Environmental Liabilities, Borrowing Costs, And Pollution Prevention Activities: The Nationwide Impact Of The Apex Oil Ruling

PARTICIPANTS

Ross Levine, John Taylor, Annelise Anderson, Terry Anderson, Michael Boskin, Steven Davis, Dixon Doll, Andy Filardo, Paul Gregory, Patrick Kehoe, Dan Kessler, Christian Kontz, David Laidler, David Malpass, Michael Melvin, Roger Mertz, Dinsha Mistree, Radek Paluszynski, Valerie Ramey, Josh Rauh, Paola Sapiensa, Richard Sousa, Jack Tatom, Victor Valcarcel

ISSUES DISCUSSED

Ross Levine, Hoover Institution senior fellow and former chaired professor at the University of California-Berkeley, discussed “Environmental Liabilities, Borrowing Costs, and Pollution Prevention Activities: The Nationwide Impact of the Apex Oil Ruling," a paper with Jianqiang Chen (National Tsing Hua University), Pei-Fang Hsieh (National Tsing Hua University), and Po-Hsuan Hsu (National Tsing Hua University).

John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution, was the moderator.

PAPER SUMMARY

The 2008 Apex Oil court decision reduced the circumstances under which specific environmental cleanup obligations were dischargeable in Chapter 11, potentially affecting the securities prices, credit conditions, and pollution practices of corporations not in Chapter 11. We discover that among financially stressed firms with those specific environmental liabilities, bond, and stock prices dropped after Apex. Moreover, those firms (1) experienced a tightening of credit conditions (e.g., paying higher risk premia on debts and receiving lower bond ratings), (2) intensified pollution prevention activities, and (3) reduced the emissions of pollutants causing environmental damages no longer dischargeable in Chapter 11. These findings hold among firms nationwide, not only those within the jurisdiction of the Seventh Circuit court, which issued the Apex decision, suggesting that Apex had a nationwide impact.

To read the paper click here
To read the slides, click here

WATCH THE SEMINAR

Topic: “Environmental Liabilities, Borrowing Costs, and Pollution Prevention Activities: The Nationwide Impact of the Apex Oil Ruling”
Start Time: June 5, 2024, 12:00 PM PT

Transcript

Ross Levine, a colleague at Hoover, is a wonderful addition, a senior fellow, former professor
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at Berkeley, and I guess that's okay, a co-director in the Hoover Working Group on Financial Markets,
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Financial Regulation, I should say.
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Yep.
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And the title of the paper is Environmental Liabilities, Borrowing Costs and Pollution
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Revention Activities, the Nationwide Impact of Apex Oil Ruling.
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So thank you so much for being here, and we have lots of questions.
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Thank you for inviting me.
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This is the first time I present it, so it will not be as polished as many of you have
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come to expect here, and I look forward to getting comments to make the paper better.
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I think there'll be some legal elements to this that I've done my best
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to become expert in, but I'm sure I haven't gotten there, so tell me when I'm wrong.
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So it's always good to start with a quote from an old dead white guy.
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So, you know, this issue of the tragedy of the commons is not new, as Aristotle points
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out here, and this paper is going to be about this issue of what the, you know, the, you
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know, the tragedy of the commons is, but it's not new.
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It's not new.
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It's not new.
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It's not new.
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It's not new.
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It's not new.
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It's not new.
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It's not new.
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It's not new.
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When property rights are not well defined, or there's a change in the property rights
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over some outcome.
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So typically, with the tragedy of the commons, there's two ways to address this issue.
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One way is to regulate it, and the other way is to privatize it and get rid of the
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commons, and to internalize the externality by assigning property rights.
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And the motivation in this paper is that when you look across the board, you're going to
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look across the U.S.
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Corporations are the primary contributors to land and water pollution, and these toxic
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emissions increase cancer rates and premature death rates and all sorts of other bad issues,
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bad outcomes.
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And so there's a public policy concern about what to do about that.
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The literature that examines various types of regulations.
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Regulations and enforcement mechanisms is quite extensive.
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And where our paper fits in is not on the regulation front, but on examining the impact
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of internalizing these externalities in a very particular way, and in the assignment
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of property rights over the obligations to clean up various types of, you know, various
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types of waste sites.
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So the...
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The purpose here is exactly that, evaluate the impact of reassigning legal liability
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for firms and buyer mental damages on securities prices and borrowing costs, and their advantages
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to looking at financial markets, because we can examine how quickly markets respond to
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this change in a court case, and then abatement activities and pollution, which is in some
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sense what...
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Maybe what we're most interested in.
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So the contribution here is I think we're the first to do this, to look at this reassignment of property rights in a particular environmental obligation context and examine the impacts on financial markets.
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Some other people have looked at this in terms on emissions.
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I don't think other people have looked at it in terms of abatement.
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And then we're going to have...
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Do some things that I think help with identification.
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All...
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And...
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You can tell me what else we have to do.
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So first of all, some institutional details in order to understand what exactly we're going to do.
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So environmental liability...
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And this is going to involve what happens to environmental liabilities in Chapter 11 and then this apex oil court decision.
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Okay.
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So some of this is...
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Some of this was new to me.
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And then that's...
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And then as I learned this, it became...
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It's...
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It's...
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You'll see it sort of presents itself as an identification strategy almost, just the institutional details themselves.
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So in Chapter 11, Chapter 11 allows firms to discharge claims such as debts.
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So we all know that.
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And this then leads to the question of what is a claim?
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What is a dischargeable claim?
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So then you start to read and my eyes glaze over and it's a right to payment.
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And that's kind of...
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It's kind of easy.
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Like a bond is a right to payment.
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And then it goes a little bit farther.
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And it's like a right to an equitable remedy for a breach of performance if such a brief gives rise to a right to payment.
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What about environmental cleanup obligations?
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Are those a right to an equitable remedy for a breach of performance?
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And so is it a right to payment?
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So there is a...
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A big case.
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They've decided that environmental cleanup obligations were, at least in the court cases,
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are decided within the context of a certain situation.
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In this particular situation, they are an obligation because oftentimes what's being sought in bankruptcy
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is funds in order to deal with the claim...
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Deal with the cleanup.
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And therefore, what is being...
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Sought is a claim.
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It's a financial right to pay in order to clean up and that therefore it's dischargeable in Chapter 11.
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Now, the implications, of course, are pretty clear.
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Environmental liabilities could then be shifted from the creditors and shareholders and bankruptcy to taxpayers.
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Okay.
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And that would then therefore leave more resources for the creditors of the firm.
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So clearly creditors...
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And creditors would like this.
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Now, along comes the Resource Conservation and Recovery Act, which was interestingly different.
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And it covers an explicit list of...
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Go, please.
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Yeah, yeah.
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Suppose I have more regular debt than value to firm.
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Then I have the million bucks in debt and I owe a million bucks to fix some cleanup stuff.
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Yep.
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Where does that say you want to split?
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Whatever money's left 50-50 over the two obligations.
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Why, if I can't discharge the million bucks...
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Why you're acting like the creditors say, get rid of that other debt, that million bucks, and give me everything for my bond.
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Yep.
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Why doesn't the environmental guy say split it 50-50?
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Because the courts say...
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You can ditch...
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Exactly.
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But you cannot discharge the debt.
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You can't, but what happens with...
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Normally they close...
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They close you down and sell you off and divvy it up.
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My understanding is that...
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And tell me if I'm wrong.
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My understanding is that what happened...
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I'm pointing to Dan because Dan's a lawyer.
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Is that what happens in this case is that the environmental claims are discharged.
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Then the resources are available.
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Whatever can be used to deal with the other obligations is used to deal with the other obligations.
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And...
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It's like your junior claims then.
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And it's like the direct bonds of senior claims and the other ones are junior.
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You could assess, is that how it is?
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So my understanding is that ordering, even if it's not that ordering, it doesn't matter.
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Because if you can't discharge it, then what has to happen is the firm's resources have to go for the environmental obligation first.
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Oh, so there is some...
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That wasn't...
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No, no, no.
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I understand.
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But let's think of two alternatives.
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Yeah.
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One is where the environmental liabilities are dischargeable.
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And one is where they're not dischargeable.
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If they are not dischargeable, then clearly the firm's resources first go to pay off the non-dischargeable obligations.
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And then what's ever left over goes to the creditors.
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Right?
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If it's dischargeable, then even if it's 50-50, I don't think it's 50-50, but I don't know the law well enough.
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Then it's still worse for the creditors.
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Then the situation...
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Yeah.
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Obviously.
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Okay.
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And that's the...
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This is just so you understand.
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The shareholders, in principle, could get something if they...
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So that's going to affect equity values.
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It's going to be...
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I'll get to that.
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There's going to be equity values.
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It can happen for the reason that you said, that they're the residual claimants.
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It could also affect the equity holders because...
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Depending...
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Depending upon what the courts decide, that may affect the interest rates that the firms pay prior to bankruptcy.
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And then, therefore, that would affect the shareholders as well.
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If you've got Chapter 11, that means you're still operating.
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So you might not be taking the money completely out of the system immediately, right?
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How do these bond payments work?
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And how do they, like, pay back any fees, like environmental costs?
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How does that usually get handled?
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For instance, you've got an operating business.
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Chapter 11, it's still going to be operated.
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Operated.
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So there's a...
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What happens in the Apex Oil case is there's a...
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What happened in...
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What happened in the...
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What happened in the Ohio and COVAX case is the firm goes into bankruptcy.
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A new entity sort of emerges.
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The EPA comes and sues, says, we want funds to clean up the site.
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So that's sort of...
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That's what happens there.
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And they said, no, you don't get it.
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You don't get any.
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Those are discharged.
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Those are discharged.
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The court said.
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That's what the court said.
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Yep, that was the decision.
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And then that becomes...
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That becomes the precedent.
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That becomes a law.
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Then what happens is there's this thing.
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I'm going to call it the RCRA, the Resource Conservation Recovery Act.
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It deals with an explicit set of toxic chemicals.
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Some of the most toxic of the chemicals.
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And it's important to remember that this is a subset of toxic chemicals,
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not all toxic chemicals, because that's going to be nice for identification.
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And it requires firms to clean up the environmental damages.
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So the requirement is that they clean up.
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Not that they pay to have it clean up.
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It's going to be important.
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Decision then is made July 28, 2008.
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This is this district court.
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It orders Apex Oil, the successor of Apex Oil in Chapter 11,
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to clean up the RCRA chemicals.
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They go to court.
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They say, no, this should be destroyed.
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This should be dischargeable.
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Because essentially this is a financial claim.
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And the courts say, no, this is not viewed as a right to payment
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because the obligation is to clean up, not to pay.
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Okay.
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Then they appeal.
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Goes to the Seventh Circuit.
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They support the decision at the district level.
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It goes to the Supreme Court.
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He refuses to hear it.
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And then that becomes the decision.
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Okay.
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Now, so this then changes things.
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Because now RCRA-related...
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So, if you're looking at the numbers, you can see that the numbers are not the same.
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They're not the same as the numbers on the other side.
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You can see that they're not the same.
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They're not the same as the numbers on the other side.
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And so, you can see that they have very different obligations.
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You can see that they have very different liabilities.
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So, what I mean there is that environmental obligations associated with pollution, associated with these particular toxic chemicals, are now no longer dischargeable.
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So, firms in Chapter 11 with these obligations now have fewer resources available for creditors.
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Okay.
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Very simple.
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So, now we have a very...
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You can start to see the identification strategies just emerging.
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Now, the illegal effects is...
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Apex was surprising in consequence.
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So, this is an assertion.
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And what we show in the paper, what we give is anecdotal accounts from lawyers writing to their clients and publications in newspapers and quotations from the Department of Justice that this is going to become a legal strategy outside of the Seventh Circuit.
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And that it is going to be used in all of the circuit courts.
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And that the legal and consulting firms on environmental damages are telling their firms that this is now new rules of the game.
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Did it depend on the particular wording of what that claim was about cleanup versus...
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Exactly.
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But did it apply to...
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But then all the other ones still said right to payment.
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Exactly.
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So, did it...
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You're going to tell us.
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It's going to creep over there a little bit too.
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No, it's not going to creep over there.
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Okay.
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Which is going to make the identification really sweet.
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Because then we can look at the same firm, right?
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And we can ask, how does it respond for the different chemicals?
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Yep.
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So, clarification.
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So, the EPA comes in and says you need to clean up.
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But isn't the expectation of the industry at that point that the EPA will come in every time to say you're going to have to clean up?
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And are those chemicals...
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Are they restricted to the one that originally were in the cleanup mandate of the EPA?
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Or could the EPA say now you're going to clean up your mess or whatever?
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Only RCRA chemicals.
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Only that?
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Yeah.
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Okay.
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I'm not smiling because I necessarily think that that's a good thing.
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I'm smiling because it makes the identification.
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No, I understand.
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So, basically this is because they...
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Is it illegal?
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It's because of the definition.
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It's how the...
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Whether the courts interpret those as a claim.
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Claims are dischargeable because it gives rise to whatever I said, a monetary payment.
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And so, it's very much...
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For example, there were some cases where the courts, after APEX, there were some cases where the courts said, hey, here's a situation in which there was an RCRA related chemical.
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However, what was being...
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What the EPA was asking for were punitive damages.
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So, they would be looked at as a fine for some case, not as an obligation to clean up.
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They said, no, those are dischargeable.
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So, it was very much on whether this is an obligation to clean up.
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What I don't understand is why the EPA doesn't change the strategy.
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Like, you know, at some level, the court has the precedent, but it looks like that an administrative agency here can actually change stuff.
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As well, right?
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And so, the question is to what extent they can...
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No, isn't it the original...
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The way the original law was worded?
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Yes.
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So, if you went back and changed the original law to make it all clean up...
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Yes.
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Then it would...
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I think that that's true.
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But that's not EPA.
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That's above their head.
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Correct.
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Okay.
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Correct.
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So, yes, that could be a legislative...
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That would be a legislative strategy.
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Yeah, exactly.
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Okay.
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So, then it gives rise to a prediction.
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Which is for firms that are close to bankruptcy.
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Because this is only relevant for firms that are reasonably close to bankruptcy.
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With these RCRA-related chemicals.
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Then the prediction is that this is going to increase risk premia for creditors.
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Affect securities, prices, increase borrowing costs.
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Incentivize creditors to pressure their firms to deal with these particular types of chemicals.
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So, we're going to be able to look at actual abatement activities and then pollution.
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So, that's sort of...
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Now we're off and sort of running.
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Now, maybe the question you have is a question that always bothers me.
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Which is, okay, that sounds good.
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But what's an alternative hypothesis?
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And, you know, why do this if this can only come out one way?
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So, the four things that we looked at is...
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And this is from somebody who tends to work in financial regulation.
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And so, the regulations can be such that they just dominate everything.
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And that this is just really nothing left here for these court cases.
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There are also corporate governance issues here.
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In that, for example, CEO compensation might be tied to short-run profits.
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And that, therefore, even though shareholders might want to adjust what is happening with toxic emissions of the RCRA-related communities.
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If that's going to be costly.
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If that's going to reduce short-run profits.
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CEOs may or may not want that to happen.
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This whole thing just may all sound like a big deal.
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And it may sound good and not amount to much.
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And there's another question which I'm not going to point out to you today.
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But since we sent this to a law journal, it has been a big part of the paper.
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Which is that this is for...
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This was decided in the Seventh Circuit.
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So, there's a question of did it really have an impact outside?
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And a part of the paper is showing that yes, it did.
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Why did it have an impact outside?
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So, it had an impact outside because, as I mentioned a little bit earlier,
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it's that the DOJ immediately reported that it was going to use the legal strategy
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that was successful in the Seventh District in other places.
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And so, there was...
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And then when you look at what the law firms...
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And again, it's anecdotal.
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What they send out to their clients is that this is likely to be nationwide.
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Hence the word nationwide in that never-ending title.
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You haven't drawn...
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You haven't drawn much of a distinction yet between financial effects and real effects.
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Correct.
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And they can be quite...
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The interpretation of the difference between them is difficult.
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So, if you think about a Coasean benchmark...
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I realize we're far from a Coasean benchmark here.
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Good.
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But in a Coasean benchmark, you can have big effects on the value of firms
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and no effect on abatement activities.
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Yep.
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Okay.
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So...
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I'm going to show you both.
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Okay.
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I'm going to show you both.
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I don't see it yet from your question, but maybe...
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But I don't think I'm going to tell you why...
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So, from a Coasean perspective,
19:03 --> 19:05

with enough well-defined property rights and contracting,
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maybe we wouldn't see certain changes,
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which might lead to other types of tests you want to see.
19:12 --> 19:16

Well, I want to see tests that get to whether this affects abatement.
19:16 --> 19:19

Yeah.
19:19 --> 19:20

Yeah.
19:20 --> 19:20

Yeah.
19:20 --> 19:20

I'm going to show you that.
19:20 --> 19:20

Because security price responses could just be the effect of reassigning property rights.
19:20 --> 19:25

Yep.
19:25 --> 19:25

Yep.
19:25 --> 19:26

I'm going to show both.
19:26 --> 19:27

Okay.
19:27 --> 19:27

I'd better say that I thought any cost of financial distress reducing activity
19:27 --> 19:34

would be irrelevant to the company or that the CEOs wouldn't respond.
19:34 --> 19:38

I mean, short-term metrics would include things like net income.
19:38 --> 19:42

So, I don't understand the objection that that would...
19:42 --> 19:47

The thing I have here...
19:47 --> 19:48

The issue here is...
19:48 --> 19:49

I'm not going to test that.
19:49 --> 19:52

I'm just sort of saying that there may be reasons why the change in property rights
19:52 --> 19:59

does not induce a reaction on the part of the corporation
19:59 --> 20:05

in terms of pollution abatement and reductions in pollution.
20:05 --> 20:10

And there may be some governance issue that prevents this change in environmental obligations
20:10 --> 20:18

and bankruptcy from affecting how CEOs affect actual pollution.
20:19 --> 20:23

I could test it.
20:23 --> 20:24

Yes.
20:24 --> 20:25

Yes.
20:25 --> 20:25

I agree.
20:25 --> 20:26

You actually are testing it.
20:26 --> 20:28

I'm going to...
20:28 --> 20:28

Yeah.
20:28 --> 20:29

When you demonstrate a response, it's sort of a joint test of no effect of regulation
20:29 --> 20:36

and misgovernance.
20:36 --> 20:39

But it could be...
20:39 --> 20:40

One interesting thing, we didn't do this, would be to say, can we get measures of the
20:40 --> 20:45

difference in the quality of corporate governance and see whether the response is...
20:45 --> 20:49

