Not only does he blow away the company, but he also blows away his top executives:
Repercussions from Comdisco Inc.'s corporate
bankruptcy might resonate in the personal
bankruptcies of dozens of top Comdisco
executives.
More than 100 Comdisco executives could be
facing personal bankruptcy as a result of a
''shared investment plan'' in which they tied their
personal fortunes to the company's success.
The execs borrowed about $1 million each three
years ago to purchase shares at $17 to $20
each.
Comdisco has been one of the pillars of
Chicago's tech scene.
With a $5,000 loan from his father, Kenneth
Pontikes, a former IBM salesman, started
Comdisco (short for Computer Discount Co.) in
1969 to lease used IBM mainframes. Pontikes
died from cancer in 1994.
The company had its ups and downs over the
years. About 10 years ago, it took a stab at gas
and oil exploration.
In the early to mid-1990s, Comdisco returned to
its original business and began a turnaround as
it trimmed its workforce and became the largest
independent computer services company in the
world. It also moved into leasing personal
computers and medical equipment, such as
reconditioned CT scanners.
Under Nicholas Pontikes, 36, son of the
founder, Comdisco increasingly became
involved in Internet-related ventures, including a
high-speed data network and leasing equipment
to start-ups. The company was clobbered when
the high-tech economy bubble burst last year.
Nicholas Pontikes resigned in December,
saying the company required an experienced
executive at the helm.
Comdisco Inc. eliminated its quarterly dividend
in May as it announced $54 million in losses in
the second quarter, compared with a $43 million
profit during the same period the previous year. |
