Results 121-140 of 321 for nama speaker:David Cullinane

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)

David Cullinane: ...the law firm Brown Rudnick who then introduced PIMCO to Mr. Ian Coulter of Tughans and Mr. Frank Cushnahan, with whom Brown Rudnick appeared to be working to identify potential purchasers for the NAMA Northern Irish loan portfolio (which later became known as Project Eagle). As we understood it, PIMCO was one of three firms who were approached at the time by these three parties. This 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)

David Cullinane: ...that Mr. Cushnahan was a member of the NIAC in April 2013. He was working with Mr. Coulter and Brown Rudnick. PIMCO did not approach them; they approached PIMCO. After that, PIMCO approached NAMA and said it wanted a short and exclusive sales process. PIMCO went on to say the three parties then requested £15 million for the information they brought to PIMCO. It is very relevant....

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)

David Cullinane: They were made aware when PIMCO approached NAMA and said there was a difficulty. We also have the conference calls.

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)

David Cullinane: I will put the question in a different way. We know NAMA was made aware of conflicts of interest and a success fee between PIMCO and Brown Rudnick, Tughans and Mr. Cushnahan. It was relayed to the board because we had plenty of discussions with other board members and NAMA around conference call minutes and so on, which is in appendix C of the report. The board was made aware that there...

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)

David Cullinane: .... 55 reads, "Given the joint agreement between the parties to the success fee arrangement with PIMCO, all of the payment – not just the payment to Mr Cushnahan – should have raised concerns for NAMA." The same applies in relation to Cerberus. Mr. Cushnahan had a relationship with Brown Rudnick and Tughans and the Comptroller and Auditor General said that his departure did...

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)

David Cullinane: ..., in finding No. 56, that the understanding that Brown Rudnick and Tughans had allegedly been in an arrangement with a member of the NIAC at any stage of the process should have raised concerns for NAMA over the potential impacts of such arrangements on the sales process. The following finding is that the board did not appear to have asked Cerberus when it engaged Brown Rudnick, or what...

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)

David Cullinane: ...wrong because finding No. 54 states that during NIAC meetings and annual statements of interest, one external NIAC member, Mr. Frank Cushnahan, declared his involvement as an advisor to six NAMA debtors. It goes on to state that the NAMA board should have formally considered whether Mr. Cushnahan's engagement in discussions of the strategy, including the approach of Brown Rudnick 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)

David Cullinane: Is Mr. Corrigan telling us that the NAMA board was never made aware of this conflict of interest and that it was never brought to the attention of the full board?

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)

David Cullinane: .... I appreciate that the witnesses have come before us and have been very frank. An Teachta Aylward asked about the restrictions that the bid could not be syndicated or finance pre-bid. NAMA put up this defence a number of times; Mr. Daly said this when he appeared before the committee. The restrictions in the process were to avoid what he called "tyre kickers". NAMA wanted people...

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)

David Cullinane: ...record of the committee it was Cerberus and Fortress. Fortress sent us correspondence. I do not know if we can get Fortress's letter up on the screen. It was a serious bidder. We are told by NAMA that its presence was justification that the process was competitive. So it was a serious bidder. On its rationale for making a bid below the reserve price, it talks about the reasons 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)

David Cullinane: ...minutes and dates. What is Mr. Corrigan's recollection - rather than what is in the minutes - of what was presented to the board at the time on the perceived conflict of interest between NAMA and Mr. Cushnahan, Brown Rudnick and Tughans? What information does Mr. Corrigan recall being presented to the board?

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)

David Cullinane: ...at the law firm Brown Rudnick who then introduced PIMCO to Ian Coulter of Tughans and Mr. Frank Cushnahan, with whom Brown Rudnick appeared to be working to identify potential purchasers for the NAMA Northern Ireland loan portfolio...". It seems from that letter that this is when that year long work started and it would have involved Mr. Cushnahan. Would that be fair to assume?

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)

David Cullinane: ...non-disclosure agreement. Did they go to you to be released from that non-disclosure agreement and then use the information they had to supply to Cerberus? Mr. McDonagh, who is a member of the NAMA executive and board said, "No, they never came back to us". The Chairman followed up:Chairman:Does Mr. McDonagh understand? Is he saying that anyone who went into that data room, even...

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)

David Cullinane: We will come back to it with Mr. McDonagh and NAMA when they return.

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)

David Cullinane: This raises a very important point because what is more important is the conversations Mr. Neporent would have had with NAMA and any perceived conflicts of interest. I am reading through Mr. Neporent's opening statement. Paragraph 4.3 outlines the general obligations Cerberus placed on Brown Rudnick to provide "certifications, representations and warranties covering a number of issues,...

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)

David Cullinane: Paragraph 4.5 states that NAMA also requested certain assurances from Cerberus "that no fee, commission or other remuneration or payment was payable to any current or former Board member of NAMA, any current or former member of the Executive of NAMA, or any current or former member of an advisory committee of NAMA". Was that the first time Mr. Neporent was contacted by NAMA about any...

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)

David Cullinane: I wish to bring up the Comptroller and Auditor General's report, specifically finding No. 57. Before I do so, did NAMA ask Mr. Neporent at all about the precise nature of his engagement with Brown Rudnick? Did it even ask him when he first engaged Brown Rudnick and the nature of those services? Was that part of the conversation?

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)

David Cullinane: One of the criticisms of the Comptroller and Auditor General reads, "NAMA only learned of Brown Rudnick's engagement with Cerberus on 2 April 2014, and do not appear to have asked Cerberus when it engaged Brown Rudnick, or what the precise nature of the services Brown Rudnick and Tughans were providing [to Cerberus]." 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)

David Cullinane: NAMA never asked for 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)

David Cullinane: NAMA therefore never informed Mr. Neporent that there was any difficulty with Mr. Cushnahan or that there was any previous history. We had very lengthy discussions with representatives from NAMA in this committee at which they were shocked by, and very obviously exercised about, the fact that there was an arrangement between Mr. Cushnahan, Tughans, Brown Rudnick and PIMCO, so shocked that...