Government Operations committee  There are a few on the back. I would draw your attention—you don't have to look at it now, but just for the record—to page 27 of their study. There's something called the Lease payout summary, and it forms the basis for the total value and the cashflow stream that they're planning to discount.

Government Operations committee  Yes, it wouldn't hurt.

Government Operations committee  I believe it was 11 or 13, or something like that, in the final analysis.

Government Operations committee  I wouldn't be surprised, if you had access to all the bid documents, that you would find residual values that are higher from some of the bidders. The overall package is such that Larco presumably came in higher. We don't know that, but we—

Government Operations committee  It may have been that they were willing to take all the properties and that this made them an attractive thing, too, because it costs the government about $10 to write a cheque.

Government Operations committee  Our scope was to take the numbers as made available and to do an analysis as if we were buying or selling it, from the government's viewpoint. So our analysis was based on whether this was a good deal from a benefit-cost framework for government. Would you go out and raise money this way?

Government Operations committee  We lost a little bit in the translation of that. Perhaps the translator could try again on that, or do you want to just restate it?

Government Operations committee  Is this a government document you are quoting from?

Government Operations committee  To me, and this is just my own personal interpretation of it, there was a lot of criticism early on about the value of the property, and if you recall, there were estimates that were put out in The Globe and Mail about what they thought the properties were worth. If you look at the documents that were around, like the BMO and Royal Bank study, you can find numbers that are fairly close to those in The Globe and Mail, and they were probably the source of them.

Government Operations committee  Did you close it off? Okay.

Government Operations committee  This evaluation? I and one other person were working on it. So it was two people.

Government Operations committee  Well, most of it is arithmetic that we learned and taught in university, both in economics and elsewhere. My own degrees include a master's in economics and I have about 35 years' of experience. In the case of the other person, they had a BA in economics, and their work was done under my supervision.

Government Operations committee  Larco, the people buying it, I would have thought would have been very sensitive to this issue and it would have been part of their due diligence--

Government Operations committee  --in signing a commitment to put out some money, particularly if they're living in Vancouver.

Government Operations committee  The unspecified capital costs are the things that cause all of us as homeowners nightmares. You know, all of a sudden a roof leaks that we previously thought was sound, and if that wasn't listed on the capital improvements, you as the lessee are responsible for that. Cracks appear in some pillar.