  Preformed pairs above $T_c$ and the two-gap scenarios are two main proposals
for describing the low doping pseudogap phase of high-$T_c$ cuprates. Very
recent angle-resolved photoemission experiments have shown features which were
interpreted as evidence for preformed pairs. Here it is shown that those
results can be explained also in the context of the two-gap scenario if
self-energy effects are considered. The discussion is based on the $d$-CDW
theory or the flux phase of the $t-J$ model.
