Mr. Patrick Long:

There is an important distinction, as the Deputy notes, between fairness and competition. It seems, in looking back, that PIMCO had an advantage over other bidders by virtue of the greater time it spent in the data room and access to debtors that it had before the process started. It seems as if PIMCO had that advantage. PIMCO withdrew from the process. Without at the time being aware of the services that Brown Rudnick and Tughans were offering to Cerberus, it seemed to me as if there was genuinely a level playing field between Fortress and Cerberus.