Stronger or...
20:49 --> 20:50

Yes.
20:50 --> 20:50

...driven by companies with certain types of...
20:50 --> 20:53

Exactly.
20:53 --> 20:53

Which we don't do, but it's something we definitely could do.
20:53 --> 20:57

Okay.
20:57 --> 20:58

Okay.
20:58 --> 20:59

Apex.
20:59 --> 21:00

And so I'll start with securities prices.
21:00 --> 21:02

I'll keep an eye on the clock.
21:02 --> 21:03

I'll make sure we definitely get to abatement and pollution.
21:03 --> 21:06

So we use the TRI, the Toxics Release Inventory Database, which has lots of information at
21:06 --> 21:15

the...
21:15 --> 21:15

I'm going to use facility and plants interchangeably.
21:15 --> 21:19

And so it has lots of information at a chemical year facility level on what the emissions
21:19 --> 21:31

are for both land, air, and water pollution.
21:31 --> 21:35

For a variety of reasons, we're only going to focus on water and land pollution because
21:35 --> 21:41

it's less subject to monitoring problems than air pollution.
21:41 --> 21:45

We're going to link this up with the standard finance.
21:45 --> 21:48

We're going to link this up with the standard finance databases that you can see up there.
21:48 --> 21:52

And we're going to look at...
21:52 --> 21:56

For some of the work on finance, it's going to be an event study.
21:56 --> 22:00

So we're going to look at changes in bond prices and stock prices around a very tight
22:00 --> 22:07

window when this decision is released.
22:07 --> 22:09

Then we're going to look over a little bit of a longer...
22:09 --> 22:12

It won't have an event study, but it'll be...
22:12 --> 22:14

We're going to continue to look at finance when we look at interest rates and credit
22:14 --> 22:18

ratings.
22:18 --> 22:18

And it'll be more of a standard different diffs type setup.
22:18 --> 22:23

And then we'll go to the prevention and pollution metrics from there.
22:23 --> 22:30

Yeah.
22:30 --> 22:31

So to understand the setting, so here the firms, you're assuming that the firms and
22:31 --> 22:39

the EPA have the same information on what has been discharged.
22:39 --> 22:45

And this is what the toxic release...
22:45 --> 22:48

So it's like, you know, I know all the firms and what they discharged, and I know that
22:48 --> 22:53

they need to clean up after.
22:53 --> 22:55

And so that's the setting.
22:55 --> 22:57

Correct.
22:57 --> 22:58

Okay.
22:58 --> 22:59

Forget about the dropping 2008.
22:59 --> 23:02

That's only for the pollution prevention stuff.
23:02 --> 23:06

Okay.
23:06 --> 23:07

Sorry.
23:07 --> 23:07

I put this in at the end.
23:07 --> 23:09

That's why it has a little font that will go back.
23:09 --> 23:12

So this is just to show you there's lots of facility chemical year observations, and then
23:12 --> 23:17

we have 5,500 unique facilities and 560 firms that we're going to follow.
23:17 --> 23:24

The firms in our sample cover about 25% of the firms in sort of Compustat, and they have
23:24 --> 23:31

pretty similar traits to the overall average firm in Compustat.
23:31 --> 23:38

Could you say something about that?
23:38 --> 23:39

It's a huge amount of data.
23:39 --> 23:41

Huge amount of data.
23:41 --> 23:42

Yep.
23:42 --> 23:43

So that's good.
23:43 --> 23:45

I mean, I'd rather have 100% coverage, but, you know, that's the only thing that's in
23:47 --> 23:53

the TRI data.
23:53 --> 23:54

There are a variety of concerns with the TRI data that have been voiced.
23:54 --> 23:58

We do a couple of things to address those concerns.
23:58 --> 24:02

Again, like I mentioned, we don't look at the air pollution.
24:02 --> 24:06

The concerns that are typically raised about TRI is that it's self-reported data.
24:06 --> 24:12

There is monitoring that goes on.
24:12 --> 24:16

And again, just to...
24:16 --> 24:17

To reemphasize, it's much easier to monitor water and land pollution.
24:17 --> 24:22

We focus on public firms, which tend to be subject to greater monitoring.
24:22 --> 24:28

And the fact that we're focusing on the RCRA pollutants is important because they tend
24:28 --> 24:34

to be the most toxic and also, therefore, subject to the most monitoring.
24:34 --> 24:38

Okay.
24:38 --> 24:41

So here's how we set up the event study.
24:41 --> 24:45

So there's going to be CARs.
24:45 --> 24:46

Humid of average...
24:47 --> 24:48

Humid of abnormal returns.
24:48 --> 24:50

And we don't do anything...
24:50 --> 24:54

We kind of...
24:54 --> 24:55

That's, you know, the standard measures.
24:55 --> 24:59

We're going to look at bonds and stocks.
24:59 --> 25:01

When we look at bonds, we're going to do this a month before and a month after.
25:01 --> 25:06

That's going to be the period over which the CAR is computed.
25:06 --> 25:09

We use a month because bond markets are less liquid.
25:09 --> 25:14

When we look at stock markets, we're going to look at five days.
25:14 --> 25:17

Five-day interval before and after.
25:17 --> 25:19

So it's 10 days in total.
25:19 --> 25:21

So we're going to try...
25:21 --> 25:24

We're going to be explaining the cumulative abnormal returns for a firm.
25:24 --> 25:29

This is going to be done at the firm level because it's an event study.
25:29 --> 25:32

And we're going to differentiate between those who are heavy RCRA polluters and those who are not.
25:32 --> 25:40

We...
25:40 --> 25:43

Here, we...
25:43 --> 25:44

In these analyses...
25:44 --> 25:45

We...
25:45 --> 25:47

We're going to limit the sample to firms that have at least some measurable RCRA emissions in at least one of their plants.
25:47 --> 25:58

So not have so many zeros because obviously there are firms that don't emit any...
25:58 --> 26:04

You haven't scaled heaviness by any notion of firm size.
26:04 --> 26:07

It seems odd.
26:07 --> 26:08

I was going to make the same point.
26:08 --> 26:11

So...
26:11 --> 26:13

Also...
26:13 --> 26:14

Are you doing it...
26:14 --> 26:16

Are you doing it by industry or by...
26:16 --> 26:18

Oh, because it's just larger.
26:18 --> 26:19

Yeah.
26:19 --> 26:20

So we're going to...
26:20 --> 26:22

Well, it's a larger per dollar or something.
26:22 --> 26:24

Yeah.
26:24 --> 26:25

Okay.
26:25 --> 26:25

Is that what this is?
26:25 --> 26:26

Yes.
26:26 --> 26:27

So we're going to have industry fixed effects here.
26:27 --> 26:30

And I think that's...
26:30 --> 26:31

All you're going to do is gain the firms with producing a lot.
26:31 --> 26:34

This has nothing...
26:34 --> 26:36

This has nothing to do with that.
26:36 --> 26:38

Because when...
26:38 --> 26:39

Well, you see...
26:39 --> 26:39

Maybe I'm misinterpreting.
26:39 --> 26:41

It's larger than the median.
26:41 --> 26:42

It's larger than the median.
26:42 --> 26:44

So this is going to be...
26:44 --> 26:46

If a firm's RCR wastes are larger than the median in that particular industry.
26:46 --> 26:54

Okay.
26:54 --> 26:55

So if you have 10 firms, it may vary from the largest one to the next one.
26:55 --> 26:59

I mean, without the...
26:59 --> 27:01

Yeah.
27:01 --> 27:01

This must be done...
27:01 --> 27:03

We can't have done that.
27:03 --> 27:04

So I think we must have...
27:04 --> 27:06

We must have scaled it by production or something like that.
27:06 --> 27:09

And I didn't put that in the definition.
27:09 --> 27:10

Yeah.
27:10 --> 27:13

I'm sorry.
27:13 --> 27:13

It's a smaller value adder.
27:13 --> 27:14

It might be the smart way of doing it.
27:14 --> 27:16

Sure, sure.
27:16 --> 27:16

Sure.
27:16 --> 27:16

But lots of other ways to do it.
27:16 --> 27:19

So here what you see in terms of dividing it up between the high default probability
27:19 --> 27:24

firms and the low default probability firms, we want to do that because if you're not close
27:24 --> 27:32

to default, then this change in the court case is largely irrelevant to you.
27:32 --> 27:38

And this is going to be primarily relevant for the heavy RCRA polluters because that's
27:38 --> 27:44

what's going to be most important.
27:44 --> 27:46

Most costly in bankruptcy.
27:46 --> 27:47

So here what you see is that you find that there's this significant reduction in cumulative
27:47 --> 27:54

average returns on bonds for the high default probability firms.
27:54 --> 27:59

And that difference is significant.
27:59 --> 28:02

Is it hard to distinguish high and low?
28:02 --> 28:05

In terms of default probabilities?
28:05 --> 28:09

No, no, no.
28:09 --> 28:11

I mean, we follow a standard.
28:11 --> 28:14

We follow Campbell as a measure.
28:14 --> 28:16

It's basically looks at standard metrics of, you know, it's related to sort of a Z
28:16 --> 28:24

score because it tends to look at things that are related or associated with profitability,
28:24 --> 28:29

looks at sort of variance in income over time, and comes up with a probability of, you know,
28:29 --> 28:36

how fragile is this particular firm?
28:36 --> 28:39

Is there any way to do like X ante and X post probability?
28:39 --> 28:44

Suppose that the court watchers thought it was 95% probability they were going to lose.
28:44 --> 28:51

Then the event itself, if they lost.
28:51 --> 28:53

Becomes predictable.
28:53 --> 28:54

It's pretty small.
28:54 --> 28:56

And if it's like complete surprise, 50-50, bringing it back to something you're going to use, say, in a model or something.
28:56 --> 29:03

Is there any way you could get a handle of the X ante probability or something?
29:03 --> 29:09

Because that's what you're trying to play off of, right?
29:09 --> 29:11

So.
29:11 --> 29:13

Surprise.
29:13 --> 29:15

This should.
29:15 --> 29:16

I'm trying to play off the surprise.
29:16 --> 29:18

I mean, I think the cheap initial answer of an empiricist would be that to the extent that it's anticipated,
29:18 --> 29:29

that should make the impact smaller.
29:29 --> 29:34

So this should be a lower bound on the estimate.
29:34 --> 29:39

I mean, it could be gigantic.
29:39 --> 29:40

It could be gigantic.
29:40 --> 29:41

Because it was.
29:41 --> 29:43

It was.
29:43 --> 29:43

It was only a 5% swing.
29:43 --> 29:45

But if you tried to then use it in a model, then you say, well, it's 20 times that.
29:45 --> 29:51

You're totally right.
29:51 --> 29:52

But the surprise is the EPA intervention, not the court, right?
29:52 --> 29:56

I don't think so.
29:56 --> 29:57

I mean, I think the.
29:57 --> 29:58

I don't.
29:58 --> 29:59

I don't think so.
29:59 --> 30:02

I think this.
30:02 --> 30:02

I think the surprise is the court decision.
30:02 --> 30:04

I think it was.
30:04 --> 30:06

And you are right.
30:06 --> 30:09

Anecdotally, I believe that the decision.
30:09 --> 30:13

Was a surprise.
30:13 --> 30:14

That's what I get from looking at how quickly law firms start sending information out to their clients.
30:14 --> 30:21

That's OK.
30:21 --> 30:24

But you're still right.
30:24 --> 30:25

Yeah.
30:25 --> 30:26

Because there may have been some that anticipated it.
30:26 --> 30:29

And I'm going to show you one thing that's.
30:29 --> 30:32

Sorry.
30:32 --> 30:33

Wait.
30:33 --> 30:34

Just let me.
30:34 --> 30:34

One thing that is going to help is when we look at total interest rates.
30:34 --> 30:41

And we're going to look at credit ratings.
30:42 --> 30:46

Then we're going to be able to look before and after.
30:46 --> 30:49

And you're going to see there's quite a jump when we kind of do trends with the event study.
30:49 --> 30:54

We can't do that when we look at the when we look at interest rates and things like that.
30:54 --> 30:59

You're going to see that the jump is quite stark.
30:59 --> 31:03

Thanks.
31:03 --> 31:06

What if heavy RCRA polluters are just to have a lot more debt or are much more levered?
31:06 --> 31:11

I'm just wondering whether there could be.
31:11 --> 31:12

Some heterogeneity going on mid 2008.
31:12 --> 31:16

Highly indebted firms, firms with high leverage ratios might have had worse bond price performance during that time.
31:16 --> 31:23

And then particularly the high default probability ones.
31:23 --> 31:26

But I think maybe I missed what the what's the benchmarking you're doing.
31:26 --> 31:31

So here.
31:31 --> 31:32

So we start out just with the simple cars before and after one month and then five days.
31:32 --> 31:39

And so it was if it's.
31:39 --> 31:42

It would have to be that something else must be going on on that day.
31:42 --> 31:48

Monthly bond.
31:48 --> 31:50

This is your one month before till one month after.
31:50 --> 31:53

Yeah.
31:53 --> 31:53

Then when I'm going to the next one is going to be stock prices.
31:53 --> 31:58

This is five days before five days after.
31:58 --> 32:00

Yeah.
32:00 --> 32:01

So.
32:01 --> 32:02

There would have to be something else going on and that would contaminate it to.
32:02 --> 32:09

And so that.
32:09 --> 32:10

So for the event study, we're relying on.
32:10 --> 32:12

It being posted.
32:12 --> 32:12

Nonetheless.
32:12 --> 32:13

I mean, there was a lot going on that summer.
32:13 --> 32:15

It would be comforting to me to see this relative say like a propensity score matched.
32:15 --> 32:20

Do that.
32:20 --> 32:20

Yep.
32:20 --> 32:21

Firm with with similar leverage.
32:21 --> 32:23

Yeah.
32:23 --> 32:24

I'm not going to show you that here.
32:24 --> 32:25

We have that in the robustness leverage with.
32:25 --> 32:27

Yes.
32:27 --> 32:27

With this.
32:27 --> 32:28

And there's going to be when I show you the results on all the ship to that.
32:28 --> 32:35

Now when I show you the results where we do it different diff and when there we have controls.
32:35 --> 32:41

Yeah.
32:41 --> 32:41

Yeah.
32:41 --> 32:42

Yeah.
32:42 --> 32:42

Over time.
32:42 --> 32:43

One of the controls is going to be leverage.
32:43 --> 32:46

We're also going to then also look at financial constraints.
32:46 --> 32:50

Whitehead who measure financial constraints given that she's here.
32:50 --> 32:54

Not because she's here, but that's that's that's three percentage points or three basis points.
32:54 --> 33:00

Three percentage points.
33:00 --> 33:01

It's a big stock.
33:02 --> 33:03

It's a huge or something that I know about what's going to happen.
33:03 --> 33:05

Bank.
33:05 --> 33:06

So, you know, it must be that the stockholders are attributing some fairly high probability.
33:06 --> 33:10

Some recovery out of Chapter 11.
33:10 --> 33:12

Or something, right?
33:12 --> 33:12

Yes.
33:12 --> 33:13

Yeah.
33:13 --> 33:14

Yeah.
33:14 --> 33:15

It's big.
33:15 --> 33:16

Okay.
33:16 --> 33:16

To get at this issue.
33:16 --> 33:19

Do I have this?
33:19 --> 33:20

How much of a surprise was it?
33:20 --> 33:23

Edition of Macbook looking at news articles and instrumenting with what was being written about it.
33:23 --> 33:31

Get some idea of that.
33:31 --> 33:32

So it's a good idea.
33:32 --> 33:34

Yeah, I've heard of some of that.
33:34 --> 33:37

It's a good idea.
33:37 --> 33:38

Thank you.
33:38 --> 33:39

So it makes sense that when costs of financial distress go up.
33:39 --> 33:41

It's stocks called by more than bonds and value.
33:41 --> 33:44

I mean, I guess I'm I guess it depends on what the leverage ratio is and what the financing is in the firm.
33:44 --> 33:51

The more direct effect.
33:51 --> 33:53

So it's it's hard to compare exactly.
33:53 --> 33:56

But the more direct effect I would expect would be on bonds.
33:56 --> 34:00

So I too sort of would expect it to be reversed.
34:00 --> 34:04

The bond effect to be higher.
34:04 --> 34:06

One is over a month.
34:06 --> 34:08

One is over a very short window.
34:08 --> 34:11

So you do get so there's several there's several potential arguments.
34:11 --> 34:16

One is that there's now there's more attention is being drawn to the environmental obligations of these types of firms that might affect stock prices more because it's they're more liquid.
34:16 --> 34:28

The other could be that this is going to have a bigger impact on firms that are perhaps not right on the margin because the bondholders are going to also influence them.
34:28 --> 34:39

But I that I haven't tested.
34:39 --> 34:41

And you can you get any information on the options options or not?
34:41 --> 34:45

We're not going to look at options.
34:45 --> 34:47

So one one.
34:47 --> 34:48

We mean for some of these.
34:48 --> 34:51

Let me go on.
34:51 --> 34:52

I'll tell you about other securities prices.
34:52 --> 34:54

We look at.
34:54 --> 34:55

Yeah.
34:55 --> 34:56

Okay.
34:56 --> 34:57

So now we're going to shift.
34:57 --> 34:58

Yeah.
34:58 --> 34:59

Or CDS.
34:59 --> 35:01

Yeah.
35:03 --> 35:05

So here here what we're going to do is now we're going to shift from the event study and we're going to look at.
35:05 --> 35:11

The total interest rate on loans.
35:11 --> 35:13

The loan spreads and bond yields.
35:13 --> 35:16

And then we can trace those.
35:16 --> 35:18

For.
35:18 --> 35:19

Several years before until several years after the change.
35:19 --> 35:23

So the specification now is going to change to a different diff set up where there's going to be the total interest rate.
35:23 --> 35:32

It's going to be the dependent variable.
35:32 --> 35:36

And that's just.
35:36 --> 35:38

Sort of.
35:38 --> 35:40

mechanism for trying to account for what's going on with the interest rate that's paid for this
35:40 --> 35:45

firm, which can involve debts of various types over different durations. And so it's going to
35:45 --> 35:53

be total interest expenses divided by the total non-equity liabilities of the firm.
35:53 --> 35:58

We're going to look at some other metrics as well. This is the one we started with.
35:58 --> 36:02

We're then going to have this interaction between whether you're a heavy or not a heavy
36:02 --> 36:07

emitter of RCRA chemicals, and we're going to interact that with APIC. So then you can see
36:07 --> 36:13

before and after. Here, there are the variety of controls. So for Josh, you have things,
36:13 --> 36:18

leverage, tangibility of assets, capital expenditures, a whole variety of time-varying
36:18 --> 36:26

firm controls, as well as a set of dummies for the firm and time-invariant
36:26 --> 36:37

controls. So we're going to have a lot of different metrics.
36:37 --> 36:37

Capturing all time-invariant features of the firm, and then the common time trends,
36:37 --> 36:42

which is the IT. But the interest rates, is it useful to try to cut it up by
36:42 --> 36:49

the maturity of the bonds? If you're just lumping them all together there, one big
36:49 --> 36:53

short bonds, long bonds, super long bonds, you're predicting about the future.
36:53 --> 37:00

