- 13 -
incorporation of a then-dormant corporation, known as Radio Dealers
Leasing, Inc.,4 be amended so as to change the name of the
corporation to RD Leasing, Inc. (RD Leasing).5 RD Leasing was to
become the U.S. company involved in the sale-leaseback transaction
which is the subject of this litigation.
On August 6, 1993, Ms. Ortmann provided Ms. Grossman with a
portfolio of computers owned by Comdisco valued at $94 million
which could be the subject of a cross-border equipment leasing
transaction. The equipment Comdisco proposed to sell and
simultaneously lease back was subject to existing leases between
Comdisco (as lessor) and others (i.e., large corporations and
institutions) as end users. The equipment was also subject to
existing liens securing nonrecourse loans. Some of the existing
leases required the consent of the end user to any sale of the
equipment by Comdisco. A draft of a letter to one of the end
users, dated August 30, 1993, requested written consent to a sale
of the equipment to Norwest Bank Corp. and assured that the
“transfers are subject, subordinate to and in no way alter your
rights under the Lease. Comdisco remains responsible for all of
its obligations as Lessor of the Equipment to the same extent as if
the transfers had not occurred.” Letters dated September 7, 1993,
4 Radio Dealers Leasing, Inc., was organized as a
corporation under Minnesota law on Apr. 20, 1988.
5 NEFI owned all the common stock of RD Leasing during
the years in issue and through the dissolution of RD Leasing in
1997.
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011