Mr. Brendan McDonagh:

The way this works is that when a firm is bidding on a portfolio, they look for permission for their advisers to access the data room. PIMCO had sought and got permission from us for Brown Rudnick and Tughans to access the data room. When PIMCO left, Brown Rudnick and Tughans no longer had access to the data room. Cerberus were in the data room but they did not use Brown Rudnick or Tughans to access the data room after PIMCO's withdrawal. They never asked our permission for Brown Rudnick or Tughans to access the data room, so we did not see them in the data room because they had no right to be in the data room. It was only after the bids had come in that Cerberus disclosed that Brown Rudnick and Tughans were in the background working for them. We had no idea that they were there because they were not in the data room.