Mr. Sean Mulryan:

I had brought Dr. Michael Smurfit on the board of Ballymore ... wasn't totally comfortable with the level of debt and we were looking at new ways to deleverage and go forward. And our plan ... if we hadn't had the crash, we would probably have listed on the London and Singapore stock market, and we would have taken out a huge amount of the debt ... and reduced, obviously, my share in the company.