Mr. Alan Stewart:

What I surmise is that when it was put to PIMCO if this was going to be an issue for it and whether it could continue in the process, there was a thinking out loud. That is the way I viewed it at the time. It was, "Well, there might be a possibility but we would have to talk to the business about whether we could proceed without the three counterparties involved." I took this to be a reference, not unreasonably I think, to Brown Rudnick, Tughans and Frank Cushnahan. My interpretation of it is that when that was raised on 11 March by Ronnie Hanna - the point the Deputy mentioned a few moments ago - that he was referring back to the that loose end that had been left out there from the 10 March call and that that is why he brought up the point. That is my view of it from being on the calls and from the notes I have of the calls.