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Comdisco’s credit rating but did not commit Norwest, NEFI, or RD
Leasing to enter into the sale-leaseback transaction involved
herein.
C. Financial Projections and Appraisals
CIG had a contract with Marshall & Stevens (M&S) pursuant to
which M&S agreed to provide appraisal reports for the computer
equipment in Comdisco’s portfolio. M&S agreed to perform quarterly
appraisals for $1,500 per quarter and to submit to CIG reports
derived from these quarterly appraisals at $300 per report. M&S
sent the reports to James Hastings, a CIG executive. Mr. Hastings
prepared financial analyses (including the modeling of the
economics of transactions CIG proposed), handled various accounting
issues, and worked with appraisers.
When the sale-leaseback transaction involved herein was
proposed, Mr. Hastings used the M&S report to interpolate the
values stated therein to arrive at values relevant to the specific
dates in the proposed transaction. He then presented these
interpolated numbers to Greg Barwick, one of M&S’s appraisers.8
CIG had a letter, dated September 25, 1993, delivered by
messenger to Ms. Grossman, as well as Messrs. Beadie and Steffen.
That letter included red-lined drafts of the documents for the
8 Mr. Hastings prepared an equipment schedule with
current and projected residual values to verify that the numbers
were still “in force as of the date of the transaction in case
the transaction date fell between a couple of quarters”. Mr.
Barwick used Mr. Hastings’ equipment schedule to write his
appraisal report.
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