- 8 - Mr. Zelazny has been Norcom’s controller since 1987. His responsibilities included, among other things, oversight of Norcom’s day-to-day cash management, preparation of monthly and annual financial statements, and dealings with Norcom’s accountants. Although Mr. Zelazny was involved in dealings with Norcom’s lenders, for the most part he was not responsible for finding potential lenders, negotiating agreements with the lenders, finding additional sources of equity financing, or fulfilling other functions typically assigned to a CFO. Quest’s involvement with Norcom before Mr. Lombardi’s resignation in April 1992 was limited. Quest employees were involved in acquiring Norcom; seeking additional equity financing; obtaining debt financing; renegotiating loan agreements, including both the Bank South and LaSalle lines of credit; and overseeing Norcom’s operations, including its real estate and long-term growth plan. These Quest services were largely provided by Mr. Arnold, Robert Wright, John McColl, and their support staffs. When these services were provided by Quest, there was no written agreement requiring Norcom to compensate Quest. While only Mr. Arnold testified as to the existence of an oral agreement between Quest and Norcom, numerous Quest employees testified that Norcom was not paying Quest because at that time payments were not permitted by Norcom’s lenders. In fact, noPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011