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February 03, 2011
Brattle Principal Michael Cragg Provides Expert Testimony in Successful Supreme Court Appeal Against Ireland’s National Asset Management Agency (NAMA)
In a case challenging the legitimacy of the Irish government's response to that country's banking crisis, Eugene F. Collins, Solicitors at Law in Ireland, engaged Dr. Michael Cragg, a principal of The Brattle Group, and his frequent collaborator, Nobel prize winning economist Dr. Joseph Stiglitz, to provide economic support for an appeal on behalf of their client, Paddy McKillen. The appeal aimed to prevent the Irish state agency NAMA from seizing €2.1 billion in loans that were secured by an extensive portfolio of commercial properties owned Mr. McKillen, a leading Irish investor. The appeal was successful and a seven judge court unanimously ruled today that NAMA made no valid decision in December 2009 - or since then - to acquire Mr. McKillen's loans. In a prior round of this case, the firm had retained Dr. Stiglitz, Dr. Cragg, and Brattle senior consultant Mr. Joseph Belanger to evaluate whether the agency's seizure of the McKillen loans was economically appropriate, given Irish economic conditions and the condition of the McKillen loans themselves. According to an article in the Irish Times, legal sources believe that the impact of today's court decision is that NAMA will need to start the entire process again if it still wants to acquire the loans. For additional information, please visit the Irish Times website.