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Yes, so--

That was the year afterwards.

Obviously, he had been thinking about this. So this was all part and parcel of a transition that took place in bits and pieces, but, say, after three or four years, Time Inc. became a public company. You have to remember that it used to be called “The Luce Empire.” By the time my term in office ended in 1980, nobody ever referred to it as “The Luce Empire” anymore. It was Time/Life, Time Incorporated, or something of that kind. And that's sort of indicative of what was going on. It was a public company, not a private company. And it really had been a private company before, and people considered it a private company, and investors would buy into it--or not--with the very clear understanding that it was a private company. They might own a 100,000 shares, but their 100,000 shares wouldn't count for very much, and they would simply have to have confidence in the then management.

But you're saying quite specifically a private company in the sense that the majority of the stock was controlled by Luce, his top lieutenants, his family, the foundation, etc., until that point.

Right.

They had the voting stock.