Results 5,921-5,940 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: Can Mr. Neporent differentiate between legal and strategic services?

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: This was obviously worked out, but Mr. Neporent got an initial cold call approach 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: -----to say it could provide a service.

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 obviously would have set out the nature of that service, and we went through that earlier. Mr. Neporent was asked at that point whether Brown Rudnick had made him aware that it had previously worked with PIMCO, and he said it had done so.

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: However, when Mr. Neporent asked why Brown Rudnick was no longer working for PIMCO, I think Mr. Keenan's response was that he did not really know, but then he did when he volunteered, in terms of Mr. Cushnahan, that any difficulty was post-contractual. 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)

David Cullinane: We now know that is not 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)

David Cullinane: They are more than allegations at this point. It is possible, then, that Mr. Neporent was not given the full information, or it seems he was not given the full information, at that point on Brown Rudnick's relationship with both Tughans and Mr. Cushnahan.

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: This raises a very important point because what is more important is the conversations Mr. Neporent would have had with NAMA and any perceived conflicts of interest. I am reading through Mr. Neporent's opening statement. Paragraph 4.3 outlines the general obligations Cerberus placed on Brown Rudnick to provide "certifications, representations and warranties covering a number of issues,...

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: Paragraph 4.5 states that NAMA also requested certain assurances from Cerberus "that no fee, commission or other remuneration or payment was payable to any current or former Board member of NAMA, any current or former member of the Executive of NAMA, or any current or former member of an advisory committee of NAMA". Was that the first time Mr. Neporent was contacted by NAMA about any...

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: Does Mr. Neporent know the date of that discussion?

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 wish to bring up the Comptroller and Auditor General's report, specifically finding No. 57. Before I do so, did NAMA ask Mr. Neporent at all about the precise nature of his engagement with Brown Rudnick? Did it even ask him when he first engaged Brown Rudnick and the nature of those services? Was that part of the conversation?

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: One of the criticisms of the Comptroller and Auditor General reads, "NAMA only learned of Brown Rudnick's engagement with Cerberus on 2 April 2014, and do not appear to have asked Cerberus when it engaged Brown Rudnick, or what the precise nature of the services Brown Rudnick and Tughans were providing [to Cerberus]." 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)

David Cullinane: NAMA never asked for 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: NAMA therefore never informed Mr. Neporent that there was any difficulty with Mr. Cushnahan or that there was any previous history. We had very lengthy discussions with representatives from NAMA in this committee at which they were shocked by, and very obviously exercised about, the fact that there was an arrangement between Mr. Cushnahan, Tughans, Brown Rudnick and PIMCO, so shocked 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)

David Cullinane: Has NAMA never raised this?

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 NAMA sought assurances, they were general assurances, but there was never any mention of Mr. Cushnahan.

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: That is fine.

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 is one small point that I think needs to be put on the record. Mr. Neporent stated earlier that the first time NAMA would have approached Cerberus and asked about issues around Brown Rudnick was on 2 April, but would it be right to say the deal where Cerberus was announced as the bidder was concluded on 4 April, two days later?

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 was only two days to inquire about these issues. It seems a very short timeframe.

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: Less than two days even.