.382 s
Export UFO model to MG4 format
ALOHA: aloha creates VVVV1 routines
ALOHA: aloha creates VVV1 routines
ALOHA: aloha creates FFV1 routines
ALOHA: aloha creates VVVV3 routines
ALOHA: aloha creates VVVV4 routines
INFO: Use Fortran compiler gfortran
INFO: Generate jpeg diagrams
INFO: Generate web pages
Error detected in "output madevent pp2gg"
write debug file MG5_debug
If you need help with this issue please contact us on https://answers.launchpad.net/madgraph5
MadGraph5Error : Impossible to compile None directory
 Trying to launch make command returns:
     [Errno 2] No such file or directory
 In general this means that your computer is not able to compile.Note that MacOSX doesn't have gmake/gfortan install by default.
 Xcode3 contains those require program

I actually just installed the latest XCode 4.3 to see if this was the issue. Did not fix it :(

gfotran is in place
gfortran -v
Using built-in specs.
COLLECT_GCC=gfortran
COLLECT_LTO_WRAPPER=/usr/local/libexec/gcc/x86_64-apple-darwin10.7.0/4.6.0/lto-wrapper
Target: x86_64-apple-darwin10.7.0
Configured with: ../gcc-4.6.0/configure --enable-languages=fortran
Thread model: posix
gcc version 4.6.0 (GCC)

This is the MG_debug file

#************************************************************
#* MadGraph 5 *
#* *
#* * * *
#* * * * * *
#* * * * * 5 * * * * *
#* * * * * *
#* * * *
#* *
#* *
#* VERSION 1.4.2 2012-02-16 *
#* *
#* The MadGraph Development Team - Please visit us at *
#* https://server06.fynu.ucl.ac.be/projects/madgraph *
#* *
#************************************************************
#* *
#* Command File for MadGraph 5 *
#* *
#* run as ./bin/mg5 filename *
#* *
#************************************************************
import model sm
generate p p > g g
output madevent pp2gg
Traceback (most recent call last):
  File "/Users/roberto/MadGraph5_v1_4_2/madgraph/interface/extended_cmd.py", line 405, in onecmd
    return cmd.Cmd.onecmd(self, line)
  File "/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/cmd.py", line 219, in onecmd
  File "/Users/roberto/MadGraph5_v1_4_2/madgraph/interface/cmd_interface.py", line 3182, in do_output
    self.finalize(nojpeg)
  File "/Users/roberto/MadGraph5_v1_4_2/madgraph/interface/cmd_interface.py", line 3437, in finalize
    self.configuration['fortran_compiler'])
  File "/Users/roberto/MadGraph5_v1_4_2/madgraph/iolibs/export_v4.py", line 1419, in finalize_v4_directory
    misc.compile(mode='None')
  File "/Users/roberto/MadGraph5_v1_4_2/madgraph/iolibs/misc.py", line 164, in compile
    raise MadGraph5Error, error_text
MadGraph5Error: Impossible to compile None directory
Trying to launch make command returns:
    [Errno 2] No such file or directory
In general this means that your computer is not able to compile.Note that MacOSX doesn't have gmake/gfortan install by default.
Xcode3 contains those require program
Value of current Options:
              web_browser : None
              text_editor : None
          pythia-pgs_path : ./pythia-pgs
                  td_path : ./td
            cluster_queue : madgraph
             cluster_type : condor
         madanalysis_path : ./MadAnalysis
             delphes_path : ./Delphes
         fortran_compiler : None
                  nb_core : None
      exrootanalysis_path : ./ExRootAnalysis
               eps_viewer : None
   automatic_html_opening : True
             pythia8_path : None
                 run_mode : 0
       group_subprocesses : Auto
ignore_six_quark_processes : False

I am wandering what is wrong ... any idea?

Thanks for helping
Roberto