Mr. Brendan McDonagh:

Absolutely. The debtor came in and said we should give the assets for free to them in compensation for the under-selling of these assets in London. We rejected that out of hand and said it was not going to happen. All sorts of things were said such as "We'll resume litigation with you and we'll do X, Y and Z" and we said "No, we're not agreeing to that". Eventually it came to a proposal that they would buy the assets at the valuation of €265,000 and we said we would take it away. Subsequently, they came back said they wanted to buy the loans. It was elevated to the board because it was such an unusual transaction so the board was fully aware of it.