Results 21,241-21,260 of 27,087 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 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...

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.