Mr. Frank Daly:

Our discussion around that was that we had, as the Deputy knows, two other bidders left in the race at that stage. We wanted to make sure that they would be told that PIMCO had pulled out and that it was gone. In fact, as I think some of my colleagues have told the committee, whenever the former board members were in - or maybe it was the executives - we felt that we would never want to lose a bidder in a race.

While we obviously never wanted to lose a bidder from the race, the fact that PIMCO was gone might well have enthused the others to keep going and bid at a more competitive price. That phraseology was all around-----