TELECOM Digest OnLine - Sorted: NYS AG Spitzer Settles Out More Leases

NYS AG Spitzer Settles Out More Leases

Danny Burstein (dannyb@panix.com)
Fri, 24 Dec 2004 05:29:00 -0500

(and this time I've double checked that I'm posting the correct url...)

"Attorney General Eliot Spitzer today announced settlements with five
leading financial institutions in connection with a widespread
telecommunications fraud involving NorVergence, Inc., a bankrupt New
Jersey-based telephone equipment and service company.

"Under the terms of the agreement, the financing companies will
forgive approximately $11 million in payments due from New York
customers who had signed long-term contracts with NorVergence. Earlier
this month, Spitzer announced a $2 million settlement with GE Capital
regarding similar NorVergence contracts. The $13 million forgiven
under all of these settlements provides relief to more than half of
NorVergence customers in ...

( snip, snip. the rest of the press release gives details as to which
leasing companies have settled, which ones are still reluctant, etc.)

New York. http://www.oag.state.ny.us/press/2004/dec/dec23b_04.html

_____________________________________________________
Knowledge may be power, but communications is the key
dannyb@panix.com
[to foil spammers, my address has been double rot-13 encoded]

[TELECOM Digest Editor's Note: Danny, to the best of your knowledge
are there *still* any business people paying on their Norvergence
'leases' (to financial institutions who were 'holders in due course',
but of course!) or have they all wised up to this and put a total
freeze on accounts payable as was suggested here many months ago?
PAT]

Post Followup Article Use your browser's quoting feature to quote article into reply
Go to Next message: Lisa Minter: "Municipal and State Governments to VoIP Industry: "Deploy VoIP""
Go to Previous message: Doug Krause: "Re: Telecom Terms"
TELECOM Digest: Home Page