I'd just like to address a couple of Ms. Urquhart's comments. One is the concentration on the focus on earnings. They key metric in a trust is not earnings, it is cashflow. Cashflow is the key metric, and that is one of the great aspects of the governance of an income trust. My management, which I deal with on a day-to-day basis, makes that point all the time, saying that the distribution of cash is either there every month to be paid or it's not.
There's no Nortel in the income trust sector because there's very little use of accrual accounting. It can't be concealed because it's all cash-related. So when she talks of earnings and excessive payments against earnings, that is not really relevant. What we want to talk about here is payments in excess of cashflow, and cashflow is the critical measure.
The other point is around return of capital. The term “return of capital” is admittedly a misnomer. The accounting profession has made that quite clear. CAIF, in its involvement with the CICA, has had those discussions. What it infers is that people are getting back their own money. That is not correct. What it is in fact is the tax deferral of that particular corporate entity being flowed through into the hands of the unitholder. Remember that this is a flowthrough entity. Therefore, all the tax consequences flow through benefits and taxes to the unitholder.