Short ones might move differently than 10-year ones. It could. This is a way
37:00 --> 37:07

to do that. So in terms of data requirements, this is obviously easier because you can just
37:07 --> 37:11

read off what the interest rate expense is over the total liabilities. The other way would be to
37:11 --> 37:16

do this more granularly, look at the particular types of, the particular maturity of the bonds,
37:16 --> 37:22

which could also then be linked up with options. But for here, we just do this.
37:22 --> 37:28

Because we're going to do, okay. So here, what we have is there's, again, we have the split between
37:28 --> 37:36

the high and the low. So we're going to do this. And then we're going to do this. And then we're
37:36 --> 37:37

going to do this. And then we're going to do this. And then we're going to do this. And then we're
37:37 --> 37:37

going to do this. And then we're going to do this. And then we're going to do this. And then we have
37:38 --> 37:38

going to do this. And then we have the interaction term apex, heavy RCRA polluters and not heavy
37:38 --> 37:44

RCRA polluters. You have the constant, you have the fixed effects. And again, what you're seeing
37:44 --> 37:50

is that there's this tight link between a increase in the interest rate paid by heavy polluters
37:50 --> 37:58

close to bankruptcy after apex. And the impact here is pretty large. So the total interest rate,
37:58 --> 38:07

the total interest rate on heavy RCRA emitters from the estimates is going up by over 27%. And so
38:07 --> 38:15

this amounts to, you can see calculated for the average polluters about 50 more, $54 million more
38:15 --> 38:21

per year. And so maybe bigger than what one would believe, but these are heavy RCRA polluters. This
38:21 --> 38:31

is a substantial obligation for them. And so, you know, we're going to do this. And then we're
38:31 --> 38:37

And now the securities markets demand more because that can't be discharged.
38:37 --> 38:42

Does that percentage depend on how you classify firms?
38:42 --> 38:46

When you say classify...
38:46 --> 38:49

Well, high default probability, low default probability.
38:49 --> 38:52

So that comes from the...
38:52 --> 38:56

So we do a simple sample split between the high and the low based on the median.
38:56 --> 39:01

So it's half of the firms in each category.
39:01 --> 39:05

We could do it more refined in order to see where all the action is coming from.
39:05 --> 39:20

So this is what I was talking about with the parallel trends.
39:20 --> 39:26

And I'll shift to...
39:26 --> 39:29

Given that I want to get to pollution abatement and pollution,
39:29 --> 39:33

I may focus only...
39:33 --> 39:35

Focus only on some of the parallel trend lines.
39:35 --> 39:39

So what you see is that the difference in interest rates
39:39 --> 39:45

between the heavy polluters and the not heavy polluters
39:45 --> 39:49

is negligible given the controls prior to apex
39:49 --> 39:56

and then only jumps up and becomes significant afterwards,
39:56 --> 39:59

which suggests that not in anticipation,
39:59 --> 40:04

it is not a huge deal.
40:04 --> 40:06

But...
40:06 --> 40:08

Your comment bothers me.
40:08 --> 40:09

Not because it's a bad comment, because it's a good comment.
40:09 --> 40:12

Sorry.
40:12 --> 40:12

No?
40:12 --> 40:13

So big picture question.
40:13 --> 40:15

So, you know, the apex decision is a court decision.
40:15 --> 40:18

Yep.
40:18 --> 40:19

It says, okay, now this thing has been started before they didn't know.
40:19 --> 40:23

Correct.
40:23 --> 40:23

Okay.
40:23 --> 40:23

So that's a surprise.
40:23 --> 40:25

The EPA comes in and say, not for this.
40:25 --> 40:28

Okay.
40:28 --> 40:28

So in some way, not for this type of claim.
40:28 --> 40:31

Right?
40:31 --> 40:32

Because you have to...
40:32 --> 40:33

You have to claim.
40:33 --> 40:34

I don't...
40:34 --> 40:36

I wouldn't...
40:36 --> 40:37

I wouldn't focus on the...
40:37 --> 40:40

My interpretation...
40:40 --> 40:40

Because...
40:40 --> 40:40

You have...
40:40 --> 40:41

Afterwards.
40:41 --> 40:42

So in some way, you have some firms that get a free pass
40:42 --> 40:48

and some that don't.
40:48 --> 40:50

I don't think so.
40:50 --> 40:51

My understanding is that prior to apex,
40:51 --> 40:57

even for the RCRA pollutants,
40:57 --> 41:01

the...
41:01 --> 41:03

The courts have decided that environmental obligations,
41:03 --> 41:08

not in every single...
41:08 --> 41:09

You know, courts have all the exception things,
41:09 --> 41:11

but environmental obligations are dischargeable.
41:11 --> 41:13

End of story, regardless of what the EPA...
41:13 --> 41:17

I'm sure the...
41:17 --> 41:18

I don't know what the EPA...
41:18 --> 41:19

Everyone was getting a free pass.
41:19 --> 41:21

Exactly.
41:21 --> 41:22

Then afterwards,
41:22 --> 41:23

now a certain set of...
41:23 --> 41:28

It's not firms.
41:28 --> 41:29

A certain set of cleanup obligations,
41:29 --> 41:32

no longer get a free pass.
41:32 --> 41:34

I see.
41:34 --> 41:35

Period.
41:35 --> 41:36

And these are the...
41:36 --> 41:38

And this is because of the EPA intervention?
41:38 --> 41:40

No.
41:40 --> 41:41

This is because of the courts.
41:41 --> 41:42

The EPA...
41:42 --> 41:44

The EPA and the Department of Justice
41:44 --> 41:46

may have been the ones that sued under the RCRA.
41:46 --> 41:49

The court that made...
41:49 --> 41:51

Exactly.
41:51 --> 41:51

And then it's for everyone.
41:51 --> 41:53

Okay.
41:53 --> 41:53

I'm sorry.
41:53 --> 41:55

I'm not clear.
41:55 --> 41:56

Okay.
41:56 --> 41:56

So you see that here.
41:56 --> 41:58

Okay.
41:58 --> 41:59

I already said what this is.
41:59 --> 42:00

You can do this for bank loan spreads.
42:00 --> 42:02

And, you know...
42:02 --> 42:05

So here it's like, okay,
42:05 --> 42:08

we do this for the individual bank loans
42:08 --> 42:10

in order to put this together.
42:10 --> 42:11

So we could do it for duration.
42:11 --> 42:13

And we could do it like that.
42:13 --> 42:14

So, okay.
42:14 --> 42:15

But here again, you do bank loan spreads,
42:15 --> 42:18

you get the same results.
42:18 --> 42:19

I'm going to not repeat all of this.
42:19 --> 42:22

You can do this for bond ratings.
42:22 --> 42:24

And again, you get...
42:24 --> 42:26

It's the same results again and again.
42:26 --> 42:27

This shows up...
42:27 --> 42:28

In theory is the wrong word.
42:28 --> 42:31

Intuition, given the...
42:31 --> 42:32

The institutional structure where it should show up.
42:32 --> 42:37

And so this is sort of...
42:37 --> 42:41

The work from finance suggests that the creditors
42:41 --> 42:44

of these particular types of firms
42:44 --> 42:45

with these particular types of cleanup obligations
42:45 --> 42:48

pay a price.
42:48 --> 42:49

Or the firm has to pay more
42:49 --> 42:53

in order to get those sources of capital.
42:53 --> 42:56

Okay.
42:56 --> 42:56

So now let's turn to pollution and pollution prevention.
42:56 --> 43:01

So give us...
43:01 --> 43:02

Given all of this, how do firms respond?
43:02 --> 43:05

One argument is that the creditors,
43:05 --> 43:08

as a firm gets closer to bankruptcy
43:08 --> 43:11

or is farther away from bankruptcy,
43:11 --> 43:12

but one way or the other,
43:12 --> 43:13

the creditors say, hey, clean this up.
43:13 --> 43:16

If it happens to be less expensive
43:16 --> 43:18

to clean it up earlier rather than later.
43:18 --> 43:20

And so the firms report
43:20 --> 43:24

a variety of pollution prevention activities.
43:24 --> 43:26

This is done at the facility level.
43:26 --> 43:29

So we're now going to shift the analyses from the firm.
43:29 --> 43:31

Which we have to do because of talking about finance
43:31 --> 43:35

to the facility, which we can do
43:35 --> 43:37

because now we have prevention activities
43:37 --> 43:39

and emissions at the facility level.
43:39 --> 43:42

And do the analyses based on that.
43:42 --> 43:47

And the prevention activities to me are kind of nice
43:47 --> 43:51

because then we can see,
43:51 --> 43:52

is the firm actually doing something about pollution,
43:52 --> 43:54

not just cutting down on production, for example.
43:54 --> 43:57

So here you see, again,
43:57 --> 44:01

I'm not going to show you the regression in the paper.
44:01 --> 44:04

There's this jump up
44:04 --> 44:06

in pollution prevention activities afterwards.
44:06 --> 44:09

So facilities that are heavy emitters of RCRA pollutants
44:09 --> 44:17

when APEC, before APEC hits,
44:17 --> 44:20

don't have pollution prevention activities
44:20 --> 44:23

that differ much from facilities
44:23 --> 44:25

that are not heavy emitters of RCRA pollutants.
44:25 --> 44:29

And that difference,
44:29 --> 44:31

difference becomes significant after APEC.
44:31 --> 44:33

And is that number 1% more-ish, that big bump?
44:33 --> 44:38

No.
44:38 --> 44:38

What is the unit?
44:38 --> 44:39

The unit of analysis here is messy.
44:39 --> 44:43

It's because it's done,
44:43 --> 44:46

this is actually done in an ordered probit
44:46 --> 44:49

because we break up those things into groups.
44:49 --> 44:52

So off the top of my head, I don't do it.
44:52 --> 44:55

In the paper, I think we come up with some economic,
44:55 --> 44:59

some economic,
44:59 --> 45:00

hopefully economically,
45:00 --> 45:02

something informative.
45:02 --> 45:04

I'm sorry.
45:04 --> 45:05

Can you do this by type of pollutant?
45:05 --> 45:07

Going back to the COSINE perspective,
45:07 --> 45:10

if some pollutants were particularly easy to contract around,
45:10 --> 45:15

then you would expect that you might still have the security price effects
45:15 --> 45:19

you documented, but not much here.
45:19 --> 45:21

I mean, if we, if,
45:21 --> 45:23

what we would want the courts to do here is to say,
45:23 --> 45:26

look, there's, there's some pollutants for which the transactions costs
45:26 --> 45:29

are such that they're not worth it.
45:29 --> 45:30

And so we're going to make sure that we're not going to
45:30 --> 45:32

be able to get any more of those costs.
45:32 --> 45:33

And so we're going to make sure that we're not going to be able to get
45:33 --> 45:34

any more of those costs.
45:34 --> 45:35

And so we're going to make sure that we're not going to be able to get
45:35 --> 45:36

any more of those costs.
45:36 --> 45:37

And so we're going to make sure that we're not going to be able to get
45:37 --> 45:38

any more of those costs.
45:38 --> 45:39

And so we're going to make sure that we're not going to be able to get
45:39 --> 45:40

any more of those costs.
45:40 --> 45:41

And so we're going to make sure that we're not going to be able to get
45:41 --> 45:42

any more of those costs.
45:42 --> 45:43

And so we're going to make sure that we're not going to be able to get
45:43 --> 45:44

any more of those costs.
45:44 --> 45:45

And so we're going to make sure that we're not going to be able to get
45:45 --> 45:46

any more of those costs.
45:46 --> 45:47

And so we're going to make sure that we're not going to be able to get
45:47 --> 45:48

any more of those costs.
45:48 --> 45:49

And so we're going to make sure that we're not going to be able to get
45:49 --> 45:50

any more of those costs.
45:50 --> 45:51

And so we're going to make sure that we're not going to be able to get
45:51 --> 45:52

any more of those costs.
45:52 --> 45:53

And so we're going to make sure that we're not going to be able to get
45:53 --> 45:54

any more of those costs.
45:54 --> 45:55

And so we're going to make sure that we're not going to be able to get
45:55 --> 45:56

any more of those costs.
45:56 --> 45:57

And so we're going to make sure that we're not going to be able to get
45:57 --> 45:58

any more of those costs.
45:58 --> 45:59

And so we're going to make sure that we're not going to be able to get
45:59 --> 46:00

any more of those costs.
46:00 --> 46:01

And so we're going to make sure that we're not going to be able to get
46:01 --> 46:02

any more of those costs.
46:02 --> 46:03

And so we're going to make sure that we're not going to be able to get
46:03 --> 46:04

any more of those costs.
46:04 --> 46:05

And so we're going to make sure that we're not going to be able to get
46:05 --> 46:06

any more of those costs.
46:06 --> 46:07

And so we're going to make sure that we're not going to be able to get
46:07 --> 46:08

any more of those costs.
46:08 --> 46:09

And so we're going to make sure that we're not going to be able to get
46:09 --> 46:10

any more of those costs.
46:10 --> 46:11

And so we're going to make sure that we're not going to be able to get
46:11 --> 46:12

any more of those costs.
46:12 --> 46:13

And so we're going to make sure that we're not going to be able to get
46:13 --> 46:14

any more of those costs.
46:14 --> 46:15

And so we're going to make sure that we're not going to be able to get
46:15 --> 46:16

any more of those costs.
46:16 --> 46:17

And so we're going to make sure that we're not going to be able to get
46:17 --> 46:18

any more of those costs.
46:18 --> 46:19

And so we're going to make sure that we're not going to be able to get
46:19 --> 46:20

any more of those costs.
46:20 --> 46:21

And so we're going to make sure that we're not going to be able to get
46:21 --> 46:22

any more of those costs.
46:22 --> 46:23

And so we're going to make sure that we're not going to be able to get
46:23 --> 46:24

any more of those costs.
46:24 --> 46:25

And so we're going to make sure that we're not going to be able to get
46:25 --> 46:26

any more of those costs.
46:26 --> 46:27

And so we're going to make sure that we're not going to be able to get
46:27 --> 46:28

any more of those costs.
46:28 --> 46:29

And so we're going to make sure that we're not going to be able to get
46:29 --> 46:30

any more of those costs.
46:30 --> 46:31

And so we're going to make sure that we're not going to be able to get
46:31 --> 46:32

any more of those costs.
46:32 --> 46:33

And so we're going to make sure that we're not going to be able to get
46:33 --> 46:34

any more of those costs.
46:34 --> 46:35

And so we're going to make sure that we're not going to be able to get
46:35 --> 46:36

any more of those costs.
46:36 --> 46:37

And so we're going to make sure that we're not going to be able to get
46:37 --> 46:38

any more of those costs.
46:38 --> 46:39

And so we're going to make sure that we're not going to be able to get
46:39 --> 46:40

any more of those costs.
46:40 --> 46:41

And so we're going to make sure that we're not going to be able to get
46:41 --> 46:42

any more of those costs.
46:42 --> 46:43

And so we're going to make sure that we're not going to be able to get
46:43 --> 46:44

any more of those costs.
46:44 --> 46:45

And so we're going to make sure that we're not going to be able to get
46:45 --> 46:46

any more of those costs.
46:46 --> 46:47

And so we're going to make sure that we're not going to be able to get
46:47 --> 46:48

any more of those costs.
46:48 --> 46:49

And so we're going to make sure that we're not going to be able to get
46:49 --> 46:50

any more of those costs.
46:50 --> 46:51

And so we're going to make sure that we're not going to be able to get
46:51 --> 46:52

any more of those costs.
46:52 --> 46:53

And so we're going to make sure that we're not going to be able to get
46:53 --> 46:54

any more of those costs.
46:54 --> 46:55

And so we're going to make sure that we're not going to be able to get
46:55 --> 46:56

any more of those costs.
46:56 --> 46:57

And so we're going to make sure that we're not going to be able to get
46:57 --> 46:58

any more of those costs.
46:58 --> 46:59

And so we're going to make sure that we're not going to be able to get
46:59 --> 47:00

any more of those costs.
47:00 --> 47:01

And so we're going to make sure that we're not going to be able to get
47:01 --> 47:02

any more of those costs.
47:02 --> 47:03

And so we're going to make sure that we're not going to be able to get
47:03 --> 47:04

any more of those costs.
47:04 --> 47:05

And so we're going to make sure that we're not going to be able to get
47:05 --> 47:06

any more of those costs.
47:06 --> 47:07

And so we're going to make sure that we're not going to be able to get
47:07 --> 47:08

any more of those costs.
47:08 --> 47:09

And so we're going to make sure that we're not going to be able to get
47:09 --> 47:10

any more of those costs.
47:10 --> 47:11

And so we're going to make sure that we're not going to be able to get
47:11 --> 47:12

any more of those costs.
47:12 --> 47:13

And so we're going to make sure that we're not going to be able to get
47:13 --> 47:14

any more of those costs.
47:14 --> 47:15

And so we're going to make sure that we're not going to be able to get
47:15 --> 47:16

any more of those costs.
47:16 --> 47:17

And so we're going to make sure that we're not going to be able to get
47:17 --> 47:18

any more of those costs.
47:18 --> 47:19

And so we're going to make sure that we're not going to be able to get
47:19 --> 47:20

any more of those costs.
47:20 --> 47:21

And so we're going to make sure that we're not going to be able to get
47:21 --> 47:22

any more of those costs.
47:22 --> 47:23

And so we're going to make sure that we're not going to be able to get
47:23 --> 47:24

any more of those costs.
47:24 --> 47:25

And so we're going to make sure that we're not going to be able to get
47:25 --> 47:26

any more of those costs.
47:26 --> 47:27

And so we're going to make sure that we're not going to get any more of those
47:27 --> 47:28

costs.
47:28 --> 47:29

And so we're going to make sure that we're not going to get any more of those
47:29 --> 47:30

costs.
47:30 --> 47:31

And so we're going to make sure that we're not going to get any more of those
47:31 --> 47:32

costs.
47:32 --> 47:33

And so we're going to make sure that we're not going to get any more of those
47:33 --> 47:34

costs.
47:34 --> 47:35

And so we're going to make sure that we're not going to get any more of those
47:35 --> 47:36

costs.
47:36 --> 47:37

And so we're going to make sure that we're not going to get any more of those
47:37 --> 47:38

costs.
47:38 --> 47:39

And so we're going to make sure that we're not going to get any more of those
47:39 --> 47:40

