Mr. Willie Soffe:

Let me explain our position. First of all, when we became aware that PIMCO were paying a success fee and that it involved Mr. Cushnahan, our position was clear. I was at the board meeting. We found it unacceptable and we would not tolerate a situation in which a success fee was going to be paid to somebody who had been with NAMA, either on a board, a committee or on the staff.