Mr. Frank Daly:

The issue with PIMCO was that we made it very clear to it that the involvement of Frank Cushnahan, with or without a fee, was an issue for NAMA. The success fee was a major issue but it is quite obvious that he was involved with PIMCO. We did not know how far back. Even if it was a day or two, it was an issue for us. I think that at the end of the day, PIMCO withdrew because we made it very clear to it that we would not allow it to continue. That has been my view from the start.