costs.
47:40 --> 47:41

And so we're going to make sure that we're not going to get any more of those
47:41 --> 47:42

costs.
47:42 --> 47:43

And so we're going to make sure that we're not going to get any more of those
47:43 --> 47:44

costs.
47:44 --> 47:45

And so we're going to make sure that we're not going to get any more of those
47:45 --> 47:46

costs.
47:46 --> 47:47

And so we're going to make sure that we're not going to get any more of those
47:47 --> 47:48

costs.
47:48 --> 47:49

And so we're going to make sure that we're not going to get any more of those
47:49 --> 47:50

costs.
47:50 --> 47:51

And so we're going to make sure that we're not going to get any more of those
47:51 --> 47:52

costs.
47:52 --> 47:53

And so we're going to make sure that we're not going to get any more of those
47:53 --> 47:54

costs.
47:54 --> 47:55

And so we're going to make sure that we're not going to get any more of those
47:55 --> 47:56

costs.
47:56 --> 47:57

And so we're going to make sure that we're not going to get any more of those
47:57 --> 47:58

costs.
47:58 --> 47:59

And so we're going to make sure that we're not going to get any more of those
47:59 --> 48:00

costs.
48:00 --> 48:01

And so we're going to make sure that we're not going to get any more of those
48:01 --> 48:02

costs.
48:02 --> 48:03

And so we're going to make sure that we're not going to get any more of those
48:03 --> 48:04

costs.
48:04 --> 48:05

And so we're going to make sure that we're not going to get any more of those
48:05 --> 48:06

costs.
48:06 --> 48:07

And so we're going to make sure that we're not going to get any more of those
48:07 --> 48:08

costs.
48:08 --> 48:09

And so we're going to make sure that we're not going to get any more of those
48:09 --> 48:10

costs.
48:10 --> 48:11

And so we're going to make sure that we're not going to get any more of those
48:11 --> 48:12

costs.
48:12 --> 48:13

And so we're going to make sure that we're not going to get any more of those
48:13 --> 48:14

costs.
48:14 --> 48:15

And so we're going to make sure that we're not going to get any more of those
48:15 --> 48:16

costs.
48:16 --> 48:17

And so we're going to make sure that we're not going to get any more of those
48:17 --> 48:18

costs.
48:18 --> 48:19

And so we're going to make sure that we're not going to get any more of those
48:19 --> 48:20

costs.
48:20 --> 48:21

And so we're going to make sure that we're not going to get any more of those
48:21 --> 48:22

costs.
48:22 --> 48:23

And so we're going to make sure that we're not going to get any more of those
48:23 --> 48:24

costs.
48:24 --> 48:25

And so we're going to make sure that we're not going to get any more of those
48:25 --> 48:26

costs.
48:26 --> 48:27

And so we're going to make sure that we're not going to get any more of those
48:27 --> 48:28

costs.
48:28 --> 48:29

And so we're going to make sure that we're not going to get any more of those
48:29 --> 48:30

costs.
48:30 --> 48:31

And so we're going to make sure that we're not going to get any more of those
48:31 --> 48:32

costs.
48:32 --> 48:33

And so we're going to make sure that we're not going to get any more of those
48:33 --> 48:34

costs.
48:34 --> 48:35

And so we're going to make sure that we're not going to get any more of those
48:35 --> 48:36

costs.
48:36 --> 48:37

And so we're going to make sure that we're not going to get any more of those
48:37 --> 48:38

costs.
48:38 --> 48:39

And so we're going to make sure that we're not going to get any more of those
48:39 --> 48:40

costs.
48:40 --> 48:41

And so we're going to make sure that we're not going to get any more of those
48:41 --> 48:42

costs.
48:42 --> 48:43

And so we're going to make sure that we're not going to get any more of those
48:43 --> 48:44

costs.
48:44 --> 48:45

And so we're going to make sure that we're not going to get any more of those
48:45 --> 48:46

costs.
48:46 --> 48:47

And so we're going to make sure that we're not going to get any more of those
48:47 --> 48:48

costs.
48:48 --> 48:49

And so we're going to make sure that we're not going to get any more of those
48:49 --> 48:50

costs.
48:50 --> 48:51

And so we're going to make sure that we're not going to get any more of those
48:51 --> 48:52

costs.
48:52 --> 48:53

And so we're going to make sure that we're not going to get any more of those
48:53 --> 48:54

costs.
48:54 --> 48:55

And so we're going to make sure that we're not going to get any more of those
48:55 --> 48:56

costs.
48:56 --> 48:57

And so we're going to make sure that we're not going to get any more of those
48:57 --> 48:58

costs.
48:58 --> 48:59

And so we're going to make sure that we're not going to get any more of those
48:59 --> 49:00

costs.
49:00 --> 49:01

And so we're going to make sure that we're not going to get any more of those
49:01 --> 49:02

costs.
49:02 --> 49:03

And so we're going to make sure that we're not going to get any more of those
49:03 --> 49:04

costs.
49:04 --> 49:05

And so we're going to make sure that we're not going to get any more of those
49:05 --> 49:06

costs.
49:06 --> 49:07

And so we're going to make sure that we're not going to get any more of those
49:07 --> 49:08

costs.
49:08 --> 49:09

And so we're going to make sure that we're not going to get any more of those
49:09 --> 49:10

costs.
49:10 --> 49:11

And so we're going to make sure that we're not going to get any more of those
49:11 --> 49:12

costs.
49:12 --> 49:13

And so we're going to make sure that we're not going to get any more of those
49:13 --> 49:14

costs.
49:14 --> 49:15

And so we're going to make sure that we're not going to get any more of those
49:15 --> 49:16

costs.
49:16 --> 49:17

And so we're going to make sure that we're not going to get any more of those
49:17 --> 49:18

costs.
49:18 --> 49:19

And so we're going to make sure that we're not going to get any more of those
49:19 --> 49:20

costs.
49:20 --> 49:21

And so we're going to make sure that we're not going to get any more of those
49:21 --> 49:22

costs.
49:22 --> 49:23

And so we're going to make sure that we're not going to get any more of those
49:23 --> 49:24

costs.
49:24 --> 49:25

And so we're going to make sure that we're not going to get any more of those
49:25 --> 49:26

costs.
49:26 --> 49:27

And so we're going to make sure that we're not going to get any more of those
49:27 --> 49:28

costs.
49:28 --> 49:29

And so we're going to make sure that we're not going to get any more of those
49:29 --> 49:30

costs.
49:30 --> 49:31

And so we're going to make sure that we're not going to get any more of those
49:31 --> 49:32

costs.
49:32 --> 49:33

And so we're going to make sure that we're not going to get any more of those
49:33 --> 49:34

costs.
49:34 --> 49:35

And so we're going to make sure that we're not going to get any more of those
49:35 --> 49:36

costs.
49:36 --> 49:37

And so we're going to make sure that we're not going to get any more of those
49:37 --> 49:38

costs.
49:38 --> 49:39

And so we're going to make sure that we're not going to get any more of those
49:39 --> 49:40

costs.
49:40 --> 49:41

And so we're going to make sure that we're not going to get any more of those
49:41 --> 49:42

costs.
49:42 --> 49:43

And so we're going to make sure that we're not going to get any more of those
49:43 --> 49:44

costs.
49:44 --> 49:45

And so we're going to make sure that we're not going to get any more of those
49:45 --> 49:46

costs.
49:46 --> 49:47

And so we're going to make sure that we're not going to get any more of those
49:47 --> 49:48

costs.
49:48 --> 49:49

And so we're going to make sure that we're not going to get any more of those
49:49 --> 49:50

costs.
49:50 --> 49:51

And so we're going to make sure that we're not going to get any more of those
49:51 --> 49:52

costs.
49:52 --> 49:53

And so we're going to make sure that we're not going to get any more of those
49:53 --> 49:54

costs.
49:54 --> 49:55

And so we're going to make sure that we're not going to get any more of those
49:55 --> 49:56

costs.
49:56 --> 49:57

And so we're going to make sure that we're not going to get any more of those
49:57 --> 49:58

costs.
49:58 --> 49:59

And so we're going to make sure that we're not going to get any more of those
49:59 --> 50:00

costs.
50:00 --> 50:01

And so we're going to make sure that we're not going to get any more of those
50:01 --> 50:02

costs.
50:02 --> 50:03

And so we're going to make sure that we're not going to get any more of those
50:03 --> 50:04

costs.
50:04 --> 50:05

And so we're going to make sure that we're not going to get any more of those
50:05 --> 50:06

costs.
50:06 --> 50:07

And so we're going to make sure that we're not going to get any more of those
50:07 --> 50:08

costs.
50:08 --> 50:09

And so we're going to make sure that we're not going to get any more of those
50:09 --> 50:10

costs.
50:10 --> 50:11

And so we're going to make sure that we're not going to get any more of those
50:11 --> 50:12

costs.
50:12 --> 50:13

And so we're going to make sure that we're not going to get any more of those
50:13 --> 50:14

costs.
50:14 --> 50:15

And so we're going to make sure that we're not going to get any more of those
50:15 --> 50:16

costs.
50:16 --> 50:17

And so we're going to make sure that we're not going to get any more of those
50:17 --> 50:18

costs.
50:18 --> 50:19

And so we're going to make sure that we're not going to get any more of those
50:19 --> 50:20

costs.
50:20 --> 50:21

And so we're going to make sure that we're not going to get any more of those
50:21 --> 50:22

costs.
50:22 --> 50:23

And so we're going to make sure that we're not going to get any more of those
50:23 --> 50:24

costs.
50:24 --> 50:25

And so we're going to make sure that we're not going to get any more of those
50:25 --> 50:26

costs.
50:26 --> 50:27

And so we're going to make sure that we're not going to get any more of those
50:27 --> 50:28

costs.
50:28 --> 50:29

And so we're going to make sure that we're not going to get any more of those
50:29 --> 50:30

costs.
50:30 --> 50:31

And so we're going to make sure that we're not going to get any more of those
50:31 --> 50:32

costs.
50:32 --> 50:33

And so we're going to make sure that we're not going to get any more of those
50:33 --> 50:34

costs.
50:34 --> 50:35

And so we're going to make sure that we're not going to get any more of those
50:35 --> 50:36

costs.
50:36 --> 50:37

And so we're going to make sure that we're not going to get any more of those
50:37 --> 50:38

costs.
50:38 --> 50:39

And so we're going to make sure that we're not going to get any more of those
50:39 --> 50:40

costs.
50:40 --> 50:41

And so we're going to make sure that we're not going to get any more of those
50:41 --> 50:42

costs.
50:42 --> 50:43

And so we're going to make sure that we're not going to get any more of those
50:43 --> 50:44

costs.
50:44 --> 50:45

And so we're going to make sure that we're not going to get any more of those
50:45 --> 50:46

costs.
50:46 --> 50:47

And so we're going to make sure that we're not going to get any more of those
50:47 --> 50:48

costs.
50:48 --> 50:49

And so we're going to make sure that we're not going to get any more of those
50:49 --> 50:50

costs.
50:50 --> 50:51

And so we're going to make sure that we're not going to get any more of those
50:51 --> 50:52

costs.
50:52 --> 50:53

And so we're going to make sure that we're not going to get any more of those
50:53 --> 50:54

costs.
50:54 --> 50:55

And so we're going to make sure that we're not going to get any more of those
50:55 --> 50:56

costs.
50:56 --> 50:57

And so we're going to make sure that we're not going to get any more of those
50:57 --> 50:58

costs.
50:58 --> 50:59

And so we're going to make sure that we're not going to get any more of those
50:59 --> 51:00

costs.
51:00 --> 51:01

And so we're going to make sure that we're not going to get any more of those
51:01 --> 51:02

costs.
51:02 --> 51:03

And so we're going to make sure that we're not going to get any more of those
51:03 --> 51:04

costs.
51:04 --> 51:05

And so we're going to make sure that we're not going to get any more of those
51:05 --> 51:06

costs.
51:06 --> 51:07

And so we're going to make sure that we're not going to get any more of those
51:07 --> 51:08

costs.
51:08 --> 51:09

And so we're going to make sure that we're not going to get any more of those
51:09 --> 51:10

costs.
51:10 --> 51:11

And so we're going to make sure that we're not going to get any more of those
51:11 --> 51:12

costs.
51:12 --> 51:13

And so we're going to make sure that we're not going to get any more of those
51:13 --> 51:14

costs.
51:14 --> 51:15

And so we're going to make sure that we're not going to get any more of those
51:15 --> 51:16

costs.
51:16 --> 51:17

And so we're going to make sure that we're not going to get any more of those
51:17 --> 51:18

costs.
51:18 --> 51:19

And so we're going to make sure that we're not going to get any more of those
51:19 --> 51:20

costs.
51:20 --> 51:21

And so we're going to make sure that we're not going to get any more of those
51:21 --> 51:22

costs.
51:22 --> 51:23

And so we're going to make sure that we're not going to get any more of those
51:23 --> 51:24

costs.
51:24 --> 51:25

And so we're going to make sure that we're not going to get any more of those
51:25 --> 51:26

costs.
51:26 --> 51:27

And so we're going to make sure that we're not going to get any more of those
51:27 --> 51:28

costs.
51:28 --> 51:29

And so we're going to make sure that we're not going to get any more of those
51:29 --> 51:30

costs.
51:30 --> 51:31

And so we're going to make sure that we're not going to get any more of those
51:31 --> 51:32

costs.
51:32 --> 51:33

And so we're going to make sure that we're not going to get any more of those
51:33 --> 51:34

costs.
51:34 --> 51:35

And so we're going to make sure that we're not going to get any more of those
51:35 --> 51:36

costs.
51:36 --> 51:37

And so we're going to make sure that we're not going to get any more of those
51:37 --> 51:38

costs.
51:38 --> 51:39

And so we're going to make sure that we're not going to get any more of those
51:39 --> 51:40

costs.
51:40 --> 51:41

And so we're going to make sure that we're not going to get any more of those
51:41 --> 51:42

costs.
51:42 --> 51:43

And so we're going to make sure that we're not going to get any more of those
51:43 --> 51:44

costs.
51:44 --> 51:45

And so we're going to make sure that we're not going to get any more of those
51:45 --> 51:46

costs.
51:46 --> 51:47

And so we're going to make sure that we're not going to get any more of those
51:47 --> 51:48

costs.
51:48 --> 51:49

And so we're going to make sure that we're not going to get any more of those
51:49 --> 51:50

costs.
51:50 --> 51:51

And so we're going to make sure that we're not going to get any more of those
51:51 --> 51:52

costs.
51:52 --> 51:53

And so we're going to make sure that we're not going to get any more of those
51:53 --> 51:54

costs.
51:54 --> 51:55

And so we're going to make sure that we're not going to get any more of those
51:55 --> 51:56

costs.
51:56 --> 51:57

And so we're going to make sure that we're not going to get any more of those
51:57 --> 51:58

costs.
51:58 --> 51:59

And so we're going to make sure that we're not going to get any more of those
51:59 --> 52:00

costs.
52:00 --> 52:01

And so we're going to make sure that we're not going to get any more of those
52:01 --> 52:02

costs.
52:02 --> 52:03

And so we're going to make sure that we're not going to get any more of those
52:03 --> 52:04

costs.
52:04 --> 52:05

And so we're going to make sure that we're not going to get any more of those
52:05 --> 52:06

costs.
52:06 --> 52:07

And so we're going to make sure that we're not going to get any more of those
52:07 --> 52:08

costs.
52:08 --> 52:09

And so we're going to make sure that we're not going to get any more of those
52:09 --> 52:10

costs.
52:10 --> 52:11

And so we're going to make sure that we're not going to get any more of those
52:11 --> 52:12

costs.
52:12 --> 52:13

And so we're going to make sure that we're not going to get any more of those
52:13 --> 52:14

costs.
52:14 --> 52:15

And so we're going to make sure that we're not going to get any more of those
52:15 --> 52:16

costs.
52:16 --> 52:17

And so we're going to make sure that we're not going to get any more of those
52:17 --> 52:18

costs.
52:18 --> 52:19

And so we're going to make sure that we're not going to get any more of those
52:19 --> 52:20

costs.
52:20 --> 52:21

And so we're going to make sure that we're not going to get any more of those
52:21 --> 52:22

costs.
52:22 --> 52:23

And so we're going to make sure that we're not going to get any more of those
52:23 --> 52:24

costs.
52:24 --> 52:25

And so we're going to make sure that we're not going to get any more of those
52:25 --> 52:26

costs.
52:26 --> 52:27

And so we're going to make sure that we're not going to get any more of those
52:27 --> 52:28

costs.
52:28 --> 52:29

And so we're going to make sure that we're not going to get any more of those
52:29 --> 52:30

costs.
52:30 --> 52:31

And so we're going to make sure that we're not going to get any more of those
52:31 --> 52:32

costs.
52:32 --> 52:33

And so we're going to make sure that we're not going to get any more of those
52:33 --> 52:34

costs.
52:34 --> 52:35

And so we're going to make sure that we're not going to get any more of those
52:35 --> 52:36

costs.
52:36 --> 52:37

And so we're going to make sure that we're not going to get any more of those
52:37 --> 52:38

costs.
52:38 --> 52:39

And so we're going to make sure that we're not going to get any more of those
52:39 --> 52:40

costs.
52:40 --> 52:41

And so we're going to make sure that we're not going to get any more of those
52:41 --> 52:42

costs.
52:42 --> 52:43

And so we're going to make sure that we're not going to get any more of those
52:43 --> 52:44

costs.
52:44 --> 52:45

And so we're going to make sure that we're not going to get any more of those
52:45 --> 52:46

costs.
52:46 --> 52:47

And so we're going to make sure that we're not going to get any more of those
52:47 --> 52:48

costs.
52:48 --> 52:49

And so we're going to make sure that we're not going to get any more of those
52:49 --> 52:50

costs.
52:50 --> 52:51

And so we're going to make sure that we're not going to get any more of those
52:51 --> 52:52

costs.
52:52 --> 52:53

And so we're going to make sure that we're not going to get any more of those
52:53 --> 52:54

costs.
52:54 --> 52:55

And so we're going to make sure that we're not going to get any more of those
52:55 --> 52:56

costs.
52:56 --> 52:57

And so we're going to make sure that we're not going to get any more of those
52:57 --> 52:58

costs.
52:58 --> 52:59

And so we're going to make sure that we're not going to get any more of those
52:59 --> 53:00

costs.
53:00 --> 53:01

And so we're going to make sure that we're not going to get any more of those
53:01 --> 53:02

costs.
53:02 --> 53:03

And so we're going to make sure that we're not going to get any more of those
53:03 --> 53:04

