NAMA, Wallace & the Robinsons


#141

You’re wrong, and only someone with a small penis would disagree with me! etc. etc.

On another note, it’s a fairly serious accusation by NWL. Do they have any backup? The quality of their posts has gone to shit so I no longer take what they say at face value.

Reading this article, it doesn’t sound like court proceedings have actually been instituted, just that Cerberus’s solicitors have written to Wallace. If that’s correct then there would be no way to know who else has been written to, and I would really question NWL’s sources.

Edit the second: NWL says the court application has been lodged last Wed, or will be lodged next Wed, but no link or details and I can’t find the high court record under any obvious names. (twitter.com/namawinelake/status … 2589293568). NWL is for some reason “sorry to see” that Wallace is being asked to repay his loans. Curious phrasing.

Coles, you’re reporting is as “fact” so please link the high court record?


#142

High Court Record.

Pointless stuff.


#143

Thanks Coles. They misspelled his name hence it’s not coming up.

Any idea on what basis NWL claims Cerberus has never sued anyone in ROI before? Seems almost impossible to substantiate.


#144

Cerberus taking Wallace to court, - The Sunday Times (UK)

Imagine how productive your inquisition could be if you turned it away from Mick Wallace and Namawinelake and on to NAMA, Cerberus, the DUP and Fine Gael.


#145

Thanks for the link. Still not sure what the basis of the assertion is.

If Cerberus defaults on its taxes, or state-backed loans, I guarantee I’ll be equally peeved with them.


#146

Peter Robinson to quit.

bbc.com/news/uk-northern-ire … s-34865441


#147

BBC Spotlight just covered this apparently. Anyone see it?

Apparently it was mainly DUP but Martin McGuinness was also in some of the meetings?


#148

Yeah seen it. Was just about to post. Can someone link it here please. Shocking stuff. Even by our standards.


#149

@Naked Chef, Can you give your summary, thanks. I haven’t seen it yet.


#150

Cushnihan apparently discusses his “finder’s fee” on hidden camera. Snared.

Edit: bbc.co.uk/programmes/b0742jq4


#151

@Naked Chef, Would you say Mick Wallace has been vindicated by the programme?

It sure is interesting to read back over this thread and to see how all attempts to discuss this case were shouted down in the usual manner by the usual contributors. Anyone starting to see the pattern yet?


#152

There’s nothing to “vindicate”. It was clear from the beginning that there was something rotten, and Wallace did us all a service in disclosing it. Doesn’t mean he’s not a tax cheat. And then he went off the rails with his anti-Cerberus stuff, and of course he had a conflict of interest all the time.

Things aren’t black and white. People aren’t “good” or “bad”.


#153

RTE have summarised the programme for proper consumption


#154

NAMA and its banker & PE brethren the scum we all suspected.

But no doubt the usual suspects will continue to assure us “there was no other way”…


#155

So does it sound like the deal was actually fixed, or just that Cushnahan was claiming to be able to fix it to extract a fee but really didn’t actually fix it?


#156

I see NAMA went for the “we were bumbling but honest fools” defence.

Did the fact that Cerebus knew the reserve not set off some alarm bells?


#157

As start NAMA has to now seek the funds from Cerberus. Unless of course they think there may be evidence that NAMA knew about the money…

I really hope we don’t get another bullshit enquiry that takes a year and makes no real findings of fact.


#158

Can someone explain concisely what exactly is the alleged wrongdoing in this case?

In every major business deal including property deals there are arrays of intermediaries or fixers involved who typically call themselves agents or consultants (consider even the chain involved in the transfer of soccer players). These people know how to make a small part of the system work using their knowledge, experience and legal methods or know how to conclude a deal with some of the many parties involved (and there are many parts to large complex property deals) and they take a fee. In a small society like NI practically everyone in the property business will be connected to someone or other.

Cushnahan seems to have set himself up a fixer or an oiler of wheels but what exactly are people alleging he has done wrong apart from being a greedy so and so (unless he or others has used insider information in which case I hope he gets what’s coming to him)? The NI police seem to be investigating the deal and hopefully will prosecute any wrongdoing that may have happened.

NAMA seem to have got a complex and not hugely desirable property portfolio off their hands at the price they targeted. Did any other party offer more? I haven’t seen this alluded to. So NAMA have done the job they set out to do for this portfolio quite properly.

Wallace obviously had massive conflicts of interest with Cerberus rather than playing the role of an innocent or uninvolved observer.


#159

Say what now?


#160

A) Cushnahan was an officer of NAMA until a few months before the deal took place and his initial involvement was while he was still in that role.
B) Cerberus somehow managed to pitch their bid at an infinitesimal (0.08%) amount over the over the supposedly confidential reserve amount. I think it was Namawinelake who compared it to someone selling an apartment with a $124,000 reserve on a sealed bid basis and having someone associated with a former employee of the estate agent come in with a bid of €124,100.
C) Pimco pulled out as a bidder and their explanation suggests that it was because they were getting squeezed for side payments. (NAMA says they were pushed.)
D) The price achieved was apparently contingent on connected NI debtors having their personal guarantees extinguished. If the personal guarantees remained in place it would be expected that the price achieved would be higher.
E) There is a perception that the deal was structured with a winner in mind. The only other bidder seemingly felt compelled to go via the Taoiseach’s office to even get included in the process.