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

NYS AG Spitzer Settles Out More Leases

Danny Burstein (
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.

Knowledge may be power, but communications is the key
[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?

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