costs.
53:04 --> 53:05

And so we're going to make sure that we're not going to get any more of those
53:05 --> 53:06

costs.
53:06 --> 53:07

And so we're going to make sure that we're not going to get any more of those
53:07 --> 53:08

costs.
53:08 --> 53:09

And so we're going to make sure that we're not going to get any more of those
53:09 --> 53:10

costs.
53:10 --> 53:11

And so we're going to make sure that we're not going to get any more of those
53:11 --> 53:12

costs.
53:12 --> 53:13

And so we're going to make sure that we're not going to get any more of those
53:13 --> 53:14

costs.
53:14 --> 53:15

And so we're going to make sure that we're not going to get any more of those
53:15 --> 53:16

costs.
53:16 --> 53:17

And so we're going to make sure that we're not going to get any more of those
53:17 --> 53:18

costs.
53:18 --> 53:19

And so we're going to make sure that we're not going to get any more of those
53:19 --> 53:20

costs.
53:20 --> 53:21

And so we're going to make sure that we're not going to get any more of those
53:21 --> 53:22

costs.
53:22 --> 53:23

And so we're going to make sure that we're not going to get any more of those
53:23 --> 53:24

costs.
53:24 --> 53:25

And so we're going to make sure that we're not going to get any more of those
53:25 --> 53:26

costs.
53:26 --> 53:27

And so we're going to make sure that we're not going to get any more of those
53:27 --> 53:28

costs.
53:28 --> 53:29

And so we're going to make sure that we're not going to get any more of those
53:29 --> 53:30

costs.
53:30 --> 53:31

And so we're going to make sure that we're not going to get any more of those
53:31 --> 53:32

costs.
53:32 --> 53:33

And so we're going to make sure that we're not going to get any more of those
53:33 --> 53:34

costs.
53:34 --> 53:35

And so we're going to make sure that we're not going to get any more of those
53:35 --> 53:36

costs.
53:36 --> 53:37

And so we're going to make sure that we're not going to get any more of those
53:37 --> 53:38

costs.
53:38 --> 53:39

And so we're going to make sure that we're not going to get any more of those
53:39 --> 53:40

costs.
53:40 --> 53:41

And so we're going to make sure that we're not going to get any more of those
53:41 --> 53:42

costs.
53:42 --> 53:43

And so we're going to make sure that we're not going to get any more of those
53:43 --> 53:44

costs.
53:44 --> 53:45

And so we're going to make sure that we're not going to get any more of those
53:45 --> 53:46

costs.
53:46 --> 53:47

And so we're going to make sure that we're not going to get any more of those
53:47 --> 53:48

costs.
53:48 --> 53:49

And so we're going to make sure that we're not going to get any more of those
53:49 --> 53:50

costs.
53:50 --> 53:51

And so we're going to make sure that we're not going to get any more of those
53:51 --> 53:52

costs.
53:52 --> 53:53

And so we're going to make sure that we're not going to get any more of those
53:53 --> 53:54

costs.
53:54 --> 53:55

And so we're going to make sure that we're not going to get any more of those
53:55 --> 53:56

costs.
53:56 --> 53:57

And so we're going to make sure that we're not going to get any more of those
53:57 --> 53:58

costs.
53:58 --> 53:59

And so we're going to make sure that we're not going to get any more of those
53:59 --> 54:00

costs.
54:00 --> 54:01

And so we're going to make sure that we're not going to get any more of those
54:01 --> 54:02

costs.
54:02 --> 54:03

And so we're going to make sure that we're not going to get any more of those
54:03 --> 54:04

costs.
54:04 --> 54:05

And so we're going to make sure that we're not going to get any more of those
54:05 --> 54:06

costs.
54:06 --> 54:07

And so we're going to make sure that we're not going to get any more of those
54:07 --> 54:08

costs.
54:08 --> 54:09

And so we're going to make sure that we're not going to get any more of those
54:09 --> 54:10

costs.
54:10 --> 54:11

And so we're going to make sure that we're not going to get any more of those
54:11 --> 54:12

costs.
54:12 --> 54:13

And so we're going to make sure that we're not going to get any more of those
54:13 --> 54:14

costs.
54:14 --> 54:15

And so we're going to make sure that we're not going to get any more of those
54:15 --> 54:16

costs.
54:16 --> 54:17

And so we're going to make sure that we're not going to get any more of those
54:17 --> 54:18

costs.
54:18 --> 54:19

And so we're going to make sure that we're not going to get any more of those
54:19 --> 54:20

costs.
54:20 --> 54:21

And so we're going to make sure that we're not going to get any more of those
54:21 --> 54:22

costs.
54:22 --> 54:23

And so we're going to make sure that we're not going to get any more of those
54:23 --> 54:24

costs.
54:24 --> 54:25

And so we're going to make sure that we're not going to get any more of those
54:25 --> 54:26

costs.
54:26 --> 54:27

And so we're going to make sure that we're not going to get any more of those
54:27 --> 54:28

costs.
54:28 --> 54:29

And so we're going to make sure that we're not going to get any more of those
54:29 --> 54:30

costs.
54:30 --> 54:31

And so we're going to make sure that we're not going to get any more of those
54:31 --> 54:32

costs.
54:32 --> 54:33

And so we're going to make sure that we're not going to get any more of those
54:33 --> 54:34

costs.
54:34 --> 54:35

And so we're going to make sure that we're not going to get any more of those
54:35 --> 54:36

costs.
54:36 --> 54:37

And so we're going to make sure that we're not going to get any more of those
54:37 --> 54:38

costs.
54:38 --> 54:39

And so we're going to make sure that we're not going to get any more of those
54:39 --> 54:40

costs.
54:40 --> 54:41

And so we're going to make sure that we're not going to get any more of those
54:41 --> 54:42

costs.
54:42 --> 54:43

And so we're going to make sure that we're not going to get any more of those
54:43 --> 54:44

costs.
54:44 --> 54:45

And so we're going to make sure that we're not going to get any more of those
54:45 --> 54:46

costs.
54:46 --> 54:47

And so we're going to make sure that we're not going to get any more of those
54:47 --> 54:48

costs.
54:48 --> 54:49

And so we're going to make sure that we're not going to get any more of those
54:49 --> 54:50

costs.
54:50 --> 54:51

And so we're going to make sure that we're not going to get any more of those
54:51 --> 54:52

costs.
54:52 --> 54:53

And so we're going to make sure that we're not going to get any more of those
54:53 --> 54:54

costs.
54:54 --> 54:55

And so we're going to make sure that we're not going to get any more of those
54:55 --> 54:56

costs.
54:56 --> 54:57

And so we're going to make sure that we're not going to get any more of those
54:57 --> 54:58

costs.
54:58 --> 54:59

And so we're going to make sure that we're not going to get any more of those
54:59 --> 55:00

costs.
55:00 --> 55:01

And so we're going to make sure that we're not going to get any more of those
55:01 --> 55:02

costs.
55:02 --> 55:03

And so we're going to make sure that we're not going to get any more of those
55:03 --> 55:04

costs.
55:04 --> 55:05

And so we're going to make sure that we're not going to get any more of those
55:05 --> 55:06

costs.
55:06 --> 55:07

And so we're going to make sure that we're not going to get any more of those
55:07 --> 55:08

costs.
55:08 --> 55:09

And so we're going to make sure that we're not going to get any more of those
55:09 --> 55:10

costs.
55:10 --> 55:11

And so we're going to make sure that we're not going to get any more of those
55:11 --> 55:12

costs.
55:12 --> 55:13

And so we're going to make sure that we're not going to get any more of those
55:13 --> 55:14

costs.
55:14 --> 55:15

And so we're going to make sure that we're not going to get any more of those
55:15 --> 55:16

costs.
55:16 --> 55:17

And so we're going to make sure that we're not going to get any more of those
55:17 --> 55:18

costs.
55:18 --> 55:19

And so we're going to make sure that we're not going to get any more of those
55:19 --> 55:20

costs.
55:20 --> 55:21

And so we're going to make sure that we're not going to get any more of those
55:21 --> 55:22

costs.
55:22 --> 55:23

And so we're going to make sure that we're not going to get any more of those
55:23 --> 55:24

costs.
55:24 --> 55:25

And so we're going to make sure that we're not going to get any more of those
55:25 --> 55:26

costs.
55:26 --> 55:27

And so we're going to make sure that we're not going to get any more of those
55:27 --> 55:28

costs.
55:28 --> 55:29

And so we're going to make sure that we're not going to get any more of those
55:29 --> 55:30

costs.
55:30 --> 55:31

And so we're going to make sure that we're not going to get any more of those
55:31 --> 55:32

costs.
55:32 --> 55:33

And so we're going to make sure that we're not going to get any more of those
55:33 --> 55:34

costs.
55:34 --> 55:35

And so we're going to make sure that we're not going to get any more of those
55:35 --> 55:36

costs.
55:36 --> 55:37

And so we're going to make sure that we're not going to get any more of those
55:37 --> 55:38

costs.
55:38 --> 55:39

And so we're going to make sure that we're not going to get any more of those
55:39 --> 55:40

costs.
55:40 --> 55:41

And so we're going to make sure that we're not going to get any more of those
55:41 --> 55:42

costs.
55:42 --> 55:43

And so we're going to make sure that we're not going to get any more of those
55:43 --> 55:44

costs.
55:44 --> 55:45

And so we're going to make sure that we're not going to get any more of those
55:45 --> 55:46

costs.
55:46 --> 55:47

And so we're going to make sure that we're not going to get any more of those
55:47 --> 55:48

costs.
55:48 --> 55:49

And so we're going to make sure that we're not going to get any more of those
55:49 --> 55:50

costs.
55:50 --> 55:51

And so we're going to make sure that we're not going to get any more of those
55:51 --> 55:52

costs.
55:52 --> 55:53

And so we're going to make sure that we're not going to get any more of those
55:53 --> 55:54

costs.
55:54 --> 55:55

And so we're going to make sure that we're not going to get any more of those
55:55 --> 55:56

costs.
55:56 --> 55:57

And so we're going to make sure that we're not going to get any more of those
55:57 --> 55:58

costs.
55:58 --> 55:59

And so we're going to make sure that we're not going to get any more of those
55:59 --> 56:00

costs.
56:00 --> 56:01

And so we're going to make sure that we're not going to get any more of those
56:01 --> 56:02

costs.
56:02 --> 56:03

And so we're going to make sure that we're not going to get any more of those
56:03 --> 56:04

costs.
56:04 --> 56:05

And so we're going to make sure that we're not going to get any more of those
56:05 --> 56:06

costs.
56:06 --> 56:07

And so we're going to make sure that we're not going to get any more of those
56:07 --> 56:08

costs.
56:08 --> 56:09

And so we're going to make sure that we're not going to get any more of those
56:09 --> 56:10

costs.
56:10 --> 56:11

And so we're going to make sure that we're not going to get any more of those
56:11 --> 56:12

costs.
56:12 --> 56:13

And so we're going to make sure that we're not going to get any more of those
56:13 --> 56:14

costs.
56:14 --> 56:15

And so we're going to make sure that we're not going to get any more of those
56:15 --> 56:16

costs.
56:16 --> 56:17

And so we're going to make sure that we're not going to get any more of those
56:17 --> 56:18

costs.
56:18 --> 56:19

And so we're going to make sure that we're not going to get any more of those
56:19 --> 56:20

costs.
56:20 --> 56:21

And so we're going to make sure that we're not going to get any more of those
56:21 --> 56:22

costs.
56:22 --> 56:23

And so we're going to make sure that we're not going to get any more of those
56:23 --> 56:24

costs.
56:24 --> 56:25

And so we're going to make sure that we're not going to get any more of those
56:25 --> 56:26

costs.
56:26 --> 56:27

And so we're going to make sure that we're not going to get any more of those
56:27 --> 56:28

costs.
56:28 --> 56:29

And so we're going to make sure that we're not going to get any more of those
56:29 --> 56:30

costs.
56:30 --> 56:31

And so we're going to make sure that we're not going to get any more of those
56:31 --> 56:32

costs.
56:32 --> 56:33

And so we're going to make sure that we're not going to get any more of those
56:33 --> 56:34

costs.
56:34 --> 56:35

And so we're going to make sure that we're not going to get any more of those
56:35 --> 56:36

costs.
56:36 --> 56:37

And so we're going to make sure that we're not going to get any more of those
56:37 --> 56:38

costs.
56:38 --> 56:39

And so we're going to make sure that we're not going to get any more of those
56:39 --> 56:40

costs.
56:40 --> 56:41

And so we're going to make sure that we're not going to get any more of those
56:41 --> 56:42

costs.
56:42 --> 56:43

And so we're going to make sure that we're not going to get any more of those
56:43 --> 56:44

costs.
56:44 --> 56:45

And so we're going to make sure that we're not going to get any more of those
56:45 --> 56:46

costs.
56:46 --> 56:47

And so we're going to make sure that we're not going to get any more of those
56:47 --> 56:48

costs.
56:48 --> 56:49

And so we're going to make sure that we're not going to get any more of those
56:49 --> 56:50

costs.
56:50 --> 56:51

And so we're going to make sure that we're not going to get any more of those
56:51 --> 56:52

costs.
56:52 --> 56:53

And so we're going to make sure that we're not going to get any more of those
56:53 --> 56:54

costs.
56:54 --> 56:55

And so we're going to make sure that we're not going to get any more of those
56:55 --> 56:56

costs.
56:56 --> 56:57

And so we're going to make sure that we're not going to get any more of those
56:57 --> 56:58

costs.
56:58 --> 56:59

And so we're going to make sure that we're not going to get any more of those
56:59 --> 57:00

costs.
57:00 --> 57:01

And so we're going to make sure that we're not going to get any more of those
57:01 --> 57:02

costs.
57:02 --> 57:03

And so we're going to make sure that we're not going to get any more of those
57:03 --> 57:04

costs.
57:04 --> 57:05

And so we're going to make sure that we're not going to get any more of those
57:05 --> 57:06

costs.
57:06 --> 57:07

And so we're going to make sure that we're not going to get any more of those
57:07 --> 57:08

costs.
57:08 --> 57:09

And so we're going to make sure that we're not going to get any more of those
57:09 --> 57:10

costs.
57:10 --> 57:11

And so we're going to make sure that we're not going to get any more of those
57:11 --> 57:12

costs.
57:12 --> 57:13

And so we're going to make sure that we're not going to get any more of those
57:13 --> 57:14

costs.
57:14 --> 57:15

And so we're going to make sure that we're not going to get any more of those
57:15 --> 57:16

costs.
57:16 --> 57:17

And so we're going to make sure that we're not going to get any more of those
57:17 --> 57:18

costs.
57:18 --> 57:19

And so we're going to make sure that we're not going to get any more of those
57:19 --> 57:20

costs.
57:20 --> 57:21

And so we're going to make sure that we're not going to get any more of those
57:21 --> 57:22

costs.
57:22 --> 57:23

And so we're going to make sure that we're not going to get any more of those
57:23 --> 57:24

costs.
57:24 --> 57:25

And so we're going to make sure that we're not going to get any more of those
57:25 --> 57:26

costs.
57:26 --> 57:27

And so we're going to make sure that we're not going to get any more of those
57:27 --> 57:28

costs.
57:28 --> 57:29

And so we're going to make sure that we're not going to get any more of those
57:29 --> 57:30

costs.
57:30 --> 57:31

And so we're going to make sure that we're not going to get any more of those
57:31 --> 57:32

costs.
57:32 --> 57:33

And so we're going to make sure that we're not going to get any more of those
57:33 --> 57:34

costs.
57:34 --> 57:35

And so we're going to make sure that we're not going to get any more of those
57:35 --> 57:36

costs.
57:36 --> 57:37

And so we're going to make sure that we're not going to get any more of those
57:37 --> 57:38

costs.
57:38 --> 57:39

And so we're going to make sure that we're not going to get any more of those
57:39 --> 57:40

costs.
57:40 --> 57:41

And so we're going to make sure that we're not going to get any more of those
57:41 --> 57:42

costs.
57:42 --> 57:43

And so we're going to make sure that we're not going to get any more of those
57:43 --> 57:44

costs.
57:44 --> 57:45

And so we're going to make sure that we're not going to get any more of those
57:45 --> 57:46

costs.
57:46 --> 57:47

And so we're going to make sure that we're not going to get any more of those
57:47 --> 57:48

costs.
57:48 --> 57:49

And so we're going to make sure that we're not going to get any more of those
57:49 --> 57:50

costs.
57:50 --> 57:51

And so we're going to make sure that we're not going to get any more of those
57:51 --> 57:52

costs.
57:52 --> 57:53

And so we're going to make sure that we're not going to get any more of those
57:53 --> 57:54

costs.
57:54 --> 57:55

And so we're going to make sure that we're not going to get any more of those
57:55 --> 57:56

costs.
57:56 --> 57:57

And so we're going to make sure that we're not going to get any more of those
57:57 --> 57:58

costs.
57:58 --> 57:59

And so we're going to make sure that we're not going to get any more of those
57:59 --> 58:00

costs.
58:00 --> 58:01

And so we're going to make sure that we're not going to get any more of those
58:01 --> 58:02

costs.
58:02 --> 58:03

And so we're going to make sure that we're not going to get any more of those
58:03 --> 58:04

costs.
58:04 --> 58:05

And so we're going to make sure that we're not going to get any more of those
58:05 --> 58:06

costs.
58:06 --> 58:07

And so we're going to make sure that we're not going to get any more of those
58:07 --> 58:08

costs.
58:08 --> 58:09

And so we're going to make sure that we're not going to get any more of those
58:09 --> 58:10

costs.
58:10 --> 58:11

And so we're going to make sure that we're not going to get any more of those
58:11 --> 58:12

costs.
58:12 --> 58:13

And so we're going to make sure that we're not going to get any more of those
58:13 --> 58:14

costs.
58:14 --> 58:15

And so we're going to make sure that we're not going to get any more of those
58:15 --> 58:16

costs.
58:16 --> 58:17

And so we're going to make sure that we're not going to get any more of those
58:17 --> 58:18

costs.
58:18 --> 58:19

And so we're going to make sure that we're not going to get any more of those
58:19 --> 58:20

costs.
58:20 --> 58:21

And so we're going to make sure that we're not going to get any more of those
58:21 --> 58:22

costs.
58:22 --> 58:23

And so we're going to make sure that we're not going to get any more of those
58:23 --> 58:24

costs.
58:24 --> 58:25

And so we're going to make sure that we're not going to get any more of those
58:25 --> 58:26

costs.
58:26 --> 58:27

And so we're going to make sure that we're not going to get any more of those
58:27 --> 58:28

costs.
58:28 --> 58:29

And so we're going to make sure that we're not going to get any more of those
58:29 --> 58:30

