Ann: Update on Specialty Fashion Group's Structural Review, page-2

Naturally Anchorage are not stupid; if their numbers haven’t proven something like a 30% IRR, pa, over 3 years is possible they would not have made a ‘cash’ bid for the brands. Private equity. Logical deduction is that it would not be unrealistic to assume these brands could be worth double the amount, or $1 a share, within 18 months on current trajectory.