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Comdisco transactions had been prepaid in that timeframe.
V. Sale of Comdisco Rents (Appendix D)
On September 29, 1993, and October 13, 1993, Ms. Ortmann sent
Mr. Beadie drafts of a “corrected lease receivable purchase
agreement”. Mr. Beadie reviewed and made handwritten notations on
these drafts.
Michael Zehfuss is the manager for NationsBank in charge of
Comdisco’s account. In October 1993, he began working on the
transaction in which NationsBank was to purchase a portion of the
rents payable under the lease by Comdisco to Andantech.
NationsBank had established a credit limit (i.e., a limitation
on the extension of credit) of $125 million for Comdisco. The
proposed purchase of rents would have placed NationsBank’s exposure
(without considering demand deposit overdrafts) at $138 million.
Consequently, the transaction required the approval of numerous
NationsBank officers. Because of logistical problems, final
approval for the transaction was not given until October 27, 1993.
NationsBank’s records show that the bank treated the
transaction as a loan to Comdisco and anticipated prepayment by
March 28, 1994. The bank’s records describe the transaction as
follows:
Comdisco has approached NationsBank to provide financing
for a sale/leaseback transaction involving a lease
receivable purchase with Comdisco as the obligor. The
proposed structure is identical to two lease receivable
purchases the Bank funded for Comdisco in September 1991
($10MM related to Astropar L.P) and May 1992 ($35MM
related to Compupar L.P.). Each of these transactions *
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