costs.
58:30 --> 58:31

And so we're going to make sure that we're not going to get any more of those
58:31 --> 58:32

costs.
58:32 --> 58:33

And so we're going to make sure that we're not going to get any more of those
58:33 --> 58:34

costs.
58:34 --> 58:35

And so we're going to make sure that we're not going to get any more of those
58:35 --> 58:36

costs.
58:36 --> 58:37

And so we're going to make sure that we're not going to get any more of those
58:37 --> 58:38

costs.
58:38 --> 58:39

And so we're going to make sure that we're not going to get any more of those
58:39 --> 58:40

costs.
58:40 --> 58:41

And so we're going to make sure that we're not going to get any more of those
58:41 --> 58:42

costs.
58:42 --> 58:43

And so we're going to make sure that we're not going to get any more of those
58:43 --> 58:44

costs.
58:44 --> 58:45

And so we're going to make sure that we're not going to get any more of those
58:45 --> 58:46

costs.
58:46 --> 58:47

And so we're going to make sure that we're not going to get any more of those
58:47 --> 58:48

costs.
58:48 --> 58:49

And so we're going to make sure that we're not going to get any more of those
58:49 --> 58:50

costs.
58:50 --> 58:51

And so we're going to make sure that we're not going to get any more of those
58:51 --> 58:52

costs.
58:52 --> 58:53

And so we're going to make sure that we're not going to get any more of those
58:53 --> 58:54

costs.
58:54 --> 58:55

And so we're going to make sure that we're not going to get any more of those
58:55 --> 58:56

costs.
58:56 --> 58:57

And so we're going to make sure that we're not going to get any more of those
58:57 --> 58:58

costs.
58:58 --> 58:59

And so we're going to make sure that we're not going to get any more of those
58:59 --> 59:00

costs.
59:00 --> 59:01

And so we're going to make sure that we're not going to get any more of those
59:01 --> 59:02

costs.
59:02 --> 59:03

And so we're going to make sure that we're not going to get any more of those
59:03 --> 59:04

costs.
59:04 --> 59:05

And so we're going to make sure that we're not going to get any more of those
59:05 --> 59:06

costs.
59:06 --> 59:07

And so we're going to make sure that we're not going to get any more of those
59:07 --> 59:08

costs.
59:08 --> 59:09

And so we're going to make sure that we're not going to get any more of those
59:09 --> 59:10

costs.
59:10 --> 59:11

And so we're going to make sure that we're not going to get any more of those
59:11 --> 59:12

costs.
59:12 --> 59:13

And so we're going to make sure that we're not going to get any more of those
59:13 --> 59:14

costs.
59:14 --> 59:15

And so we're going to make sure that we're not going to get any more of those
59:15 --> 59:16

costs.
59:16 --> 59:17

And so we're going to make sure that we're not going to get any more of those
59:17 --> 59:18

costs.
59:18 --> 59:19

And so we're going to make sure that we're not going to get any more of those
59:19 --> 59:20

costs.
59:20 --> 59:21

And so we're going to make sure that we're not going to get any more of those
59:21 --> 59:22

costs.
59:22 --> 59:23

And so we're going to make sure that we're not going to get any more of those
59:23 --> 59:24

costs.
59:24 --> 59:25

And so we're going to make sure that we're not going to get any more of those
59:25 --> 59:26

costs.
59:26 --> 59:27

And so we're going to make sure that we're not going to get any more of those
59:27 --> 59:28

costs.
59:28 --> 59:29

And so we're going to make sure that we're not going to get any more of those
59:29 --> 59:30

costs.
59:30 --> 59:31

And so we're going to make sure that we're not going to get any more of those
59:31 --> 59:32

costs.
59:32 --> 59:33

And so we're going to make sure that we're not going to get any more of those
59:33 --> 59:34

costs.
59:34 --> 59:35

And so we're going to make sure that we're not going to get any more of those
59:35 --> 59:36

costs.
59:36 --> 59:37

And so we're going to make sure that we're not going to get any more of those
59:37 --> 59:38

costs.
59:38 --> 59:39

And so we're going to make sure that we're not going to get any more of those
59:39 --> 59:40

costs.
59:40 --> 59:41

And so we're going to make sure that we're not going to get any more of those
59:41 --> 59:42

costs.
59:42 --> 59:43

And so we're going to make sure that we're not going to get any more of those
59:43 --> 59:44

costs.
59:44 --> 59:45

And so we're going to make sure that we're not going to get any more of those
59:45 --> 59:46

costs.
59:46 --> 59:47

And so we're going to make sure that we're not going to get any more of those
59:47 --> 59:48

costs.
59:48 --> 59:49

And so we're going to make sure that we're not going to get any more of those
59:49 --> 59:50

costs.
59:50 --> 59:51

And so we're going to make sure that we're not going to get any more of those
59:51 --> 59:52

costs.
59:52 --> 59:53

And so we're going to make sure that we're not going to get any more of those
59:53 --> 59:54

costs.
59:54 --> 59:55

And so we're going to make sure that we're not going to get any more of those
59:55 --> 59:56

costs.
59:56 --> 59:57

And so we're going to make sure that we're not going to get any more of those
59:57 --> 59:58

costs.
59:58 --> 59:59

And so we're going to make sure that we're not going to get any more of those
59:59 --> 01:00:00

costs.
01:00:00 --> 01:00:01

And so we're going to make sure that we're not going to get any more of those
01:00:01 --> 01:00:02

costs.
01:00:02 --> 01:00:03

And so we're going to make sure that we're not going to get any more of those
01:00:03 --> 01:00:04

costs.
01:00:04 --> 01:00:05

And so we're going to make sure that we're not going to get any more of those
01:00:05 --> 01:00:06

costs.
01:00:06 --> 01:00:07

And so we're going to make sure that we're not going to get any more of those
01:00:07 --> 01:00:08

costs.
01:00:08 --> 01:00:09

And so we're going to make sure that we're not going to get any more of those
01:00:09 --> 01:00:10

costs.
01:00:10 --> 01:00:11

And so we're going to make sure that we're not going to get any more of those
01:00:11 --> 01:00:12

costs.
01:00:12 --> 01:00:13

And so we're going to make sure that we're not going to get any more of those
01:00:13 --> 01:00:14

costs.
01:00:14 --> 01:00:15

And so we're going to make sure that we're not going to get any more of those
01:00:15 --> 01:00:16

costs.
01:00:16 --> 01:00:17

And so we're going to make sure that we're not going to get any more of those
01:00:17 --> 01:00:18

costs.
01:00:18 --> 01:00:19

And so we're going to make sure that we're not going to get any more of those
01:00:19 --> 01:00:20

costs.
01:00:20 --> 01:00:21

And so we're going to make sure that we're not going to get any more of those
01:00:21 --> 01:00:22

costs.
01:00:22 --> 01:00:23

And so we're going to make sure that we're not going to get any more of those
01:00:23 --> 01:00:24

costs.
01:00:24 --> 01:00:25

And so we're going to make sure that we're not going to get any more of those
01:00:25 --> 01:00:26

costs.
01:00:26 --> 01:00:27

And so we're going to make sure that we're not going to get any more of those
01:00:27 --> 01:00:28

costs.
01:00:28 --> 01:00:29

And so we're going to make sure that we're not going to get any more of those
01:00:29 --> 01:00:30

costs.
01:00:30 --> 01:00:31

And so we're going to make sure that we're not going to get any more of those
01:00:31 --> 01:00:32

costs.
01:00:32 --> 01:00:33

And so we're going to make sure that we're not going to get any more of those
01:00:33 --> 01:00:34

costs.
01:00:34 --> 01:00:35

And so we're going to make sure that we're not going to get any more of those
01:00:35 --> 01:00:36

costs.
01:00:36 --> 01:00:37

And so we're going to make sure that we're not going to get any more of those
01:00:37 --> 01:00:38

costs.
01:00:38 --> 01:00:39

And so we're going to make sure that we're not going to get any more of those
01:00:39 --> 01:00:40

costs.
01:00:40 --> 01:00:41

And so we're going to make sure that we're not going to get any more of those
01:00:41 --> 01:00:42

costs.
01:00:42 --> 01:00:43

And so we're going to make sure that we're not going to get any more of those
01:00:43 --> 01:00:44

costs.
01:00:44 --> 01:00:45

And so we're going to make sure that we're not going to get any more of those
01:00:45 --> 01:00:46

costs.
01:00:46 --> 01:00:47

And so we're going to make sure that we're not going to get any more of those
01:00:47 --> 01:00:48

costs.
01:00:48 --> 01:00:49

And so we're going to make sure that we're not going to get any more of those
01:00:49 --> 01:00:50

costs.
01:00:50 --> 01:00:51

And so we're going to make sure that we're not going to get any more of those
01:00:51 --> 01:00:52

costs.
01:00:52 --> 01:00:53

And so we're going to make sure that we're not going to get any more of those
01:00:53 --> 01:00:54

costs.
01:00:54 --> 01:00:55

And so we're going to make sure that we're not going to get any more of those
01:00:55 --> 01:00:56

costs.
01:00:56 --> 01:00:57

And so we're going to make sure that we're not going to get any more of those
01:00:57 --> 01:00:58

costs.
01:00:58 --> 01:00:59

And so we're going to make sure that we're not going to get any more of those
01:00:59 --> 01:01:00

costs.
01:01:00 --> 01:01:01

And so we're going to make sure that we're not going to get any more of those
01:01:01 --> 01:01:02

costs.
01:01:02 --> 01:01:03

And so we're going to make sure that we're not going to get any more of those
01:01:03 --> 01:01:04

costs.
01:01:04 --> 01:01:05

And so we're going to make sure that we're not going to get any more of those
01:01:05 --> 01:01:06

costs.
01:01:06 --> 01:01:07

And so we're going to make sure that we're not going to get any more of those
01:01:07 --> 01:01:08

costs.
01:01:08 --> 01:01:09

And so we're going to make sure that we're not going to get any more of those
01:01:09 --> 01:01:10

costs.
01:01:10 --> 01:01:11

And so we're going to make sure that we're not going to get any more of those
01:01:11 --> 01:01:12

costs.
01:01:12 --> 01:01:13

And so we're going to make sure that we're not going to get any more of those
01:01:13 --> 01:01:14

costs.
01:01:14 --> 01:01:15

And so we're going to make sure that we're not going to get any more of those
01:01:15 --> 01:01:16

costs.
01:01:16 --> 01:01:17

And so we're going to make sure that we're not going to get any more of those
01:01:17 --> 01:01:18

costs.
01:01:18 --> 01:01:19

And so we're going to make sure that we're not going to get any more of those
01:01:19 --> 01:01:20

costs.
01:01:20 --> 01:01:21

And so we're going to make sure that we're not going to get any more of those
01:01:21 --> 01:01:22

costs.
01:01:22 --> 01:01:23

And so we're going to make sure that we're not going to get any more of those
01:01:23 --> 01:01:24

costs.
01:01:24 --> 01:01:25

And so we're going to make sure that we're not going to get any more of those
01:01:25 --> 01:01:26

costs.
01:01:26 --> 01:01:27

And so we're going to make sure that we're not going to get any more of those
01:01:27 --> 01:01:28

costs.
01:01:28 --> 01:01:29

And so we're going to make sure that we're not going to get any more of those
01:01:29 --> 01:01:30

costs.
01:01:30 --> 01:01:31

And so we're going to make sure that we're not going to get any more of those
01:01:31 --> 01:01:32

costs.
01:01:32 --> 01:01:33

And so we're going to make sure that we're not going to get any more of those
01:01:33 --> 01:01:34

costs.
01:01:34 --> 01:01:35

And so we're going to make sure that we're not going to get any more of those
01:01:35 --> 01:01:36

costs.
01:01:36 --> 01:01:37

And so we're going to make sure that we're not going to get any more of those
01:01:37 --> 01:01:38

costs.
01:01:38 --> 01:01:39

And so we're going to make sure that we're not going to get any more of those
01:01:39 --> 01:01:40

costs.
01:01:40 --> 01:01:41

And so we're going to make sure that we're not going to get any more of those
01:01:41 --> 01:01:42

costs.
01:01:42 --> 01:01:43

And so we're going to make sure that we're not going to get any more of those
01:01:43 --> 01:01:44

costs.
01:01:44 --> 01:01:45

And so we're going to make sure that we're not going to get any more of those
01:01:45 --> 01:01:46

costs.
01:01:46 --> 01:01:47

And so we're going to make sure that we're not going to get any more of those
01:01:47 --> 01:01:48

costs.
01:01:48 --> 01:01:49

And so we're going to make sure that we're not going to get any more of those
01:01:49 --> 01:01:50

costs.
01:01:50 --> 01:01:51

And so we're going to make sure that we're not going to get any more of those
01:01:51 --> 01:01:52

costs.
01:01:52 --> 01:01:53

And so we're going to make sure that we're not going to get any more of those
01:01:53 --> 01:01:54

costs.
01:01:54 --> 01:01:55

And so we're going to make sure that we're not going to get any more of those
01:01:55 --> 01:01:56

costs.
01:01:56 --> 01:01:57

And so we're going to make sure that we're not going to get any more of those
01:01:57 --> 01:01:58

costs.
01:01:58 --> 01:01:59

And so we're going to make sure that we're not going to get any more of those
01:01:59 --> 01:02:00

costs.
01:02:00 --> 01:02:01

And so we're going to make sure that we're not going to get any more of those
01:02:01 --> 01:02:02

costs.
01:02:02 --> 01:02:03

And so we're going to make sure that we're not going to get any more of those
01:02:03 --> 01:02:04

costs.
01:02:04 --> 01:02:05

And so we're going to make sure that we're not going to get any more of those
01:02:05 --> 01:02:06

costs.
01:02:06 --> 01:02:07

And so we're going to make sure that we're not going to get any more of those
01:02:07 --> 01:02:08

costs.
01:02:08 --> 01:02:09

And so we're going to make sure that we're not going to get any more of those
01:02:09 --> 01:02:10

costs.
01:02:10 --> 01:02:11

And so we're going to make sure that we're not going to get any more of those
01:02:11 --> 01:02:12

costs.
01:02:12 --> 01:02:13

And so we're going to make sure that we're not going to get any more of those
01:02:13 --> 01:02:14

costs.
01:02:14 --> 01:02:15

And so we're going to make sure that we're not going to get any more of those
01:02:15 --> 01:02:16

costs.
01:02:16 --> 01:02:17

And so we're going to make sure that we're not going to get any more of those
01:02:17 --> 01:02:18

costs.
01:02:18 --> 01:02:19

And so we're going to make sure that we're not going to get any more of those
01:02:19 --> 01:02:20

costs.
01:02:20 --> 01:02:21

And so we're going to make sure that we're not going to get any more of those
01:02:21 --> 01:02:22

costs.
01:02:22 --> 01:02:23

And so we're going to make sure that we're not going to get any more of those
01:02:23 --> 01:02:24

costs.
01:02:24 --> 01:02:25

And so we're going to make sure that we're not going to get any more of those
01:02:25 --> 01:02:26

costs.
01:02:26 --> 01:02:27

And so we're going to make sure that we're not going to get any more of those
01:02:27 --> 01:02:28

costs.
01:02:28 --> 01:02:29

And so we're going to make sure that we're not going to get any more of those
01:02:29 --> 01:02:30

costs.
01:02:30 --> 01:02:31

And so we're going to make sure that we're not going to get any more of those
01:02:31 --> 01:02:32

costs.
01:02:32 --> 01:02:33

And so we're going to make sure that we're not going to get any more of those
01:02:33 --> 01:02:34

costs.
01:02:34 --> 01:02:35

And so we're going to make sure that we're not going to get any more of those
01:02:35 --> 01:02:36

costs.
01:02:36 --> 01:02:37

And so we're going to make sure that we're not going to get any more of those
01:02:37 --> 01:02:38

costs.
01:02:38 --> 01:02:39

And so we're going to make sure that we're not going to get any more of those
01:02:39 --> 01:02:40

costs.
01:02:40 --> 01:02:41

And so we're going to make sure that we're not going to get any more of those
01:02:41 --> 01:02:42

costs.
01:02:42 --> 01:02:43

And so we're going to make sure that we're not going to get any more of those
01:02:43 --> 01:02:44

costs.
01:02:44 --> 01:02:45

And so we're going to make sure that we're not going to get any more of those
01:02:45 --> 01:02:46

costs.
01:02:46 --> 01:02:47

And so we're going to make sure that we're not going to get any more of those
01:02:47 --> 01:02:48

costs.
01:02:48 --> 01:02:49

And so we're going to make sure that we're not going to get any more of those
01:02:49 --> 01:02:50

costs.
01:02:50 --> 01:02:51

And so we're going to make sure that we're not going to get any more of those
01:02:51 --> 01:02:52

costs.
01:02:52 --> 01:02:53

And so we're going to make sure that we're not going to get any more of those
01:02:53 --> 01:02:54

costs.
01:02:54 --> 01:02:55

And so we're going to make sure that we're not going to get any more of those
01:02:55 --> 01:02:56

costs.
01:02:56 --> 01:02:57

And so we're going to make sure that we're not going to get any more of those
01:02:57 --> 01:02:58

costs.
01:02:58 --> 01:02:59

And so we're going to make sure that we're not going to get any more of those
01:02:59 --> 01:03:00

costs.
01:03:00 --> 01:03:01

And so we're going to make sure that we're not going to get any more of those
01:03:01 --> 01:03:02

costs.
01:03:02 --> 01:03:03

And so we're going to make sure that we're not going to get any more of those
01:03:03 --> 01:03:04

costs.
01:03:04 --> 01:03:05

And so we're going to make sure that we're not going to get any more of those
01:03:05 --> 01:03:06

costs.
01:03:06 --> 01:03:07

And so we're going to make sure that we're not going to get any more of those
01:03:07 --> 01:03:08

costs.
01:03:08 --> 01:03:09

And so we're going to make sure that we're not going to get any more of those
01:03:09 --> 01:03:10

costs.
01:03:10 --> 01:03:11

And so we're going to make sure that we're not going to get any more of those
01:03:11 --> 01:03:12

costs.
01:03:12 --> 01:03:13

And so we're going to make sure that we're not going to get any more of those
01:03:13 --> 01:03:14

costs.
01:03:14 --> 01:03:15

And so we're going to make sure that we're not going to get any more of those
01:03:15 --> 01:03:16

costs.
01:03:16 --> 01:03:17

And so we're going to make sure that we're not going to get any more of those
01:03:17 --> 01:03:18

costs.
01:03:18 --> 01:03:19

And so we're going to make sure that we're not going to get any more of those
01:03:19 --> 01:03:20

costs.
01:03:20 --> 01:03:21

And so we're going to make sure that we're not going to get any more of those
01:03:21 --> 01:03:22

