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Mr. Lombardi resigned in 1992. Instead, Norcom looked to Quest
to carry out the duties of a CFO.
Since acquiring Norcom in 1987, Mr. Arnold has assigned a
high-ranking Quest employee with expertise in financial and
investment issues to oversee the financial management of Norcom.
Initially, Robert Wright provided such oversight. On or about
the time of Mr. Lombardi’s resignation in 1992, Mr. McColl served
this role, and Quest substantially increased the services it
provided to Norcom. In 1994, Robert Espy became the Quest
officer responsible for management of Norcom’s finances. During
1995 and 1996, Mr. Espy and his staff were actively involved in
Norcom’s financial management.
The services Quest provided to Norcom from 1987 through 1996
were mostly financial and investment advice. These included
consulting on Norcom’s bank loans, financing of equipment,
leases, acquisition and sale of real property, and development of
business plans. Quest played a critical role in negotiating
Norcom’s consolidation of its operations from four facilities
down to a single, larger plant, which was accompanied with a
sale/leaseback of the new plant. Quest personnel also reviewed
Norcom’s monthly and annual financial statements, as would a CFO.
Quest hired at least two high ranking Norcom officers: Mr. Cross
as president in 1992 and Mr. Rahn as president in 1993. Quest
personnel typically were not involved in the day-to-day
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Last modified: May 25, 2011