Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We will go first to Rolf Ruben with Merrill Corp.
Rolf Ruben
Yes, one of your competitors CapitalSource has bought the deposits of a savings and loan, there was a little bit of trouble and they have of forming an Industrial Bank and they are going to use the deposit as a funding source going forward. Would you guys consider that as an option for you know, future funding.
William Powell
Rolf this is Bill Powell. We sold that transaction as well, and it is a very interesting transaction for CapitalSource. You know, we are going to be doing a lot of work when coming up with a strategic plan for Crystal River and we are not going to rule out sort of any alternatives and certainly that would be something we would look at. So I appreciate you bringing it to our attention.
Operator
Anything further Mr. Ruben?
Rolf Ruben
No.
Operator
Thank you. [Operator Instructions]. We will go next to Jim Shanahan with Wachovia.
Jim Shanahan
Yes, I am curious about a couple of developments in the quarter and the first of all the decision to take throughout 2008 base management fees in the form of stock. What was the primary reason for that is, is it designed to sort of cash flow, is it designed to a line interest with shareholders and a little more background there please?
William Powell
Yes, Jim it’s Bill. The company asks the management to take the dealing stock really to just the measure to preserve liquidity. You know, liquidity was very crucial to preserve going back over the past 10 months and it was really nothing more than that.
Jim Shanahan
Okay.
William Powell
Obviously, this is something that will be reviewed every quarter between the manager and the Board.
Jim Shanahan
So, it’s not necessarily throughout 2008 that will continue?
William Powell
That’s correct.
Jim Shanahan
And, Mr. Powell, my question I guess, there is so many changes to your certainly the deleveraging and the balance sheet obviously was a lot bigger and I am just kind of curious where you would – what it means for us as shareholders and investors and analysts, where do you think, you will see off and you are likely to take the direction of the investment strategy here given your background and where do you see the market refinancing?
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