Results 6,921-6,940 of 7,283 for speaker:Josepha Madigan

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: I do not think it is a good idea. Did Lazard have a break-even fee? If Lazard did not secure a certain amount in the sale, surely with overheads and everything else, Lazard was in line to fall off a cliff and lose a significant amount of money and labour, albeit over a short period.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: Therefore, Lazard was motivated to get the highest bidder possible. Did Mr. Long have a reserve break-even price?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: I understand that perspective. Please forgive me if my question was unclear. I referred to the competitiveness of other bidders, how they were introduced and how they would remain a competitive bidder. I questioned how Lazard could remain impartial when it was obvious that Lazard would want the highest bidder. Does Mr. Long know what I am saying? Therefore, some bidders may have been...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: It is a farce for Mr. Long to say that other criteria other than the highest price would be of relevance.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: Does Mr. Long believe that the Irish taxpayer got the best value for the sale?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: What is Mr. Long's personal view of success fees in general?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: Does Mr. Long think they are worthwhile?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)

Josepha Madigan: Fine.

Written Answers — Department of Health: Commencement of Legislation (22 Nov 2016)

Josepha Madigan: 381. To ask the Minister for Health the reason there has been a delay in the commencement of Part 2 of the Children and Family Relationships Act, concerning donor-assisted human reproduction; if he will provide a timeline for commencement of this section; and if he will make a statement on the matter. [35952/16]

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)

Josepha Madigan: I welcome Mr. Neporent and thank him for his submissions to date and for his statement. I do not doubt his credentials or those of Cerberus in general but there is one line in the statement at paragraph 4.1 to the effect that Cerberus is committed to high ethical standards in the conduct of its business and that this commitment is and always has been a paramount component of its culture 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)

Josepha Madigan: There is a question-----

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)

Josepha Madigan: -----and the question relates to whether the means justify the end. There is a question regarding Cerberus's handling of this and in respect of it availing of an opportunity.

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)

Josepha Madigan: Does Mr. Neporent 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)

Josepha Madigan: Does Mr. Neporent accept that when all of the component parts of this story are put together, the sum of them becomes a whole that is a little indirect. The two paragraphs I quoted demonstrate that for me. Does Mr. Neporent accept that there was an indirect link to PIMCO, notwithstanding what he said in his opening statement?

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)

Josepha Madigan: I understand 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)

Josepha Madigan: I accept what Mr. Neporent is saying on PIMCO itself. However, I am referring to Brown Rudnick and its previous relationship. PIMCO withdrew from the process but Brown Rudnick had been working with it on 12 March and then Cerberus engaged Brown Rudnick on March 24.

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)

Josepha Madigan: Mr. Neporent has already said it shared the information with Cerberus. Does he believe other bidders were disadvantaged by the fact Cerberus had this 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)

Josepha Madigan: How was it historic when there was such a short period between 12 March and 24 March? How could it possibly be historic?

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)

Josepha Madigan: I find that difficult to believe. If, however, that is Mr. Neporent's opinion, of course he is entitled to it. Does he think that in any way the other bidders were at a disadvantage?