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On several occasions, from June of 1985 through November of
1987, operating receipts of Nihon Intergraph in the total
cumulative amount of �151,657,808 were deposited into Nihon
Intergraph's checking account at Citibank Tokyo thereby reducing
the balance of Nihon Intergraph's overdraft amount. In essence,
the overdraft privilege on Nihon Intergraph’s checking account at
Citibank Tokyo operated as a short-term line of credit for Nihon
Intergraph.
In 1985, 1986, and 1987, Nihon Intergraph did not perform as
well as expected and incurred net operating losses. By the end
of 1987, the overdraft amount, including principal and interest,
had increased to �823,943,385 ($4,561,066).
The chart below reflects for 1985, 1986, and 1987 Nihon
Intergraph’s gross receipts, net losses, and the incremental
increase that occurred each year in the yen and historical dollar
equivalent balance of the overdraft amount.
Increase in Balance of
Gross Overdraft Amount
Year Receipts Net Loss Yen Dollar*
1985 $ 823,000 $ 1,535,000 �361,572,000 $1,631,724
1986 1,194,000 4,354,000 341,884,041 2,094,214
1987 226,000 2,146,000 120,487,344 835,128
Total $2,243,000 $8,035,000 �823,943,385 $4,561,066
* The dollar equivalent amounts reflected in this
chart reflect historical dollar-yen exchange rates as
they existed at the end of each year or at the end of
each month in which an increase in the overdraft
amount occurred, not the dollar equivalent based on
the Dec. 23, 1987, exchange rate.
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Last modified: May 25, 2011