Project Eagle: What was it and why is it in the news?

However, Pimco dropped out of the auction in March 2014 after Nama discovered that Cushnahan had been advising the US firm. Cushnahan had resigned as a member of the agency’s Northern Ireland Advisory Committee the previous October, after he knew that Nama intended selling the loans.

Cerberus, which emerged as the winning bidder after Pimco’s exit, hired Tughans and Brown Rudnick in the closing stages of the auction.Nama and Cerberus denied that Cushnahan was involved in the winning bid, even though the US firm hired the same lawyers with which he was to share the success fee. Cerberus formally assured Nama that no one currently or previously connected with the agency was involved in its bid.

Nama always said that the advisory committee of which Cushnahan was a member had no decision-making powers and was there simply to advise.That Cushnahan and Coulter had approached Brown Rudnick partner Tuvi Keinan in 2012 with a proposal to sell all Nama’s Northern Ireland-linked loans to a single buyer. Keinan approached Pimco, which then contacted Nama in 2013, shortly before Cushnahan resigned from the advisory committee. Nama offered the loans for sale in January 2014.

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