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NAMA threatens NamaWineLake


Mr. Magpie

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NAMA threatens injunction against NAMAwinelake blog | NAMA Wine Lake

This evening, communication has been received from Hayes Solicitors, acting on behalf of NAMA, threatening that unless a commitment is given not to publish the table referred to in this blogpost, then NAMA will seek “injunctive relief” to prevent such publication. The table referred to in the blogpost on John Fraher’s affidavit purports to show 103 loans with the name of the borrower which in some cases is an individual or group of individuals and in others is a company or business. Each of 103 loans shows “Full due diligence nominal value local currency” and “final acquisition value, euro” or in layman’s terms what appears to be the par value of the loan and the NAMA valuation. Remember NAMA has acquired €74bn of loans at par value and paid 43c in the euro on average, or €32bn in total.


The offending article:

NAMA provided reams of confidential financial information to third parties – affidavit

NAMA provided reams of confidential financial information to third parties – affidavit | NAMA Wine Lake


What is exceptional is that John’s affidavit reveals evidence that NAMA is sharing, or at least shared in John’s case, details of loans owing by people connected to John, but also people unconnected to John directly but merely connected to borrowers who are in turn connected to John. Not just that, but NAMA seemingly disclosed not just the par value or nominal value of the loans but the value at which the loans were acquired by the Agency.
So it looks like Nama leaked info, and then NAMA is threatening some for publishing said info.
 


ManInTheArena

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Are they afraid to show the valuation given to some loans vis a vis others, and if so, why?
 

b.a. baracus

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Are they afraid to show the valuation given to some loans vis a vis others, and if so, why?
If you are selling a car and the person knows you bought it for 5k their bid price will be structured accordingly. They know you will be making money at €5.5k so are likely to bid low.
 

cyberianpan

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And it is to be noted that NamaWinelake is acting honorably, and redacted some of the the information pre-publication, and is now seeking Data Protection Commissioner guidance on it.

At the very least I hope Nama thought long and hardd before bringing this threat against NamaWinelake, who has performed a sterling public service in general

cYp
 

Mr. Magpie

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Are they afraid to show the valuation given to some loans vis a vis others, and if so, why?
Because it puts then in a bad negotiating position and by releasing the info, they may have broken the law themselves. This does not show them in a good light.

It may show how fubared NAMA is. Remember when all of NAMA's losses are realized they will be born by the suckers.
 

Didimus

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And it is to be noted that NamaWinelake is acting honorably, and redacted some of the the information pre-publication, and is now seeking Data Protection Commissioner guidance on it.

At the very least I hope Nama thought long and hardd before bringing this threat against NamaWinelake, who has performed a sterling public service in general

cYp
Actually I think they are saying that the information disclosed involved a breach of privacy of third parties, that as such they will not publish it, but will forward on what was given to them to the DPC to allow him to make a determination and to take action if the material involves a breach of the Data Protection legislation.
 

Nemesiscorporation

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NAMA threatens injunction against NAMAwinelake blog | NAMA Wine Lake

The offending article:

NAMA provided reams of confidential financial information to third parties – affidavit

NAMA provided reams of confidential financial information to third parties – affidavit | NAMA Wine Lake

So it looks like Nama leaked info, and then NAMA is threatening some for publishing said info.
I hope Nama wine lake wins through on this.

Nama wine lake is far from perfect, but it has been performing a spectacular public service.

NAMA has resisted attempts to open it up to freedom of information disclosures. It is purely paid for by the Irish tax payer so should be held to scrutiny by the Irish tax payer.

Nama wine lake is performing a vital public service by holding NAMA up to scrutiny. There published facts are an important public service in my opinion.
 

Spanner Island

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Ever since the first day I heard about NAMA and what it was going to be, I knew it would simply be another massive state run quango without any accountability, that it would go on for years (if not decades), that it would be stuffed to the hilt with vested interests and 'establishment' cronies and that it would cost us all a f***in' fortune...

NAMA is simply another unaccountable state monolith which should never have existed in the first place and which needs to be obliterated ASAP...

It is a massive scam. Simple as.
 

dresden8

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That's where our 2 billion for legal fees is going.

But sure, cut the clerical officers, the greedy bastards.
 

Didimus

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I hope Nama wine lake wins through on this.

Nama wine lake is far from perfect, but it has been performing a spectacular public service.

NAMA has resisted attempts to open it up to freedom of information disclosures. It is purely paid for by the Irish tax payer so should be held to scrutiny by the Irish tax payer.

Nama wine lake is performing a vital public service by holding NAMA up to scrutiny. There published facts are an important public service in my opinion.
NWL has accepted that there are privacy issues and has referred the document to the DPC. The issue seems to be that information released to an individual by a person working for NAMA may have breached data protection regulations.
 

Nemesiscorporation

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NWL has accepted that there are privacy issues and has referred the document to the DPC. The issue seems to be that information released to an individual by a person working for NAMA may have breached data protection regulations.
Which NAMA is trying to blame an innocent blogger for, who had the decency to refer it to the DPC, which NAMA clearly had not the decency to do.

NAMA is trying to blame someone else for its mess.
 

Analyzer

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NAMA wine lake / Macholz, should not be surprised to be at the receiving end of threats from the institutional state.

NWL penned a very good critique of the GDP/GNP statistics from the CSO, and the dishonest media and government coverage of the said statistics release.

That is exactly the sort of opinions that piss off both the compromised media, and the institutional state.
 

cyberianpan

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I hope Nama wine lake wins through on this.

Nama wine lake is far from perfect, but it has been performing a spectacular public service.
.
I'm not sure what a "win" for NamaWinelake will look like

If the information should be confidential, then Nama will be granted an injunction, and this will make Nama WineLake look bad, even though he is asking the DPC about it

cYp
 

cyberianpan

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NWL has accepted that there are privacy issues and has referred the document to the DPC. The issue seems to be that information released to an individual by a person working for NAMA may have breached data protection regulations.
Actually it is more than that. Nama appears to have unecessarily released commercially sensitvie information in their discovery...which makes you wonder how often has this happened in the past and has anyone gained from it ?

cYp
 

Analyzer

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dunno

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NAMA's next and final act should be advise the government that it should be wound up. Not that this is likely to happen given its threats to a blogger who is behaving very correctly with information that has come into his possession. Additionally, providing an artificial bottom to the property market and certain fortunate segments of the professions, is never wise.
 

Didimus

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Which NAMA is trying to blame an innocent blogger for, who had the decency to refer it to the DPC, which NAMA clearly had not the decency to do.

NAMA is trying to blame someone else for its mess.
Not sure many people refer themselves to DPC but NWL has behaved reasonably.
When NWL posted this comment in the original blog piece " The affidavit is here but the attached table is being withheld for the time being until privacy issues are more fully considered" I would have hoped that NAMA might have had a conversation with NWL before calling in the lawyers.
 

emulator

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Nice.

He has reported them to the DATA Commissioner. That's probably not something they were expecting. On reading it it looks like they themselves have leaked information.... we'll wait and see what happens next.

I wouldn't mind seeing the "master spreadsheet" they were all talking about when that NAMA employee was emailing information all over the place.... oh, and buying houses too.
 

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