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The following reflects the projected residual values of the
equipment at the early and final termination dates, as set forth in
the M&S, MAC, and ARI appraisal reports:
M&S MAC ARI
Early termination $44,275,948 $48,442,600 $45,334,670
Final termination 25,418,982 34,257,000 26,769,965
Ms. Grossman provided copies of the three appraisal reports to
NEFI’s attorneys, Messrs. Beadie and Steffen.
Ms. Grossman discussed the proposed returns of the transaction
with Mr. Vandermark, who in turn discussed them with Mr. Thornton
(Norwest’s chief financial officer). Mr. Thornton subsequently
approved the transaction.
D. The Foreign Investors
As outlined in the materials provided to Norwest in June 1993,
CIG had discussions with potential Swiss investors, Hans Humbel and
Egon Riesterer, regarding the possibility of their involvement in
a sale-leaseback transaction. Messrs. Humbel and Riesterer
proposed to form an entity called Intared for this purpose. On
September 14, 1993, Comdisco sent Ms. Grossman and Faegre & Benson
copies of “Articles of Organization for Intared I, Limited
Liability Company”. Comdisco’s negotiations with Messrs. Humbel
and Riesterer, however, terminated in September 1993 because
Comdisco was unwilling to sign the tax indemnity agreement they
had proposed. Immediately thereafter, CIG sought other foreign
investors to complete the transaction.
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