Since Mr. MacCrate has traced the events in Chile which have lead Braden to institute legal proceedings in Europe to recover its allegedly confiscated copper and their proceeds, I think it important to state the legal theory upon which the company is basing its actions. Braden is asserting ownership rights in copper and other products derived from E1 Teniente mine on the ground that the constitutionally mandated procedures for valuating El Teniente’s assets, as applied, fell below the minimum standards required by international law and thereby resulted in the confiscation of Braden’s equity position in El Teniente. Accordingly, the Company argues that any rights acquired by Chile by virture of the nationalization are without legal effect.