Mr. Cormac Ryan:

Let me clarify the points and, hopefully, answer the question. In terms of their dealing with us, the Senator is absolutely right, the economic interest of the loans, in terms of the asset value of those, is held separately in Glenbeigh Securities. That is separate from Pepper and Pepper does not have an economic interest in the loans. To try to explain it further, there is a difference between ownership and day-to-day management decision-making and control.