NAMA, Wallace & the Robinsons


#1

Strange this hasn’t got any coverage here yet.

Wallace made allegations in the dail that a NAMA deal up north saw money set aside for a politician.

Now we have:
cf.broadsheet.ie/wp-content/uplo … AAy0ia.jpg

independent.ie/business/iris … 56947.html


#2

Then there is the Jamie Bryson blog…

I could link but I’ll let OW do that as he’ll be the one receiving legal letters.


#3

I’m still trying to figure out what could have been done locally to earn 7m. It all seems very strange.

Let’s not overlook the possibility that someone canny was claiming to have influence and collected a sweet payout for not doing anything.


#4

Well before the NI portfolio came for sale, there were rumours of several politicians from NI, of the wrong persuasion, actively lobbying US bidders in Dublin. They were looking for up front fees (50-100bp) plus ongoing fees (similar) from the successful buyer of this portfolio.

They presented NI as being like Alabama, and that the buyers of the NI portfolio would get run out of town without their support (around planning and foreclosure issues etc.).

I believe NAMA would have nothing to do with them but I think they were aware of what they were trying to do. NAMA wouldn’t deal with anybody other then large foreign funds on the NI portfolio and insisted on extensive disclosures regarding advisors (which was not requested on other large deals outside of connections with the borrowers).

I think the Gov themselves were equally lobbied on the NI portfolio and ultimately pressured NAMA to get rid of it quickly. It was a huge transaction at the time and on a scale and complexity that NAMA would have not even attempted in the South.

I believe the NI politicians were not very discreet at the time. I’m sure there is probably a lot more to come out in this regard. The Tughans lawyer took one for the team (will probably reappear as a judge later). Clearly people are starting to use Independent TDs as a route to whistleblow these issues (as the media will only report what they are allowed to). Once the story is out however, the media are braver.


#5

It’s all too easy for me to imagine.
Don’t forget, it’s not just what can be done, but also what can’t be done.

Need planning permission ?
Ooooo … that’s gonna be a struggle.


#6

The Tughans thing is just absolutely mad.
They say he diverted STG 7m of “professional fees”. That’s 10 million euro !!! If that’s what he diverted…what was the total fee !

Belfast solicitors rates aren’t that much. Even if they’re 500 euro per hour that’s 20,000 hours !
That’s heading for 3000 man days of time!
What. The. Fuck.

tughans.com/Who-we-are/Our-P … ilterend=z

Their combined banking and property departments have 6 partners and 4 senior solicitors…so that’s 10. Basically they’d all have had to be working on it for a year at 500 euro per hour…just for the diverted professional fees.


#7

Is it assumed that this money came from the buyer’s side of the deal rather than the vendors? Either way, that’s €10 million that should have gone to the Irish taxpayers.


#8

irishtimes.com/business/comm … -1.2276805

Cerberus’ assertion they were an arms length removed from Tughans is falling part.
In what capacity was Coulter at the Dan Quayle meeting? To pour the tea ?


#9

Jamie’s not holding back on twitter either…

twitter.com/jamiebrysoncpni

he seems like such a nice boy too,

en.wikipedia.org/wiki/Jamie_Bryson


#10

Yeah. He seems to be the source for much of the info but doesn’t exactly seem like a credible source. Could just be trying to lob Robinson into the shit?


#11

I listened to the Sean O’Rourke podcast from yesterday morning with Eamon Mallie (NI Journalist).

He seemed to suggest the Northern media knew something went on for months now but didn’t have any valid sources or hard info.
He questioned the validity of some of the stuff Wallace has said - some of which he says was factually incorrect.
He seemed to suggest that what’s going out on Social Media is largely nonsense.

It’ll be interesting to see what the outcome will be. It seems Nama ran the process correctly but one wonders if someone sought a side fee from the bidder and if so, what was that side fee for.

Where that fee was paid is neither here nor there in my mind. It would be for the fee recipient, not the payer, to declare it if so required for tax purposes.


#12

So where do Cerebrus stand now with respect to FCPA?


#13

I’ve no idea. I think that’s the whole point Mallie was getting at.

No one yet knows where the money came from, who paid it, who it was paid to, and for what purpose was it paid.

Mallie said he knows the name of the/a 2nd person involved and stated he was not a political or public figure but said he would be known to certain groups (i’m not sure if this meant business groups or political groups). As usual, I think people are jumping the gun here, and making judgments without full facts.

It’ll be interesting to see what comes out of this, but currently, all we have is speculation.


#14

NAMA tells PAC that Pimco said £5m was for Frank Cushnahan. The plot thickens.

Mark Tighe ‏@marktigheST 42m42 minutes ago
#Nama tells PAC that Pimco told it about £15m fee arrangement with £5m to go to Frank Cushnahan, its former NIAC member.


#15

Story here
irishexaminer.com/breakingne … 85745.html


#16

Gas, a lot of miscommunication going on.

The media first reported Pimco came to Nama after being approached by Cushnan(sp).
The Examiner article states that Pimco put in place a fee arrangement which included Cushnan(sp).


#17

independent.ie/irish-news/ne … 68628.html


#18

DUP and UUP?

Payments of that size would push SF over their avg wage doctrine for all elected party officials, so no way could they be involved in this.


#19

It’s interesting how little discussion this issue is generating…? :laughing: :laughing:

:unamused:


#20

en.wikipedia.org/wiki/Phil_Flynn