Results 20,561-20,580 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: Yes. Information emerged in respect of the success fees involving Mr. Cushnahan. In the presentation of that information, was the board told that the issue went back to April 2013 and that Mr. Coulter, Mr. Cushnahan and Brown Rudnick had been approaching bidders and had approached 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: Could we be clear on that? The board was not told.
- 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: Exactly.
- 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 accept-----
- 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 accept that. I also accept Mr. Corrigan's honesty that he was not told. The Comptroller and Auditor General's criticism is that the board did not seek the information it should have sought. We did. We wrote to PIMCO and asked could it outline to us exactly what happened and who approached whom. It gave it to us. The board never asked for it. If the board of which Mr. Corrigan was a...
- 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 welcome Mr. Neporent and thank him for making the trip over to be with us here today. Just so that we are on the same page, £15 million pounds sterling is a lot of money in my book, so I am assuming it is also a lot of money in Mr. Neporent's book.
- 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: If Mr. Neporent's company is providing a service that involves £15 million, it is a service that is of value and would have been of value to him and his company.
- 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.
- 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 said that the information and the service that was provided to his company by Brown Rudnick was commercially valuable or at least he saw it as commercially valuable. 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: Mr. Neporent qualified that later when he was asked by Deputy McDonald if he got value for money. He was asked did his company have an advantage because of this association to which he replied "No." Does that mean that he did not get value for money?
- 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's company paid the £15 million.
- 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 Mr. Neporent was questioned earlier about the dates his company was first approached by Brown Rudnick, he spoke about the year long work that it would have done and that this was part of why there was an attraction for Mr. Neporent's company to employ it in the first place. He was asked to work back from there in terms of the date, to work back a year from 14 March 2014. Therefore, 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)
David Cullinane: Mr. Neporent said a year long work would have been done. I did not suggest the word "year". He said a year long work had been done.
- 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 was told by Brown Rudnick that it was a year long work that had been done.
- 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 cited the PIMCO letter we received last week.
- 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 that letter be put up on the screen? It refers to April 2013, which is around this time involved. The year long work would have started to kick in at this time, in March or April, that Mr. Keinan and Brown Rudnick would have been talking about. That letter states: "In April 2013, PIMCO was approached by Mr. Tuvi Keinan, a partner at the law firm Brown Rudnick who then introduced 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: 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.