Mr. Brian Kealy:

The largest amount owed, of which we are aware, is €78,000. In many cases, people are owed €50,000, €60,000 and €70,000, which are large amounts. This was due in part to the fact that training was delayed. Money was collected in the first seven months. While one would expect a lot of expenses around flight training to have been incurred during that time unfortunately the students were spending more time on the ground than on flying. PTC says this was the partially the responsibility of FIT, the US company. However, it was also due to the fact that PTC was not paying the US company. In our view, it was recruiting more students to get more cash upfront so that it could feed its habit.