Results 9,361-9,380 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: Was there a concern in acquiring the portfolio that Cerberus would have a level of compliance and agreement with the debtors whose loans the company was acquiring?

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 the engagement by Cerberus of Brown Rudnick, Tughans and Mr. Cushnahan, as we know now about the latter but Mr. Neporent did not know at the time, effectively deliver for him that kind of calm, compliant co-operative relationship with those debtors?

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 am using them.

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 witness did not need Brown Rudnick to tell Cerberus that and Cerberus did not need to spend - my God - £15 million to make those systemic discoveries. I put it to Mr. Neporent that for its £15 million Cerberus got extensive debtor information, which we have agreed on. My question now is whether or not Cerberus got something else, which was the comfort - not unreasonable from...

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 has told the committee that Mr. Cushnahan had an involvement with Tughans and, in turn, with Brown Rudnick. Perhaps Mr. Neporent can confirm for the committee that he - at the time that Cerberus engaged Brown Rudnick - did not know of the circumstances in which PIMCO had withdrawn from the bidding process.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: I am not asking the witness to do that. I am asking if he knew, or not, about PIMCO and the reason for its withdrawal. I assume that he did 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: So Cerberus was not told that Frank Cushnahan was lined up for a success fee or a fixer's fee?

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 was kept from Cerberus. Perhaps Mr. Neporent will tell me this much - at what stage was NAMA or anybody involved with NAMA told that Cerberus had engaged 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)

Mary Lou McDonald: What about the meeting on 31 March, attended by John Snow? Is his position vice president?

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: He chairman of Cerberus, excuse me. He was at a meeting on 31 March 2014. Fank Daly was at that meeting was he 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: Along with Mr. Daly, who else was at that meeting?

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. Ronnie Hanna. Okay.

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 will finish on this point. At that stage Cerberus had engaged Brown Rudnick on 24 March.

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: This high level meeting happened on 31 March. The witness is aware that there had been an issue with regard to PIMCO and a scenario, however he understood it, involving Brown Rudnick. Cerberus has engaged Brown Rudnick nonetheless and NAMA was not told of the engagement of Brown Rudnick at that meeting. Is that the case?

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: It seems strange. I will come back to the witness on that. Finally, I put it to the witness that in paying out £15 million for the debtor information and the access to the key players, Cerberus was put at a huge advantage. Did it give Cerberus a huge lead on the other remaining bidder, Fortress? Fortress did not have access to this extensive year long piece of work, spearheaded by...

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 paid £15 million 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: And Cerberus paid the 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)

Mary Lou McDonald: So, it did not afford Cerberus an advantage over others, as it turns out, over Fortress?

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 particular meeting-----

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 meeting was in the public domain.