Results 21,961-21,980 of 34,729 for speaker:Seán Fleming
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: That is the point. Of the others coming, some said they felt PIMCO had an advantage. That is the first practical examination. They did not have to sign an NDA when Lazard was appointed because of their previous involvement. They were already in there. That is the first practical example I have seen of an advantage.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Is there any difference in the NDA legal agreement that PIMCO had some time much earlier and the one that the new entrants signed subsequently?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: PIMCO was not required to sign the same one as everyone else then.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: What extra was in the others' NDA that was not in PIMCO's?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: What is the subtle difference between the external advice?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Pardon?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Therefore, PIMCO, during this process, was not obliged to notify NAMA of its external-----
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: But not every one of PIMCO's advisers required access to the data room.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Okay. We have a point of difference, at long last. Mr. Stewart has denied there is a difference. I am just trying to get to the end of this. I am now seeing for the first time that PIMCO had a different NDA agreement from the other bidders in relation to access to the data room and it did not have the requirement to notify NAMA of all its advisers, as the others had.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: In the interests of fairness to the bidding process, why would NAMA not ask them all to sign the same type of NDA? Why was NAMA giving preference to PIMCO? They already had a foot in the door, is what NAMA is telling me. They are confirming that.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Mr. Stewart gets the point. Why did NAMA not put them through the same hoops as the other people to sign an NDA? NAMA said PIMCO had already a foot in the data room and it is okay.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It is clear people did not always notify NAMA of all the advisers. NAMA presumed it knew. There was no obligation on them to notify NAMA prior to this of their advisers.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: There was not.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Okay. Of the list of advisers - the only list we have seen is the list that Cerberus gave us today of its advisers - how many accessed the data room?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Yes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I can only talk about Cerberus advisers because to date it is the only company for which NAMA supplied us with its list of advisers. My question was, of all the Cerberus advisers, Linklaters, Deloitte, A&L Goodbody, Hatfield Philips, Lambert Smith Hampton, Ronald J. Bolger, Allsop, Lunson Mitchenall, Brodies LLP, New River and Nomura, in addition to Brown Rudnick, how many accessed the...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: It is possible some of them would not have required access to the data.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: Mr. Stewart is telling me PIMCO had a different NDA agreement in place. It did not require them to notify NAMA of all the advisers. Mr. Stewart is now saying that the agreement the others had required them to notify of all the advisers who had access to the data room only. It is clear from this letter from Cerberus that probably all the bidders or potential bidders had advisers who did not...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: I will come to that. Can Mr. Stewart send us a written reply to this? Will he send us the full list of all the advisers of Fortress, Cerberus and PIMCO who had access to the data room? Mr. Stewart stated NAMA only really required to be notified of those who had access to the data.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)
Seán Fleming: That is why Cerberus is saying it did not need to notify NAMA, because they did not go into the data room on its behalf.