Yesterday in the DFC Commission of Inquiry hearings Glenn Godfrey made many denials - but one of the most explosive was when he denied that his law firm had anything to do with the Novelo's loan. The legal work on that loan attracted $1.7 million in fees and taxes - a total that Commissioner Herbert Lord called "huge."

Herbert Lord,
"Huge because I have a letter in which is signed by Mr. Christopher Coye in which he estimated the total amount to be one million seven hundred six thousand seven hundred and eighty dollars. That is a huge commission."

Glen Godfrey,
"The amount of what?"

Herbert Lord,
"He wrote a letter to Mr. Bautista about the Novelo's Limited loan and he gave them the estimated total, supplementary mortgage, recording fees, recording fees, other office expenses, and he gave an estimated total of a million seven hundred and forty-six thousand, four hundred and eighty dollars."

Merlene Bailey-Martinez,
"Did your law firm provide services for Novelo's Limited with respect to this?"

Glen Godfrey,
"No."

Merlene Bailey-Martinez,
"Was your law firm paid money with respect to this loan?"

Glen Godfrey,
"My law firm was never engaged by either Novelo's or by the DFC to do anything with this loan."

Merlene Bailey-Martinez,
"The Glen D. Godfrey law firm."

Glen Godfrey,
"Absolutely."

Merlene Bailey-Martinez,
"So if we have documentation to the contrary you are saying that that is incorrect?"

Glen Godfrey,
"I am saying it is so."

Merlene Bailey-Martinez,
"Did your law firm receive financial compensation in relation to this Novelo's loan?"

Glen Godfrey,
"A member of my law firm assisted Mr. Norman Neal."

Merlene Bailey-Martinez,
"Did your law firm receive financial compensation?"

Glen Godfrey,
"I do not know if they were paid because I was not a member, an active member, I was on leave of absence from the law firm at that time."

Merlene Bailey Martinez,
"The point of the fact is that Mr. Godfrey's law firm benefited financially from this transaction and that is the point of it."

Glenn Godfrey,
"The transaction had nothing to do with D.F.C. directly, it had to do with the transaction between one member of my law firm and another attorney."

Well that one lawyer that Godfrey refers to, Chris Coye today told us that Godfrey's disclaimers were incorrect. Coye did work on the transaction but it was for and on behalf of Glenn D. Godfrey and Company, which is Godfrey's law firm. Coye says he did not do the work independently as Godfrey stated. He explains that indeed Norman Neal had retained the Godfrey firm, and not him, to do paper work on the transaction. Coye expects that through formal channels this will be communicated to the commission of inquiry. Coye is the chairman-designate of the Integrity Commission.