Results 9,321-9,340 of 21,149 for speaker:Mary Lou McDonald

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)

Mary Lou McDonald: No, it is 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)

Mary Lou McDonald: That is fine. I am sorry to intervene but we have heard a good deal of that before. We have heard explanations of fair value and, for example, if a firm was to sell assets now, what might happen. We have also had our attention drawn to a distinction in terms of the discount rate that a potential purchaser would apply and as the seller. We do not have the scope to challenge of that now,...

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)

Mary Lou McDonald: That is irrelevant.

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)

Mary Lou McDonald: The Deputy has a line of questioning.

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)

Mary Lou McDonald: Mr. Neporent is very welcome and I thank him for making the journey. I acknowledge the spirit in which he is appearing before us to assist us in our examination. It is greatly appreciated.

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)

Mary Lou McDonald: I want to focus on the engagement of Brown Rudnick. Mr. Neporent has stated Tuvi Keinan, a partner of Brown Rudnick, made an unsolicited approach to Cerberus in mid-March. How did Mr. Keinan know that Cerberus was engaged in the bidding process?

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)

Mary Lou McDonald: But at no stage did he reveal to Cerberus how he might have known.

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)

Mary Lou McDonald: Mr. Neporent says Mr. Keinan indicated that, in the event that Cerberus was not minded to engage his services and those of Tughans, he would offer them to another bidder.

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)

Mary Lou McDonald: Did he reveal at any stage whom he might have imagined the other bidder to 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)

Mary Lou McDonald: Has Cerberus no means of knowing how he might have had access to 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)

Mary Lou McDonald: As we now know, the last two bidders standing were, in fact, Cerberus and Fortress. Prior to engaging Brown Rudnick, Cerberus already had legal counsel and representation. Who was acting on its behalf and who was in and out of the data room on its behalf?

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)

Mary Lou McDonald: Very competent professionals.

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)

Mary Lou McDonald: Was Cerberus satisfied with the services they were providing for 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)

Mary Lou McDonald: Will Mr. Neporent explain what it was that Brown Rudnick brought to the table that was so special and that merited a fee of €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)

Mary Lou McDonald: For a year or possibly more. Will Mr. Neporent state the date from which it would have been working on the Northern Ireland portfolio?

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)

Mary Lou McDonald: Calculate back.

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)

Mary Lou McDonald: We are, therefore, talking about March 2013. Please continue.

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)

Mary Lou McDonald: I thank Mr. Neporent. That very much echoes what is included in his statement. Obviously, the firm was not bringing whatever information it had from the data room to Cerberus. It would have signed a non-disclosure agreement in respect of its dealings with PIMCO. 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)

Mary Lou McDonald: Cerberus's understanding, therefore, had to be that the firm was bringing additional information and intelligence other than information that was available within the data room because Cerberus had access to it from those that it had already appointed.

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)

Mary Lou McDonald: Let us just examine now the provenance of the information that they had. Mr. Neporent repeated that information relating to the portfolio of borrowers, guarantees, assets and potential business plans was available. Am I correct in assuming that the provenance of the information was by means of ongoing, perhaps lengthy personal engagements with the debtors concerned? Is that how Brown...