my role in it. i appreciate the opportunity to answer those questions, and i want to make a few points absolutely clear. first, the only two investors in the transaction, aca and i kbwere institutions with extensive experience in the cbo market. second, i never told ata, the portfolio selection agent that paulson and company would be an equity investor in the ac-1 transaction or would take any loan position in the deal. although i don't recall the exact words i used, i recall for aca that paulson's fund was expected to buy credit protection on some of the senior tranches on this deal. this meant that paulson was expected to take some short position in the transaction. moreover, from the early stages of the transaction in january 2007 to its completion several months later, none of the offering documents provided to aca indicated that paulson's fund would be an equity