costs.
01:03:22 --> 01:03:23

And so we're going to make sure that we're not going to get any more of those
01:03:23 --> 01:03:24

costs.
01:03:24 --> 01:03:25

And so we're going to make sure that we're not going to get any more of those
01:03:25 --> 01:03:26

costs.
01:03:26 --> 01:03:27

And so we're going to make sure that we're not going to get any more of those
01:03:27 --> 01:03:28

costs.
01:03:28 --> 01:03:29

And so we're going to make sure that we're not going to get any more of those
01:03:29 --> 01:03:30

costs.
01:03:30 --> 01:03:31

And so we're going to make sure that we're not going to get any more of those
01:03:31 --> 01:03:32

costs.
01:03:32 --> 01:03:33

And so we're going to make sure that we're not going to get any more of those
01:03:33 --> 01:03:34

costs.
01:03:34 --> 01:03:35

And so we're going to make sure that we're not going to get any more of those
01:03:35 --> 01:03:36

costs.
01:03:36 --> 01:03:37

And so we're going to make sure that we're not going to get any more of those
01:03:37 --> 01:03:38

costs.
01:03:38 --> 01:03:39

And so we're going to make sure that we're not going to get any more of those
01:03:39 --> 01:03:40

costs.
01:03:40 --> 01:03:41

And so we're going to make sure that we're not going to get any more of those
01:03:41 --> 01:03:42

costs.
01:03:42 --> 01:03:43

And so we're going to make sure that we're not going to get any more of those
01:03:43 --> 01:03:44

costs.
01:03:44 --> 01:03:45

And so we're going to make sure that we're not going to get any more of those
01:03:45 --> 01:03:46

costs.
01:03:46 --> 01:03:47

And so we're going to make sure that we're not going to get any more of those
01:03:47 --> 01:03:48

costs.
01:03:48 --> 01:03:49

And so we're going to make sure that we're not going to get any more of those
01:03:49 --> 01:03:50

costs.
01:03:50 --> 01:03:51

And so we're going to make sure that we're not going to get any more of those
01:03:51 --> 01:03:52

costs.
01:03:52 --> 01:03:53

And so we're going to make sure that we're not going to get any more of those
01:03:53 --> 01:03:54

costs.
01:03:54 --> 01:03:55

And so we're going to make sure that we're not going to get any more of those
01:03:55 --> 01:03:56

costs.
01:03:56 --> 01:03:57

And so we're going to make sure that we're not going to get any more of those
01:03:57 --> 01:03:58

costs.
01:03:58 --> 01:03:59

And so we're going to make sure that we're not going to get any more of those
01:03:59 --> 01:04:00

costs.
01:04:00 --> 01:04:01

And so we're going to make sure that we're not going to get any more of those
01:04:01 --> 01:04:02

costs.
01:04:02 --> 01:04:03

And so we're going to make sure that we're not going to get any more of those
01:04:03 --> 01:04:04

costs.
01:04:04 --> 01:04:05

And so we're going to make sure that we're not going to get any more of those
01:04:05 --> 01:04:06

costs.
01:04:06 --> 01:04:07

And so we're going to make sure that we're not going to get any more of those
01:04:07 --> 01:04:08

costs.
01:04:08 --> 01:04:09

And so we're going to make sure that we're not going to get any more of those
01:04:09 --> 01:04:10

costs.
01:04:10 --> 01:04:11

And so we're going to make sure that we're not going to get any more of those
01:04:11 --> 01:04:12

costs.
01:04:12 --> 01:04:13

And so we're going to make sure that we're not going to get any more of those
01:04:13 --> 01:04:14

costs.
01:04:14 --> 01:04:15

And so we're going to make sure that we're not going to get any more of those
01:04:15 --> 01:04:16

costs.
01:04:16 --> 01:04:17

And so we're going to make sure that we're not going to get any more of those
01:04:17 --> 01:04:18

costs.
01:04:18 --> 01:04:19

And so we're going to make sure that we're not going to get any more of those
01:04:19 --> 01:04:20

costs.
01:04:20 --> 01:04:21

And so we're going to make sure that we're not going to get any more of those
01:04:21 --> 01:04:22

costs.
01:04:22 --> 01:04:23

And so we're going to make sure that we're not going to get any more of those
01:04:23 --> 01:04:24

costs.
01:04:24 --> 01:04:25

And so we're going to make sure that we're not going to get any more of those
01:04:25 --> 01:04:26

costs.
01:04:26 --> 01:04:27

And so we're going to make sure that we're not going to get any more of those
01:04:27 --> 01:04:28

costs.
01:04:28 --> 01:04:29

And so we're going to make sure that we're not going to get any more of those
01:04:29 --> 01:04:30

costs.
01:04:30 --> 01:04:31

And so we're going to make sure that we're not going to get any more of those
01:04:31 --> 01:04:32

costs.
01:04:32 --> 01:04:33

And so we're going to make sure that we're not going to get any more of those
01:04:33 --> 01:04:34

costs.
01:04:34 --> 01:04:35

And so we're going to make sure that we're not going to get any more of those
01:04:35 --> 01:04:36

costs.
01:04:36 --> 01:04:37

And so we're going to make sure that we're not going to get any more of those
01:04:37 --> 01:04:38

costs.
01:04:38 --> 01:04:39

And so we're going to make sure that we're not going to get any more of those
01:04:39 --> 01:04:40

costs.
01:04:40 --> 01:04:41

And so we're going to make sure that we're not going to get any more of those
01:04:41 --> 01:04:42

costs.
01:04:42 --> 01:04:43

And so we're going to make sure that we're not going to get any more of those
01:04:43 --> 01:04:44

costs.
01:04:44 --> 01:04:45

And so we're going to make sure that we're not going to get any more of those
01:04:45 --> 01:04:46

costs.
01:04:46 --> 01:04:47

And so we're going to make sure that we're not going to get any more of those
01:04:47 --> 01:04:48

costs.
01:04:48 --> 01:04:49

And so we're going to make sure that we're not going to get any more of those
01:04:49 --> 01:04:50

costs.
01:04:50 --> 01:04:51

And so we're going to make sure that we're not going to get any more of those
01:04:51 --> 01:04:52

costs.
01:04:52 --> 01:04:53

And so we're going to make sure that we're not going to get any more of those
01:04:53 --> 01:04:54

costs.
01:04:54 --> 01:04:55

And so we're going to make sure that we're not going to get any more of those
01:04:55 --> 01:04:56

costs.
01:04:56 --> 01:04:57

And so we're going to make sure that we're not going to get any more of those
01:04:57 --> 01:04:58

costs.
01:04:58 --> 01:04:59

And so we're going to make sure that we're not going to get any more of those
01:04:59 --> 01:05:00

costs.
01:05:00 --> 01:05:01

And so we're going to make sure that we're not going to get any more of those
01:05:01 --> 01:05:02

costs.
01:05:02 --> 01:05:03

And so we're going to make sure that we're not going to get any more of those
01:05:03 --> 01:05:04

costs.
01:05:04 --> 01:05:05

And so we're going to make sure that we're not going to get any more of those
01:05:05 --> 01:05:06

costs.
01:05:06 --> 01:05:07

And so we're going to make sure that we're not going to get any more of those
01:05:07 --> 01:05:08

costs.
01:05:08 --> 01:05:09

And so we're going to make sure that we're not going to get any more of those
01:05:09 --> 01:05:10

costs.
01:05:10 --> 01:05:11

And so we're going to make sure that we're not going to get any more of those
01:05:11 --> 01:05:12

costs.
01:05:12 --> 01:05:13

And so we're going to make sure that we're not going to get any more of those
01:05:13 --> 01:05:14

costs.
01:05:14 --> 01:05:15

And so we're going to make sure that we're not going to get any more of those
01:05:15 --> 01:05:16

costs.
01:05:16 --> 01:05:17

And so we're going to make sure that we're not going to get any more of those
01:05:17 --> 01:05:18

costs.
01:05:18 --> 01:05:19

And so we're going to make sure that we're not going to get any more of those
01:05:19 --> 01:05:20

costs.
01:05:20 --> 01:05:21

And so we're going to make sure that we're not going to get any more of those
01:05:21 --> 01:05:22

costs.
01:05:22 --> 01:05:23

And so we're going to make sure that we're not going to get any more of those
01:05:23 --> 01:05:24

costs.
01:05:24 --> 01:05:25

And so we're going to make sure that we're not going to get any more of those
01:05:25 --> 01:05:26

costs.
01:05:26 --> 01:05:27

And so we're going to make sure that we're not going to get any more of those
01:05:27 --> 01:05:28

costs.
01:05:28 --> 01:05:29

And so we're going to make sure that we're not going to get any more of those
01:05:29 --> 01:05:30

costs.
01:05:30 --> 01:05:31

And so we're going to make sure that we're not going to get any more of those
01:05:31 --> 01:05:32

costs.
01:05:32 --> 01:05:33

And so we're going to make sure that we're not going to get any more of those
01:05:33 --> 01:05:34

costs.
01:05:34 --> 01:05:35

And so we're going to make sure that we're not going to get any more of those
01:05:35 --> 01:05:36

costs.
01:05:36 --> 01:05:37

And so we're going to make sure that we're not going to get any more of those
01:05:37 --> 01:05:38

costs.
01:05:38 --> 01:05:39

And so we're going to make sure that we're not going to get any more of those
01:05:39 --> 01:05:40

costs.
01:05:40 --> 01:05:41

And so we're going to make sure that we're not going to get any more of those
01:05:41 --> 01:05:42

costs.
01:05:42 --> 01:05:43

And so we're going to make sure that we're not going to get any more of those
01:05:43 --> 01:05:44

costs.
01:05:44 --> 01:05:45

And so we're going to make sure that we're not going to get any more of those
01:05:45 --> 01:05:46

costs.
01:05:46 --> 01:05:47

And so we're going to make sure that we're not going to get any more of those
01:05:47 --> 01:05:48

costs.
01:05:48 --> 01:05:49

And so we're going to make sure that we're not going to get any more of those
01:05:49 --> 01:05:50

costs.
01:05:50 --> 01:05:51

And so we're going to make sure that we're not going to get any more of those
01:05:51 --> 01:05:52

costs.
01:05:52 --> 01:05:53

And so we're going to make sure that we're not going to get any more of those
01:05:53 --> 01:05:54

costs.
01:05:54 --> 01:05:55

And so we're going to make sure that we're not going to get any more of those
01:05:55 --> 01:05:56

costs.
01:05:56 --> 01:05:57

And so we're going to make sure that we're not going to get any more of those
01:05:57 --> 01:05:58

costs.
01:05:58 --> 01:05:59

And so we're going to make sure that we're not going to get any more of those
01:05:59 --> 01:06:00

costs.
01:06:00 --> 01:06:01

And so we're going to make sure that we're not going to get any more of those
01:06:01 --> 01:06:02

costs.
01:06:02 --> 01:06:03

And so we're going to make sure that we're not going to get any more of those
01:06:03 --> 01:06:04

costs.
01:06:04 --> 01:06:05

And so we're going to make sure that we're not going to get any more of those
01:06:05 --> 01:06:06

costs.
01:06:06 --> 01:06:07

And so we're going to make sure that we're not going to get any more of those
01:06:07 --> 01:06:08

costs.
01:06:08 --> 01:06:09

And so we're going to make sure that we're not going to get any more of those
01:06:09 --> 01:06:10

costs.
01:06:10 --> 01:06:11

And so we're going to make sure that we're not going to get any more of those
01:06:11 --> 01:06:12

costs.
01:06:12 --> 01:06:13

And so we're going to make sure that we're not going to get any more of those
01:06:13 --> 01:06:14

costs.
01:06:14 --> 01:06:15

And so we're going to make sure that we're not going to get any more of those
01:06:15 --> 01:06:16

costs.
01:06:16 --> 01:06:17

And so we're going to make sure that we're not going to get any more of those
01:06:17 --> 01:06:18

costs.
01:06:18 --> 01:06:19

And so we're going to make sure that we're not going to get any more of those
01:06:19 --> 01:06:20

costs.
01:06:20 --> 01:06:21

And so we're going to make sure that we're not going to get any more of those
01:06:21 --> 01:06:22

costs.
01:06:22 --> 01:06:23

And so we're going to make sure that we're not going to get any more of those
01:06:23 --> 01:06:24

costs.
01:06:24 --> 01:06:25

And so we're going to make sure that we're not going to get any more of those
01:06:25 --> 01:06:26

costs.
01:06:26 --> 01:06:27

And so we're going to make sure that we're not going to get any more of those
01:06:27 --> 01:06:28

costs.
01:06:28 --> 01:06:29

And so we're going to make sure that we're not going to get any more of those
01:06:29 --> 01:06:30

costs.
01:06:30 --> 01:06:31

And so we're going to make sure that we're not going to get any more of those
01:06:31 --> 01:06:32

costs.
01:06:32 --> 01:06:33

And so we're going to make sure that we're not going to get any more of those
01:06:33 --> 01:06:34

costs.
01:06:34 --> 01:06:35

And so we're going to make sure that we're not going to get any more of those
01:06:35 --> 01:06:36

costs.
01:06:36 --> 01:06:37

And so we're going to make sure that we're not going to get any more of those
01:06:37 --> 01:06:38

costs.
01:06:38 --> 01:06:39

And so we're going to make sure that we're not going to get any more of those
01:06:39 --> 01:06:40

costs.
01:06:40 --> 01:06:41

And so we're going to make sure that we're not going to get any more of those
01:06:41 --> 01:06:42

costs.
01:06:42 --> 01:06:43

And so we're going to make sure that we're not going to get any more of those
01:06:43 --> 01:06:44

costs.
01:06:44 --> 01:06:45

And so we're going to make sure that we're not going to get any more of those
01:06:45 --> 01:06:46

costs.
01:06:46 --> 01:06:47

And so we're going to make sure that we're not going to get any more of those
01:06:47 --> 01:06:48

costs.
01:06:48 --> 01:06:49

And so we're going to make sure that we're not going to get any more of those
01:06:49 --> 01:06:50

costs.
01:06:50 --> 01:06:51

And so we're going to make sure that we're not going to get any more of those
01:06:51 --> 01:06:52

costs.
01:06:52 --> 01:06:53

And so we're going to make sure that we're not going to get any more of those
01:06:53 --> 01:06:54

costs.
01:06:54 --> 01:06:55

And so we're going to make sure that we're not going to get any more of those
01:06:55 --> 01:06:56

costs.
01:06:56 --> 01:06:57

And so we're going to make sure that we're not going to get any more of those
01:06:57 --> 01:06:58

costs.
01:06:58 --> 01:06:59

And so we're going to make sure that we're not going to get any more of those
01:06:59 --> 01:07:00

costs.
01:07:00 --> 01:07:01

And so we're going to make sure that we're not going to get any more of those
01:07:01 --> 01:07:02

costs.
01:07:02 --> 01:07:03

And so we're going to make sure that we're not going to get any more of those
01:07:03 --> 01:07:04

costs.
01:07:04 --> 01:07:05

And so we're going to make sure that we're not going to get any more of those
01:07:05 --> 01:07:06

costs.
01:07:06 --> 01:07:07

And so we're going to make sure that we're not going to get any more of those
01:07:07 --> 01:07:08

costs.
01:07:08 --> 01:07:09

And so we're going to make sure that we're not going to get any more of those
01:07:09 --> 01:07:10

costs.
01:07:10 --> 01:07:11

And so we're going to make sure that we're not going to get any more of those
01:07:11 --> 01:07:12

costs.
01:07:12 --> 01:07:13

And so we're going to make sure that we're not going to get any more of those
01:07:13 --> 01:07:14

costs.
01:07:14 --> 01:07:15

And so we're going to make sure that we're not going to get any more of those
01:07:15 --> 01:07:16

costs.
01:07:16 --> 01:07:17

And so we're going to make sure that we're not going to get any more of those
01:07:17 --> 01:07:18

costs.
01:07:18 --> 01:07:19

And so we're going to make sure that we're not going to get any more of those
01:07:19 --> 01:07:20

costs.
01:07:20 --> 01:07:21

And so we're going to make sure that we're not going to get any more of those
01:07:21 --> 01:07:22

costs.
01:07:22 --> 01:07:23

And so we're going to make sure that we're not going to get any more of those
01:07:23 --> 01:07:24

costs.
01:07:24 --> 01:07:25

And so we're going to make sure that we're not going to get any more of those
01:07:25 --> 01:07:26

costs.
01:07:26 --> 01:07:27

And so we're going to make sure that we're not going to get any more of those
01:07:27 --> 01:07:28

costs.
01:07:28 --> 01:07:29

And so we're going to make sure that we're not going to get any more of those
01:07:29 --> 01:07:30

costs.
01:07:30 --> 01:07:31

And so we're going to make sure that we're not going to get any more of those
01:07:31 --> 01:07:32

costs.
01:07:32 --> 01:07:33

And so we're going to make sure that we're not going to get any more of those
01:07:33 --> 01:07:34

costs.
01:07:34 --> 01:07:35

And so we're going to make sure that we're not going to get any more of those
01:07:35 --> 01:07:36

costs.
01:07:36 --> 01:07:37

And so we're going to make sure that we're not going to get any more of those
01:07:37 --> 01:07:38

costs.
01:07:38 --> 01:07:39

And so we're going to make sure that we're not going to get any more of those
01:07:39 --> 01:07:40

costs.
01:07:40 --> 01:07:41

And so we're going to make sure that we're not going to get any more of those
01:07:41 --> 01:07:42

costs.
01:07:42 --> 01:07:43

And so we're going to make sure that we're not going to get any more of those
01:07:43 --> 01:07:44

costs.
01:07:44 --> 01:07:45

And so we're going to make sure that we're not going to get any more of those
01:07:45 --> 01:07:46

costs.
01:07:46 --> 01:07:47

And so we're going to make sure that we're not going to get any more of those
01:07:47 --> 01:07:48

costs.
01:07:48 --> 01:07:49

And so we're going to make sure that we're not going to get any more of those
01:07:49 --> 01:07:50

costs.
01:07:50 --> 01:07:51

And so we're going to make sure that we're not going to get any more of those
01:07:51 --> 01:07:52

costs.
01:07:52 --> 01:07:53

And so we're going to make sure that we're not going to get any more of those
01:07:53 --> 01:07:54

costs.
01:07:54 --> 01:07:55

And so we're going to make sure that we're not going to get any more of those
01:07:55 --> 01:07:56

costs.
01:07:56 --> 01:07:57

And so we're going to make sure that we're not going to get any more of those
01:07:57 --> 01:07:58

costs.
01:07:58 --> 01:07:59

And so we're going to make sure that we're not going to get any more of those
01:07:59 --> 01:08:00

