Marc MacSharry (Sligo-Leitrim, Fianna Fail)
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Fortress wrote to us. Is the document available? It mentioned under a subheading the rationale for making a bid below the reserve price. It highlighted that an unconditional bid process was required. Fortress also spoke of the quality and completeness of the diligence information available to it. This implies to me it influenced its reasons for going in below the reserve price and seems to suggest the quality and completeness of the diligence was not to a standard it felt would allow it to go with the reserve. Is it reasonable to state that the conditionality of the bid process led to companies such as Fortress bidding less than they would if there was no conditionality in terms of allowing them to syndicate or use external finance sources?