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loans.
Initially, the transaction which is the subject of this
litigation was to involve Intared I (the entity formed by potential
Swiss investors Hans Humbel and Egon Riesterer). As of September
23, 1993, Mr. Campbell was evaluating the transaction with Intared
I. By September 25, 1993, however, the Swiss investors had pulled
out of the deal, and thereafter, Andantech, with Mr. Parmentier as
the member holding the largest interest, was to be the borrower.
On September 28, 1993 (at the time the leveraged sale-leaseback
transaction was scheduled to close), a UBS loan officer in New York
(David Bawden) refused to approve the loan to Andantech.15 Mr.
Bawden requested references as to Mr. Parmentier’s character. Mr.
Campbell then contacted UBS’s leasing affiliate in Switzerland,
which vouched for Mr. Parmentier’s character. On September 30,
1993, UBS made the bank loan by wire transferring $14,995,931 to
Comdisco on Andantech’s behalf in payment of the purchase price of
the equipment.
The bank loan was for a term of 47 months; however, the Bank
Note contained a mandatory payment acceleration clause in the event
3 percent or more of the ownership interest in Andantech was
transferred. UBS anticipated that the bank loan would be repaid
within 3 months, inasmuch as previous loans made in similar
15 UBS wired $14,995,931 to Comdisco on Sept. 28, 1993,
but the same amount was wired back from Comdisco to UBS on the
same day.
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