costs.
01:08:00 --> 01:08:01

And so we're going to make sure that we're not going to get any more of those
01:08:01 --> 01:08:02

costs.
01:08:02 --> 01:08:03

And so we're going to make sure that we're not going to get any more of those
01:08:03 --> 01:08:04

costs.
01:08:04 --> 01:08:05

And so we're going to make sure that we're not going to get any more of those
01:08:05 --> 01:08:06

costs.
01:08:06 --> 01:08:07

And so we're going to make sure that we're not going to get any more of those
01:08:07 --> 01:08:08

costs.
01:08:08 --> 01:08:09

And so we're going to make sure that we're not going to get any more of those
01:08:09 --> 01:08:10

costs.
01:08:10 --> 01:08:11

And so we're going to make sure that we're not going to get any more of those
01:08:11 --> 01:08:12

costs.
01:08:12 --> 01:08:13

And so we're going to make sure that we're not going to get any more of those
01:08:13 --> 01:08:14

costs.
01:08:14 --> 01:08:15

And so we're going to make sure that we're not going to get any more of those
01:08:15 --> 01:08:16

costs.
01:08:16 --> 01:08:17

And so we're going to make sure that we're not going to get any more of those
01:08:17 --> 01:08:18

costs.
01:08:18 --> 01:08:19

And so we're going to make sure that we're not going to get any more of those
01:08:19 --> 01:08:20

costs.
01:08:20 --> 01:08:21

And so we're going to make sure that we're not going to get any more of those
01:08:21 --> 01:08:22

costs.
01:08:22 --> 01:08:23

And so we're going to make sure that we're not going to get any more of those
01:08:23 --> 01:08:24

costs.
01:08:24 --> 01:08:25

And so we're going to make sure that we're not going to get any more of those
01:08:25 --> 01:08:26

costs.
01:08:26 --> 01:08:27

And so we're going to make sure that we're not going to get any more of those
01:08:27 --> 01:08:28

costs.
01:08:28 --> 01:08:29

And so we're going to make sure that we're not going to get any more of those
01:08:29 --> 01:08:30

costs.
01:08:30 --> 01:08:31

And so we're going to make sure that we're not going to get any more of those
01:08:31 --> 01:08:32

costs.
01:08:32 --> 01:08:33

And so we're going to make sure that we're not going to get any more of those
01:08:33 --> 01:08:34

costs.
01:08:34 --> 01:08:35

And so we're going to make sure that we're not going to get any more of those
01:08:35 --> 01:08:36

costs.
01:08:36 --> 01:08:37

And so we're going to make sure that we're not going to get any more of those
01:08:37 --> 01:08:38

costs.
01:08:38 --> 01:08:39

And so we're going to make sure that we're not going to get any more of those
01:08:39 --> 01:08:40

costs.
01:08:40 --> 01:08:41

And so we're going to make sure that we're not going to get any more of those
01:08:41 --> 01:08:42

costs.
01:08:42 --> 01:08:43

And so we're going to make sure that we're not going to get any more of those
01:08:43 --> 01:08:44

costs.
01:08:44 --> 01:08:45

And so we're going to make sure that we're not going to get any more of those
01:08:45 --> 01:08:46

costs.
01:08:46 --> 01:08:47

And so we're going to make sure that we're not going to get any more of those
01:08:47 --> 01:08:48

costs.
01:08:48 --> 01:08:49

And so we're going to make sure that we're not going to get any more of those
01:08:49 --> 01:08:50

costs.
01:08:50 --> 01:08:51

And so we're going to make sure that we're not going to get any more of those
01:08:51 --> 01:08:52

costs.
01:08:52 --> 01:08:53

And so we're going to make sure that we're not going to get any more of those
01:08:53 --> 01:08:54

costs.
01:08:54 --> 01:08:55

And so we're going to make sure that we're not going to get any more of those
01:08:55 --> 01:08:56

costs.
01:08:56 --> 01:08:57

And so we're going to make sure that we're not going to get any more of those
01:08:57 --> 01:08:58

costs.
01:08:58 --> 01:08:59

And so we're going to make sure that we're not going to get any more of those
01:08:59 --> 01:09:00

costs.
01:09:00 --> 01:09:01

And so we're going to make sure that we're not going to get any more of those
01:09:01 --> 01:09:02

costs.
01:09:02 --> 01:09:03

And so we're going to make sure that we're not going to get any more of those
01:09:03 --> 01:09:04

costs.
01:09:04 --> 01:09:05

And so we're going to make sure that we're not going to get any more of those
01:09:05 --> 01:09:06

costs.
01:09:06 --> 01:09:07

And so we're going to make sure that we're not going to get any more of those
01:09:07 --> 01:09:08

costs.
01:09:08 --> 01:09:09

And so we're going to make sure that we're not going to get any more of those
01:09:09 --> 01:09:10

costs.
01:09:10 --> 01:09:11

And so we're going to make sure that we're not going to get any more of those
01:09:11 --> 01:09:12

costs.
01:09:12 --> 01:09:13

And so we're going to make sure that we're not going to get any more of those
01:09:13 --> 01:09:14

costs.
01:09:14 --> 01:09:15

And so we're going to make sure that we're not going to get any more of those
01:09:15 --> 01:09:16

costs.
01:09:16 --> 01:09:17

And so we're going to make sure that we're not going to get any more of those
01:09:17 --> 01:09:18

costs.
01:09:18 --> 01:09:19

And so we're going to make sure that we're not going to get any more of those
01:09:19 --> 01:09:20

costs.
01:09:20 --> 01:09:21

And so we're going to make sure that we're not going to get any more of those
01:09:21 --> 01:09:22

costs.
01:09:22 --> 01:09:23

And so we're going to make sure that we're not going to get any more of those
01:09:23 --> 01:09:24

costs.
01:09:24 --> 01:09:25

And so we're going to make sure that we're not going to get any more of those
01:09:25 --> 01:09:26

costs.
01:09:26 --> 01:09:27

And so we're going to make sure that we're not going to get any more of those
01:09:27 --> 01:09:28

costs.
01:09:28 --> 01:09:29

And so we're going to make sure that we're not going to get any more of those
01:09:29 --> 01:09:30

costs.
01:09:30 --> 01:09:31

And so we're going to make sure that we're not going to get any more of those
01:09:31 --> 01:09:32

costs.
01:09:32 --> 01:09:33

And so we're going to make sure that we're not going to get any more of those
01:09:33 --> 01:09:34

costs.
01:09:34 --> 01:09:35

And so we're going to make sure that we're not going to get any more of those
01:09:35 --> 01:09:36

costs.
01:09:36 --> 01:09:37

And so we're going to make sure that we're not going to get any more of those
01:09:37 --> 01:09:38

costs.
01:09:38 --> 01:09:39

And so we're going to make sure that we're not going to get any more of those
01:09:39 --> 01:09:40

costs.
01:09:40 --> 01:09:41

And so we're going to make sure that we're not going to get any more of those
01:09:41 --> 01:09:42

costs.
01:09:42 --> 01:09:43

And so we're going to make sure that we're not going to get any more of those
01:09:43 --> 01:09:44

costs.
01:09:44 --> 01:09:45

And so we're going to make sure that we're not going to get any more of those
01:09:45 --> 01:09:46

costs.
01:09:46 --> 01:09:47

And so we're going to make sure that we're not going to get any more of those
01:09:47 --> 01:09:48

costs.
01:09:48 --> 01:09:49

And so we're going to make sure that we're not going to get any more of those
01:09:49 --> 01:09:50

costs.
01:09:50 --> 01:09:51

And so we're going to make sure that we're not going to get any more of those
01:09:51 --> 01:09:52

costs.
01:09:52 --> 01:09:53

And so we're going to make sure that we're not going to get any more of those
01:09:53 --> 01:09:54

costs.
01:09:54 --> 01:09:55

And so we're going to make sure that we're not going to get any more of those
01:09:55 --> 01:09:56

costs.
01:09:56 --> 01:09:57

And so we're going to make sure that we're not going to get any more of those
01:09:57 --> 01:09:58

costs.
01:09:58 --> 01:09:59

And so we're going to make sure that we're not going to get any more of those
01:09:59 --> 01:10:00

costs.
01:10:00 --> 01:10:01

And so we're going to make sure that we're not going to get any more of those
01:10:01 --> 01:10:02

costs.
01:10:02 --> 01:10:03

And so we're going to make sure that we're not going to get any more of those
01:10:03 --> 01:10:04

costs.
01:10:04 --> 01:10:05

And so we're going to make sure that we're not going to get any more of those
01:10:05 --> 01:10:06

costs.
01:10:06 --> 01:10:07

And so we're going to make sure that we're not going to get any more of those
01:10:07 --> 01:10:08

costs.
01:10:08 --> 01:10:09

And so we're going to make sure that we're not going to get any more of those
01:10:09 --> 01:10:10

costs.
01:10:10 --> 01:10:11

And so we're going to make sure that we're not going to get any more of those
01:10:11 --> 01:10:12

costs.
01:10:12 --> 01:10:13

And so we're going to make sure that we're not going to get any more of those
01:10:13 --> 01:10:14

costs.
01:10:14 --> 01:10:15

And so we're going to make sure that we're not going to get any more of those
01:10:15 --> 01:10:16

costs.
01:10:16 --> 01:10:17

And so we're going to make sure that we're not going to get any more of those
01:10:17 --> 01:10:18

costs.
01:10:18 --> 01:10:19

And so we're going to make sure that we're not going to get any more of those
01:10:19 --> 01:10:20

costs.
01:10:20 --> 01:10:21

And so we're going to make sure that we're not going to get any more of those
01:10:21 --> 01:10:22

costs.
01:10:22 --> 01:10:23

And so we're going to make sure that we're not going to get any more of those
01:10:23 --> 01:10:24

costs.
01:10:24 --> 01:10:25

And so we're going to make sure that we're not going to get any more of those
01:10:25 --> 01:10:26

costs.
01:10:26 --> 01:10:27

And so we're going to make sure that we're not going to get any more of those
01:10:27 --> 01:10:28

costs.
01:10:28 --> 01:10:29

And so we're going to make sure that we're not going to get any more of those
01:10:29 --> 01:10:30

costs.
01:10:30 --> 01:10:31

And so we're going to make sure that we're not going to get any more of those
01:10:31 --> 01:10:32

costs.
01:10:32 --> 01:10:33

And so we're going to make sure that we're not going to get any more of those
01:10:33 --> 01:10:34

costs.
01:10:34 --> 01:10:35

And so we're going to make sure that we're not going to get any more of those
01:10:35 --> 01:10:36

costs.
01:10:36 --> 01:10:37

And so we're going to make sure that we're not going to get any more of those
01:10:37 --> 01:10:38

costs.
01:10:38 --> 01:10:39

And so we're going to make sure that we're not going to get any more of those
01:10:39 --> 01:10:40

costs.
01:10:40 --> 01:10:41

And so we're going to make sure that we're not going to get any more of those
01:10:41 --> 01:10:42

costs.
01:10:42 --> 01:10:43

And so we're going to make sure that we're not going to get any more of those
01:10:43 --> 01:10:44

costs.
01:10:44 --> 01:10:45

And so we're going to make sure that we're not going to get any more of those
01:10:45 --> 01:10:46

costs.
01:10:46 --> 01:10:47

And so we're going to make sure that we're not going to get any more of those
01:10:47 --> 01:10:48

costs.
01:10:48 --> 01:10:49

And so we're going to make sure that we're not going to get any more of those
01:10:49 --> 01:10:50

costs.
01:10:50 --> 01:10:51

And so we're going to make sure that we're not going to get any more of those
01:10:51 --> 01:10:52

costs.
01:10:52 --> 01:10:53

And so we're going to make sure that we're not going to get any more of those
01:10:53 --> 01:10:54

costs.
01:10:54 --> 01:10:55

And so we're going to make sure that we're not going to get any more of those
01:10:55 --> 01:10:56

costs.
01:10:56 --> 01:10:57

And so we're going to make sure that we're not going to get any more of those
01:10:57 --> 01:10:58

costs.
01:10:58 --> 01:10:59

And so we're going to make sure that we're not going to get any more of those
01:10:59 --> 01:11:00

costs.
01:11:00 --> 01:11:01

And so we're going to make sure that we're not going to get any more of those
01:11:01 --> 01:11:02

costs.
01:11:02 --> 01:11:03

And so we're going to make sure that we're not going to get any more of those
01:11:03 --> 01:11:04

costs.
01:11:04 --> 01:11:05

And so we're going to make sure that we're not going to get any more of those
01:11:05 --> 01:11:06

costs.
01:11:06 --> 01:11:07

And so we're going to make sure that we're not going to get any more of those
01:11:07 --> 01:11:08

costs.
01:11:08 --> 01:11:09

And so we're going to make sure that we're not going to get any more of those
01:11:09 --> 01:11:10

costs.
01:11:10 --> 01:11:11

And so we're going to make sure that we're not going to get any more of those
01:11:11 --> 01:11:12

costs.
01:11:12 --> 01:11:13

And so we're going to make sure that we're not going to get any more of those
01:11:13 --> 01:11:14

costs.
01:11:14 --> 01:11:15

And so we're going to make sure that we're not going to get any more of those
01:11:15 --> 01:11:16

costs.
01:11:16 --> 01:11:17

And so we're going to make sure that we're not going to get any more of those
01:11:17 --> 01:11:18

costs.
01:11:18 --> 01:11:19

And so we're going to make sure that we're not going to get any more of those
01:11:19 --> 01:11:20

costs.
01:11:20 --> 01:11:21

And so we're going to make sure that we're not going to get any more of those
01:11:21 --> 01:11:22

costs.
01:11:22 --> 01:11:23

And so we're going to make sure that we're not going to get any more of those
01:11:23 --> 01:11:24

costs.
01:11:24 --> 01:11:25

And so we're going to make sure that we're not going to get any more of those
01:11:25 --> 01:11:26

costs.
01:11:26 --> 01:11:27

And so we're going to make sure that we're not going to get any more of those
01:11:27 --> 01:11:28

costs.
01:11:28 --> 01:11:29

And so we're going to make sure that we're not going to get any more of those
01:11:29 --> 01:11:30

costs.
01:11:30 --> 01:11:31

And so we're going to make sure that we're not going to get any more of those
01:11:31 --> 01:11:32

costs.
01:11:32 --> 01:11:33

And so we're going to make sure that we're not going to get any more of those
01:11:33 --> 01:11:34

costs.
01:11:34 --> 01:11:35

And so we're going to make sure that we're not going to get any more of those
01:11:35 --> 01:11:36

costs.
01:11:36 --> 01:11:37

And so we're going to make sure that we're not going to get any more of those
01:11:37 --> 01:11:38

costs.
01:11:38 --> 01:11:39

And so we're going to make sure that we're not going to get any more of those
01:11:39 --> 01:11:40

costs.
01:11:40 --> 01:11:41

And so we're going to make sure that we're not going to get any more of those
01:11:41 --> 01:11:42

costs.
01:11:42 --> 01:11:43

And so we're going to make sure that we're not going to get any more of those
01:11:43 --> 01:11:44

costs.
01:11:44 --> 01:11:45

And so we're going to make sure that we're not going to get any more of those
01:11:45 --> 01:11:46

costs.
01:11:46 --> 01:11:47

And so we're going to make sure that we're not going to get any more of those
01:11:47 --> 01:11:48

costs.
01:11:48 --> 01:11:49

And so we're going to make sure that we're not going to get any more of those
01:11:49 --> 01:11:50

costs.
01:11:50 --> 01:11:51

And so we're going to make sure that we're not going to get any more of those
01:11:51 --> 01:11:52

costs.
01:11:52 --> 01:11:53

And so we're going to make sure that we're not going to get any more of those
01:11:53 --> 01:11:54

costs.
01:11:54 --> 01:11:55

And so we're going to make sure that we're not going to get any more of those
01:11:55 --> 01:11:56

costs.
01:11:56 --> 01:11:57

And so we're going to make sure that we're not going to get any more of those
01:11:57 --> 01:11:58

costs.
01:11:58 --> 01:11:59

And so we're going to make sure that we're not going to get any more of those
01:11:59 --> 01:12:00

costs.
01:12:00 --> 01:12:01

And so we're going to make sure that we're not going to get any more of those
01:12:01 --> 01:12:02

costs.
01:12:02 --> 01:12:03

And so we're going to make sure that we're not going to get any more of those
01:12:03 --> 01:12:04

costs.
01:12:04 --> 01:12:05

And so we're going to make sure that we're not going to get any more of those
01:12:05 --> 01:12:06

costs.
01:12:06 --> 01:12:07

And so we're going to make sure that we're not going to get any more of those
01:12:07 --> 01:12:08

costs.
01:12:08 --> 01:12:09

And so we're going to make sure that we're not going to get any more of those
01:12:09 --> 01:12:10

costs.
01:12:10 --> 01:12:11

And so we're going to make sure that we're not going to get any more of those
01:12:11 --> 01:12:12

costs.
01:12:12 --> 01:12:13

And so we're going to make sure that we're not going to get any more of those
01:12:13 --> 01:12:14

costs.
01:12:14 --> 01:12:15

And so we're going to make sure that we're not going to get any more of those
01:12:15 --> 01:12:16

costs.
01:12:16 --> 01:12:17

And so we're going to make sure that we're not going to get any more of those
01:12:17 --> 01:12:18

costs.
01:12:18 --> 01:12:19

And so we're going to make sure that we're not going to get any more of those
01:12:19 --> 01:12:20

costs.
01:12:20 --> 01:12:21

And so we're going to make sure that we're not going to get any more of those
01:12:21 --> 01:12:22

costs.
01:12:22 --> 01:12:23

And so we're going to make sure that we're not going to get any more of those
01:12:23 --> 01:12:24

costs.
01:12:24 --> 01:12:25

And so we're going to make sure that we're not going to get any more of those
01:12:25 --> 01:12:26

costs.
01:12:26 --> 01:12:27

And so we're going to make sure that we're not going to get any more of those
01:12:27 --> 01:12:28

costs.
01:12:28 --> 01:12:29

And so we're going to make sure that we're not going to get any more of those
01:12:29 --> 01:12:30

costs.
01:12:30 --> 01:12:31

And so we're going to make sure that we're not going to get any more of those
01:12:31 --> 01:12:32

costs.
01:12:32 --> 01:12:33

And so we're going to make sure that we're not going to get any more of those
01:12:33 --> 01:12:34

costs.
01:12:34 --> 01:12:35

And so we're going to make sure that we're not going to get any more of those
01:12:35 --> 01:12:36

costs.
01:12:36 --> 01:12:37

Thank you.
01:12:37 --> 01:13:07