In the aftermath of the debacle at Atlantic Computers Plc, leasing companies haven’t been slow to express interest in its extensive portfolio with an estimated gross value of UKP1,500m. Perhaps the most interesting of these is Capital Computers, headed by Steve Mason, formerly an Atlantic director. He is best known for his involvement with Atlantic in the heady days when the company appeared to be increasingly successful on the basis of Flexlease. Having spearheaded expansion into the rest of Europe and established a US subsidiary, he is possibly more knowledgeable than anyone else about John Gunn’s poisoned gobstopper. Mason says that he can foresee someone with knowledge of the leasing industry and acknowledged by the industry as an experienced figure assuming the day-to-day management reins at Atlantic. He has confirmed that he is negotiating with the Administrators at Atlantic, but it appears that he is not the only game in town. Mason believes that a management team would be in a position to reassure nervous bankers and lessees by restoring financial stability and flexibility. Mason seems to attract speculation, and there have been suggestions that he was more interested in buying up Atlantic’s mid-range portfolio. AS/400 and System 36 machines constitute 60% of Capital’s portfolio, DEC equipment is around 20%, and there are fewer than five 3090s. Mason believes that 4381 and 3090 machines will run out of steam by the early 1990s, but the AS/400 is well positioned for the rest of the decade. However, he denies that Atlantic’s AS/400 business would be of significant benefit to Capital Computers. It’s difficult to quantify, and some sources suggest it was virtually negligible. Mason insists that Atlantic Computers was a healthy concern when he resigned in 1987. He says that the business went awry not because of the inherent instability of Flexlease contracts, but because the management team that superseded him was ignorant of the intricacies of leasing, as was John Gunn’s British & Commonwealth. Mason denies that the success of Flexlease is dependent on a never-ending succession of fools combined with a financial juggling act by the lessor. Which is good thing since Capital’s new lease offering incorporates Flexlease-type features. He says that in so far as any business depends on continued orders, Atlantic was as much a pack of cards as Ford Motor Co. – Janice McGinn