Cerberus won the bid after Pacific Investment Management Company (PIMCO) withdrew their bid upon realising that a former Nama adviser, Frank Cushnahan (who had resigned from that role in November 2013) was in line for a £5m payment upon the completion of the sale [REF].
Despite learning of these planned payments, Nama did not suspend the sales process, and the portfolio was subsequently bought by Cerberus, who were also represented by Tughans [REF].