There was extensive work done. The due diligence part was done through FMB -- FMBS sorry -- and the Department of Finance. There is an extensive file, there is some due diligence that we shared, there was ongoing negotiations, there is a file. We recognize that there is risk. We didn’t think it was a high enough risk to preclude us, given the economic circumstances, from not making the loan. We looked at the jobs, the economy, the value-added as well as the $13 million in interest payments. So, yes, there is a file, there was recommendations brought in, the assessment of the due diligence, the level of risk, all the revenue projections, the health of Discovery Air, and the final decision was made by FMB.
Michael Miltenberger on Question 62-16(3): Opportunities Fund Loan To Discovery Air Inc.
In the Legislative Assembly on February 5th, 2009. See this statement in context.
Question 62-16(3): Opportunities Fund Loan To Discovery Air Inc.
Oral Questions
February 4th, 2009
Thebacha
See context to find out what was said next.