Ann: Preliminary Final Report, page-335

Well of course they do. AP is FABless and EM is the FAB they are using. That is just a chicken and egg statement. But EM does not own the IP base that AP owns. Without AP EM has nothing at all. That would have been just as true of Sony or TowerJazz. My question is how much of essential manufacturing IP now is dependent on EM, and how much of it can AP take to another FAB? That is something don't yet know but which we should be asking.