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CONTENTS
FINDINGS OF FACT ....................... 7
I. Norwest and Its Affiliated Group ............. 7
A. Norwest ....................... 7
B. NEFI ........................ 8
II. Comdisco and CIG ..................... 8
III. Negotiations ...................... 12
A. CIG’s Initial Discussions With Norwest and NEFI .. 12
B. NEFI’s Credit Approval Presentation ........ 14
C. Financial Projections and Appraisals ....... 16
D. The Foreign Investors ............... 25
IV. Formation of Andantech and the Sale-Leaseback (Appendixes
A, B, and C) ...................... 28
A. The Purchase Price ................ 30
B. The Equipment Lease ................ 31
C. The Bank Loan ................... 37
V. Sale of Comdisco Rents (Appendix D) .......... 39
VI. Mr. de la Barre d’Erquelinnes’s and Mr. Parmentier’s
Withdrawal From Andantech ............... 41
A. Mr. de la Barre d’Erquelinnes’s and Mr.
Parmentier’s Withdrawal of Capital Contributed to
Andantech ..................... 41
B. Transfer of Mr. de la Barre d’Erquelinnes’s
Membership Interest in Andantech to EICI (Appendix
E) ........................ 41
C. Transfer of Mr. Parmentier’s Membership Interest to
RD Leasing in Exchange for Preferred Stock
(Appendix F) ................... 42
VII. Repayment of Bank Loan (Appendixes F and G) ...... 43
VIII. Sale of Computer to End User ............. 44
IX. Comdisco’s Exercise of Early Termination Options .... 45
X. Dissolution of RD Leasing and Andantech ........ 50
XI. Andantech’s Federal Income Tax Returns ......... 50
XII. Respondent’s Determinations .............. 52
A. FPAAs for the 1993 Short Years .......... 52
B. FPAA for the 1994 Taxable Year .......... 53
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Last modified: May 25, 2011