Thank you, Mr. Chairman. Mr. Chairman, I guess since we are going into a little bit of history here, maybe I should do some of my own. Becoming the Minister responsible for this area and being briefed on the files that we had and the guarantees we had in place, I made a decision to bring this forward to my FMB colleagues and recommended that we act on these. The Arslanian factory deal was reached with the existing shareholders there as they managed to redo their work and come back to us with a better business plan and a more secure position for ourselves as the GNWT, and we accepted that and that was able to move on fairly quickly.

This one that we are dealing with now unfortunately did not go that path and we had to go through the courts. Once we entered into the courts through an interim receiver process, that opens the door to a whole lot of other processes that have to be adhered to. One is timelines, appeal process, interventions, and that itself dragged out the process for a number of days.

If we were able to get the deal that we had initially worked on and thought was the best deal, then we could have closed the doors on this as our first estimations were, late November, early December. Unfortunately that did not happen and we have had that discussion and debate around why that wasn't able to be done. But we weren't able to close that deal and had to then proceed to the next level and that is when things...Again, we had to add on a number of months for the processes to put the plan together, get legal people involved and so on. Unfortunately that did drag it out again for a number of months. We are almost a year at this now. By the time the 30-day appeal period ends, as it is going forward, our estimate as we laid before you takes into conclusion June 20th, and this is the numbers that we provide.

As much as we would like it to be a straightforward process, what we kicked into gear from the government end was straightforward. We needed to stop what was happening and act on it. Once we entered into the legal realm of courts and receiverships, that took on almost a life of its own and we had to follow processes that were laid out within that system. Hence, we are here now. Thank you.