The collapse of Atlantic Computers, the world’s third largest computer lessor, has left users painfully aware that it is they who will pay for Atlantic’s collapse.
Champagne flowed, party streamers were tossed out of windows and Porsches slipped quietly out of the company parking lot to their drivers’ lavish homes. This was the picture painted by British newspapers, as staff members at Atlantic Computers PLC in Staines, England, learned of the computer-leasing giant’s collapse.
Within hours after the public address system announced to the staff that they were being laid off, there were reports that people walked out the door with PCs, customer lists and paintings. One director was quoted as saying that anything of value not physically locked down disappeared.
Within days, many staffers at Atlantic had found new jobs, mostly in the computer-leasing industry. According to one executive, some of the employees have gone on to other companies that sell leases similar to Atlantic’s Flexlease.
The crash of the world’s third largest leasing company and its London-based parent, British & Commonwealth Holdings PLC, has left in its wake complaints by investors of lost millions and criticisms of Atlantic’s standards that allegedly allowed companies to virtually write their own account of profits and losses.
Despite early warnings from the…