Results 5,901-5,920 of 26,430 for speaker:David Cullinane

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)

David Cullinane: From Mr. Neporent's understanding of what is front of him, that would be a fair summation, would it not?

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)

David Cullinane: Mr. Neporent also then said that his company did not - I am trying to find the relevant reference and will return to this point in a few minutes. Mr. Neporent said in his opening remarks that the Cerberus was provided "with due diligence material containing information and research relating to the portfolio's borrowers, guarantees and assets and potential business plans". That is what Brown...

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)

David Cullinane: It would have obviously had to have been of some value. When Mr. Neporent talked about the portfolio's borrowers, guarantees and assets, where would Brown Rudnick have got that information?

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)

David Cullinane: Mr. Neporent also spoke earlier about the information that Cerberus would have had when it was working with PIMCO and then there was the issue of the non-disclosure.

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)

David Cullinane: Sorry, I should have said, Brown Rudnick, when it was working with PIMCO. I want to refer to an exchange that took place between the Chairman and the Mr. McDonagh at a meeting of the committee. I do not know if it possible to put the extract of that meeting up on the screen.

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)

David Cullinane: It was the last occasion Mr. McDonagh appeared here.

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)

David Cullinane: It was an exchange between the Chairman and Mr. McDonagh on this issue.

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)

David Cullinane: Can Mr. Neporent remind us, first, what he said about that. We know Brown Rudnick was working with PIMCO and that it would have been working with PIMCO for a number of months. Then PIMCO withdrew from the process and it was employed by Cerberus, which then had access to all of the information that they had over the course of the year. Mr. Neporent said that he was assured by Brown Rudnick...

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)

David Cullinane: The Chairman, in that exchange with Mr. McDonagh, asked:So Tughans or Brown Rudnick could not use the information they got when they were employed by PIMCO and give it to Cerberus because they had signed a non-disclosure agreement. Did they go to you to be released from that non-disclosure agreement and then use the information they had to supply to Cerberus? Mr. McDonagh, who is a member...

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)

David Cullinane: What Mr. Neporent is saying is solely in reference to the data room regarding whatever information Brown Rudnick had when it was engaging with PIMCO.

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)

David Cullinane: We will come back to it with Mr. McDonagh and NAMA when they return.

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)

David Cullinane: I thank the witness for being very patient. I have a number of quick points seeking clarification about times and dates. I will also seek clarification from the witness on a number of issues that he has raised but I am just not clear on some times and dates. In his opening remarks, Mr. Neporent indicated that at no time prior or subsequent to involvement in Project Eagle has Cerberus...

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)

David Cullinane: I am not sure that allegation would have been made. What is true is that two companies, Brown Rudnick and Tughans, which did work with PIMCO eventually worked with Cerberus as well. That was raised.

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)

David Cullinane: I was wondering why but that is helpful.

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)

David Cullinane: He indicated that before any approach from Brown Rudnick, two law firms were working with Cerberus. It was Goodbody and-----

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)

David Cullinane: Yes. When did Cerberus employ its services and was it specific to Project Eagle?

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)

David Cullinane: Yes, but they were employed to do specific work relating to Project Eagle.

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)

David Cullinane: When?

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)

David Cullinane: Will the witness provide us with those dates by correspondence? There are some other dates as well. On what date was Cerberus first approached by Brown Rudnick? When was there a formal arrangement in place 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)

David Cullinane: There seem to be clear lines of demarcation between providing legal services and providing a range of other services. Would I be right in saying that the other two firms that were previously employed were doing a lot of legal work, contractual work, maybe all sorts of other work, but that Brown Rudnick was doing a different type of job or providing a different type of service? Would that be...