pershing square, we should say bill ackman and their team own 44% of pershing square.his deal, howard hughes has been an under performer and not delivered dividends. part of his bet on this company is he believes in the next couple years it's going to start producing lots of cash and that would obviously be a requirement, if you will, to be a successful venture to produce enough cash to become not an insurance company, of course, but create a lot of ebitda and start buying lots of other businesses. in terms of this transaction itself, though, what you are looking at if you are a shareholder of howard hughes today, you have the option effectively of cashing out completely or you have the option of rolling in which is what they're going to be doing. you will be able to effectively roll into this transaction which then be controlled by bill ackman. >> they purchased a majority share? >> they purchase the majority share of the company. you could effectively think of it in a unique way of take private or take private public. here's how it works. the consideration in cash is