Myron Kaplan: Yeah. Hi, gentlemen.
Dan Hedigan: Hi, Myron.
Myron Kaplan: Thank you for taking my call. Yes. You really righted the ship Great Venture in the last two years when the stock was kicked out of the Morgan Stanley Index, and then you’re subjected to all kinds of viral rumors of imminent bankruptcy because we’ve put that issue behind you and which is done absolutely shown that you can sail the ship to, you might say, ship shape and so forth. I have a couple of questions about the exchange offer is that you mentioned in the papers, what are the important ways that the company in which the company has released from what you consider overly-restricted covenants gives you — now that you have more freedom.
Dan Hedigan: Myron, can you just clarify that? I’m just not following what your question is.
Myron Kaplan: There were some text in somewhere in the exchange offer. I believe that the management felt you were — the corporation — you were able to be able to — in the new indenture, which is, I guess, the third that you were able to be released from some overly restrictive covenants.
Dan Hedigan: No. I mean, no, we weren’t released of any overly-restricted covenants. We didn’t add any restricted covenants and the old notes had a covenant strip. Just to be clear, with the new notes, we did add a covenant that we will not make dividend payments or buy back stock while it’s outstanding. We’re investing in the company. So that’s what we’re doing there, but that was the only thing we added other than what was already existing.
Myron Kaplan: I see. Okay. The other thing I wanted to ask you is you referred already to the state’s drive, California’s drive for affordable housing. I believe that there is going in the fall of referendum on the ballot for a $10 billion bond for affordable housing. Does that possibly help you deliver the kind of re-entitled properties to — for such a program?
Dan Hedigan: What I would tell you, Myron, is anything that the state does to improve the ability to provide low-income housing will ultimately provide some benefit to us in some way. We’re having to explore how that will occur. And so — but I wouldn’t say that that’s going to be a boon. We have already accounted for what it takes for us to do that, and most of that kind of governmental assistance would be on the margins.
Myron Kaplan: The one question I had technically is this reimbursement that you get, what you call is called CRP?
Dan Hedigan: CFD.
Myron Kaplan: CFD, what — why will the reimbursement go — be cut in half this year?
Dan Hedigan: Only because we have fewer costs that we have available to request at this time.
Myron Kaplan: I see. Okay. Well, all I can say is that the prospect of shareholder value is way up in the blue given quality of your land and you seem to absolutely be managing it excellently. Thank you very much.
Dan Hedigan: Thanks, Myron.
Kim Tobler: Thank you.
Operator: Thank you. We have reached the end of our question-and-answer session. I’d like to turn the floor back over to CEO, Dan Hanigan for closing comments.
Dan Hedigan: Thank you. On behalf of our management team, we thank you for joining us on today’s call, and we look forward to speaking to you next quarter.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
