Results 5,321-5,340 of 14,090 for speaker:Marc MacSharry
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Then why did the same internal valuers not deal with the Tower case, for example? Why did NAMA need to pay Lazard millions-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I am asking Mr. Mulcahy, as a board member, why NAMA would apply one set of criteria, albeit bespoke and recklessly so, to this portfolio and not get external valuers? Why did it take the view that it was only Northern Ireland and that the internal guys would do a good job on that? Why would NAMA bother wasting money getting Lazard or others in for Tower but would not do that-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: On the same question, what is Mr. Corrigan's view?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I thank the witness Mr. Neporent for taking the time to be with us today. I will ask questions along a similar thread and ask that we go back to the Cerberus legal advisers on this deal before Brown Rudnick. Mr. Neporent spoke of Linklaters and A&L Goodbody.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would fees have been paid to those advisers for their contribution?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Was the fee arrangement with those companies not linked to success?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that arrangement have continued? Let us say that Brown Rudnick did not call Cerberus, is that how things would have panned out and that it would have been an hourly basis fee?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Let us say that Mr. Tuvi Keinan did not make the unsolicited contact with Cerberus and that Cerberus had its legal advisers - Linklaters and A&L Goodbody who are very well known around the world and very well respected - and Cerberus was pleased with them, would Cerberus have continued with those advisers in the absence of-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that fee arrangement have stayed at an hourly rate, as it had up to that point?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Would that have been cheaper?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I understand that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: It is just for the benefit of the committee members' understanding as we are not of the corporate world and I am not looking for sensitive information, but perhaps the witness could provide a ballpark figure for the kind of hourly rate we could expect to pay for that kind of advice if we were in that corporate world.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I do not want him to, but let us say that Joe Bloggs Limited is an equally well known firm and we want to procure the firm to give advice. Is it €5,000 per hour or is it €10,000 per day? What is it?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: I am thinking of the condensed timeframe to which the witness referred. In the absence of the approach by Tuvi Keinan, and Cerberus would have no choice but to continue with its existing legal advisers, with which it was happy, and if by having Tuvi Keinan bestowed no advantage on Cerberus over Fortress and Mr. Neporent said that it won the bid anyway, I wonder what the cumulative amount of...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Okay. It is not important, but the others were on approximately £20 million between them for their work.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: From February to 24 March.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: That is those other firms.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Mr. Neporent told Deputy McDonald that there would have been no fee unless the bid was successful. Brown Rudnick would have provided whatever specialist knowledge it had and that Cerberus felt was very valuable and, in the event that Cerberus pitched a bid wrong and lost, Brown Rudnick would get nothing. Is that correct?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Presumably, that would be reflected in whatever the contract agreement was between the two.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (17 Nov 2016)
Marc MacSharry: Mr. Neporent mentioned the stakeholders to which Tughans in particular gave it access. He also mentioned that members of the Northern Executive were present. In the context of personal guarantees regarding the 55 connections, did any of the stakeholders ask Cerberus to release those guarantees?