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FUKE: Sure. I think I had indicated earlier that a traffic study was not required, you know, for <br /> SMA applications. They would be definitely required for a time zone, rezoning time extension, <br /> you know, provided that you have like 50 or more movements. And I was, you know, that's the <br /> reason why I kind of pointed out to the Topliss Intermediate Court of Appeals decision that <br /> provided guidance to planning commission in terms of how to address traffic as it relates to <br /> SMA. <br /> CARR SMITH: Okay. <br /> VAN PERNIS: The application is concerning the Special Management Area Use Permit number <br /> 388, not an SMA. So I'll take the answer as a no;you are not willing to do it regardless of that <br /> court decision you referred to. <br /> Next, Diamond bought the price from, did they buy the property from Pacific Monarch or <br /> someone else? <br /> FUKE: I'm going to have to defer that question to the attorneys. <br /> K. YOSHIMOTO: Pacific Monarch. Commissioner, it was Pacific Monarch. <br /> VAN PERNIS: When Diamond bought the property, did the price and cost, or the price was <br /> determined, as well as the terms of sale; in other words, no claim of prior misrepresentation by <br /> seller, right? <br /> K. YOSHIMOTO: No, but I also want to—and I don't have all of the details but Pacific <br /> Monarch went insolvent because of the recession, and Diamond acquired a number of their <br /> assets, including this property. <br /> VAN PERNIS: Diamond took on the risk of completion when they brought from Monarch, <br /> right? <br /> K. YOSHIMOTO: Sure, if you acquire a property, it's your property and you need to do what <br /> you need to do. <br /> VAN PERNIS: So just like Diamond decided whatever upgrade, whatever upgrade in design <br /> cost that might add to the project, and they voluntarily assumed the risk of the feasibility study, <br /> and one was to be conducted, and one might reveal, correct? A feasibility study was not a <br /> condition of the purchase. <br /> K. YOSHIMOTO: We acquired the property in 2012. <br /> VAN PERNIS: Without a condition of learning feasibility study, is that right? <br /> CARR SMITH: Without what? <br /> K. YOSHIMOTO: (Low-volume private conversation with Mr. Oue) <br /> 18 <br /> EXHIBIT E <br />