Carl Levin

Well, when you look at their chart, that big line jump right there, is when there was a whole bunch of cancellations of warrants.

Cancellations drive the queue, and we all ought to remember that.

If you can say there is no correlation between premium and the length of the queue, then you are in a very different mathematical world than most of the mathematicians that look at this.

In general, is there a high correlation, yes or no?

If they lived up to the contract, is my question.

The contract you entered into required them to immediately cancel their warrants. Is that correct?

If they chose to live up to a contract, do not most people you deal with honorably live up to their contract?

The effect of this arrangement was that the queue was lengthened. Is that correct?

You insisted in that contract that they would pay a penalty if they did not put their metal into another Metro warehouse.

Most business people do not consider that a choice.

You say they had the freedom to break the contract. You entered a contract which, if they lived up to it, required them to move, sometimes a few hundred feet, their metal to another Metro warehouse.

But you moved it to another warehouse, sometimes 200 feet across, and the result of that was it stays in your warehouse but it also lengthens the queue.

You could have given them a discount and left it in the warehouse.

There was an effort at a formal contract, was there not, with Deutsche Bank?

The merry-go-round deals required Metro to organize and pay for thousands of truck shipments between its own warehouses.

And jointly decided upon. Is that correct?

So it was a joint decision to go ahead.

Now, we are going to spend some time talking about LME warrants, queues, and so I want to explain this as clearly as I can.

Did the amount of the incentives dramatically increase?

So basically it was a joint decision to go ahead with this program and these incentives, is that correct?

It is a 2-year wait. That is the answer.

These deals were so important that they were taken to Metro's board of directors for approval.

The amount of the incentives dramatically increased. Is that correct?

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