Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Mark Weintraub - Buckingham Research
Mark Weintraub - Buckingham Research
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. Just so you know, we’ve talked about in the release in January is that we were expecting about $90 million in total tax refunds which would 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 payments. So the net that we expect for the full year is $80. What we have filed so far is just the federal piece of that.
Mark Weintraub - Buckingham Research
And I guess the context of the question then, I don’t want to get into the weeds, is though that 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 where your level of confidence is much higher on this one then it would have been for the numbers in the fourth quarter.
Curt Stevens
Yes, the difference is that we file in various foreign jurisdictions largely in Canada, but also in Chili and Brazil, but Canada is where we were expecting the tax refunds that we didn’t get. There is no statutory time limit in either the provinces or the federal government in Canada to pay the tax refund. In the US there’s a 45 day statutory period, that the IRS has to refund the money. So that’s the wild card and the other wild card of course is any refunds coming from the states. The states are under their own rules.
Mark Weintraub - Buckingham Research
And then also there have been a joint venture or there had been something out in 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 update us on the status of that situation.
Rick Frost
Yes, that’s not going to happen. We’ve looked at this market and we’ve come to an agreement with the people that we were talking to and we are not going to do that.
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