Question-and-Answer Session
Operator
(Operator Instructions). And your first question comes from the line of Mark Weintraub of Buckingham Research. Please proceed.
Mark Weintraub – Buckingham Research
Thank you. Just wanted to follow-up on the tax refund, what is the level of confidence on getting that $60 million in the next I think you said, did you say weeks, did I hear that right?
Curt Stevens
Our level of confidence is pretty high, we have filed the return and we are just waiting for the refund to come in. And now that, Mark, just as you know, what we talked about in the release in January is that we were expecting about $90 million in total tax refunds which should include both 2007 and 2008, the 2007 we hadn't yet received at the end of the year plus 2008 and that is offset by about $10 million in payment. So the net that we expect for the full-year is 80. What we filed so far is just the federal piece of that.
Mark Weintraub – Buckingham Research
Okay. And I guess the context of the question, I don’t want to get in to the weeds, you had put out a number for the fourth quarter in terms of the tax refund you expected that didn’t play through. Are we in a different situation now or your level of confidence is much higher on this one than it would have been for the numbers in the fourth quarter?
Curt Stevens
Yes, the difference is that we filed in various foreign jurisdictions largely in Canada but also in Chile and Brazil, but Canada is where we were expecting the tax refunds that we didn’t get. There is no statutory time limit and the use of the provinces or the federal government in Canada to pay the tax refund. In the US, there is a 45 days statutory period that the IRS has to refund the money. That’s the wild card. And the other wild card, of course, is any refunds coming from the states.
Mark Weintraub – Buckingham Research
Okay. Great.
Curt Stevens
The states are under their own rules.
Mark Weintraub – Buckingham Research
And then, also, there had been a joint venture or there had been something on the Pacific Northwest, at one point where you had committed to put some money to work. That seems to have been placed on hold. Can you just update us on the status of that situation?
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