NEVITT, SILVERMAN

Posted by Cathy Gowdy on Saturday, September 09, 2006 at 05:13:42 :

San Francisco Chronicle
Saturday, November 23, 2002
Section A, page 19

PETER NEVITT -- expert on equipment leasing
by Harriet Chiang, Chronicle Staff Writer

San Francisco -- Peter Nevitt, a San Francisco financier who gained international prominence as one of the pioneers of tax-driven leases of aircraft, trains and other capital equipment, died Monday of cancer.

Mr. Nevitt, who was 75, died at his home in Kentfield.

For 10 years, he was the CEO of Mitsui Nevitt Capital Corp., one of the major leasing companies in the United States, until he retired in 1998. Mitsui is a subsidiary of Mitsui Leasing and Development in Tokyo, one of the major leasing companies in Japan.

From 1977 to 1988, he was president and eventually chairman of BankAmeriLease, which was comprised of Bank of America's leasing subsidiaries. Under his leadership, the company became one of the most successful equipment leasing companies and brokers in the world.

Prior to joining Bank of America, he founded Chicago Leasing Corp., which quickly grew to become one of the largest leasing companies in the United States and the United Kingdom.

He was regarded as the inventor of leveraged and synthetic leases, helping countless companies optimize their balance sheets and minimize the tax consequences.

He wrote more than 100 articles articles and booklets on equipment leasing and co-authored three editions of the book "Equipment Leasing."

He was born and raised in a small farming community in Illinois. He earned his undergraduate degree and a law degree from Northwestern University. He served in the military at the end of World War II and during the Korean War.

After practicing law in Chicago, he became a vice president of the Greyhound Corp. In 1967 he helped found GATX Leasing Corp.

He is survived by his wife of 51 years, Marjorie; five children -- Dr. Courtney Nevitt-Silverman of Olympia, Wash., Andrew Nevitt of Aptos, Cornelia Nevitt of Woodacre, Dr. Gabrielle Nevitt of Davis, Dr. Adam Nevitt of Madera -- and nine grandchildren.

A memorial service will be held Saturday, Dec. 8 at 2 p.m. at St. John's Episcopal Church, 14 Lagunitas Road, Ross. Donations may be made to the Hospice of Marin Foundation, 21 Tamal Vista Blvd., Suite 101, Corte Madera, CA 94925.