- 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 Next
Last modified: May 25, 2011