Bob Doubek, project director for the Fund, said that "It was a hit piece. All of Sherwood's stuff was conjecture, smoke and mirrors." To prevent a lawsuit, the station aired a retraction and donated $50,000 to the Fund. Sherwood was arrested and charged with illegally taping one of the subjects of the report, John P. Wheeler III, chairman of the Fund and special council to the chairman of the SEC. The charges against Sherwood were later dropped. An audit of the Fund by the General Accounting Office, made public in May 1984, concluded that Sherwood's charges regarding the Fund were baseless.