- 496 -
payment of the amounts due thereunder was expressly in the nature
of a "nonrecourse obligation", and the payee "shall look solely
and only to the Collateral for the payment and performance" of
Cedilla Invest.'s obligations under the note.
On December 22, 1986, Cedilla Invest. purportedly purchased
certain IBM-manufactured computer equipment from Ben Energy for a
stated purchase price of $2,418,244. The transactional history
of this equipment (aside from the end user lease on the property)
is that on May 31, 1980, Continental Information Systems GmbH
(Continental) sold the equipment to Neptune Leasing Corp.
(Neptune). On the same date, Neptune leased the equipment back
to Continental. Then, on May 31, 1980, Continental assigned its
lease interest back to Neptune. On June 19, 1980, Neptune sold
the equipment and all its interests therein to New England Rare
Coin Galleries, Inc. (NERC). On June 30, 1982, NERC sold the
equipment and all its interests therein to Ben Energy. All of
these transfers were made subject to the end user lease in favor
of an entity located at the time in what was then West Germany.
The stated purchase price of $2,418,244 was, according to
the terms of the purchase agreement, to be paid by Cedilla
Invest. to Ben Energy as follows: $12,000 cash at the time of
the execution of the agreement; a short-term promissory note
payable on May 15, 1987 in the amount of $132,000; and a long-
Page: Previous 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 NextLast modified: May 25, 2011