Results 9,621-9,640 of 21,440 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: 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...
- 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: Could I just check with the Comptroller and Auditor General on whether I am correct that NAMA had specifically put in place measures to prevent contact with debtors by bidders?
- 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 debtors were not to be contacted. Was Mr. Neporent aware of that? I am sure he was.
- 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 date did Mr. Neporent understand to be the date of the commencement of the Project Eagle process? Is it correct to say that it was January 2014?
- 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: Yes, February, but Mr. Neporent was aware that the board approved a disposal on 8 January 2014, and that Lazard was also aware.
- 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: Brown Rudnick said that it had not engaged with debtors from that point onwards.
- 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 it seems that it had engagement with them prior to that date, otherwise how could it have come by the 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: In any event, Mr. Neporent did have a concern in that he was aware of the proviso concerning no contact with the debtors introduced by NAMA, and he had to be concerned that he would not cross that line. He must have been concerned that this was a way of circumventing or avoiding that rule, namely, getting that information by the back door.
- 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: All right. Mr. Neporent told us that Brown Rudnick was formally engaged on 24 March. 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: And the Cerberus bid was submitted on 1 April. Is £15 million not one hell of a fee for a couple of weeks’ work?