There is no actual exchange of cash here. This is an accounting procedure. We are assuming the ownership of the property. The assumed value of that property is $2.75 million. We are buying it for $2.5 million because that is the outstanding mortgage on it, so the accounting department is telling us that that is the proper thing to do, that we have to report a gain that we are making from this purchase. That is why it is being recorded here.
Sandy Lee on Consideration in Committee of the Whole of Bills and Other Matters
In the Legislative Assembly on February 10th, 2009. See this statement in context.
Consideration in Committee of the Whole of Bills and Other Matters
Consideration in Committee of the Whole of Bills and Other Matters
February 9th, 2009
See context to find out what was said next.