Mr. Alan Stewart:

The penultimate paragraph states:

RH [Ronnie Hanna] asked, if what had been outlined was an issue for NAMA, whether Pimco would proceed with its work on the proposed transaction. TR [Tom Rice] said they would certainly not proceed with their legal due diligence [which is the work in the legal data room] until the position had been clarified. TR said that if it was an issue for NAMA, Pimco would have concerns with continuing to deal with the 3 counterparties and would have to consider whether the 'business' could proceed without the counterparties involved.

For clarity, I think the reference to a "business" is a reference to the commercial side of the house. The legal team is obviously a support.