Next Meeting NorVergence Creditors August 27,2004 

Leasing News printed yesterday the letter from NorVergence's attorney, Bruce Buechler advising Telecom Agent that NorVergence could not meet it debts and therefore went into Chapter 7, as Leasing News predicted in its first news story of events. 

The filing has left NorVergence's customers -- about 10,000 clients throughout the country, most of which are small businesses -- facing service interruptions unless they change their service provider. It also means it is unlikely any of the money owed to the company's former employees will be paid. As of today, there is no one at NorVergence

to assist in the transition. 

The New Jersey Star-Legend reported, "Peter Salzano, NorVergence's chief executive, was present in court yesterday, but had no comment. He showed little reaction throughout the proceedings, even as lawyers and judges effectively closed the company he had run since 2001."

Judge Rosemary Gambardella of U.S. Bankruptcy Court in Newark, New Jersey gave twenty-four hours since no plan was submitted

before allowing creditors to cease their service, meaning the three top telephone companies would be turning off their connection. 

The first meeting of the Chapter 7 creditors will be August 27,2004. 

Here is a form, should you be one of them. 

 http://www.two.leasingnews.org/loose_files/NorVengence_court_docs.pdf 

Unofficial Sprint Statement   

"Sprint DOES NOT intend to terminate service at 5pm Eastern today."  This came from a Sprint manager who was attempting to send TAA a written statement once it was approved by the bankruptcy trustee. The contact said Sprint would contact the Norvergence/Sprint customers via text message over the next week to arrange to switch the service. 

Here is a copy of the actual ruling of the bankruptcy court: 

04-32079-RG NorVergence, Inc.
Case type: bk Chapter: 7 Asset: Yes Vol: i Chief Judge: Rosemary Gambardella

Date filed: 06/30/2004 Date of last filing: 07/15/2004  

Case Summary

Office:  Newark          Filed:  06/30/2004
County:  Essex          Terminated:  
Fee:  Paid          Discharged:  
Reopen:  0          Reopened:  
Previous Term:           Converted:  07/14/2004
Disposition:           Dismissed:  
Joint: n Confirmation Hearing:  
Pending Status: Awaiting Involuntary Answer ,Awaiting Trustee's Report 
Flags: CONVERTED
Trustee: Charles Forman    City: Rochelle Park     Phone: (201) 845-1000  Email: cformantrustee@formanlaw.com 

Party 1: NorVergence, Inc.   (75-3068888)   (Debtor)

Atty: Bruce D. Buechler     Represents party 1: Debtor  Phone: (973) 597-2308
Email: bbuechler@lowenstein.com  

04-32079-RG NorVergence, Inc.
Case type: bk Chapter: 7 Asset: Yes Vol: i Chief Judge: Rosemary Gambardella
Date filed: 06/30/2004 Date of last filing: 07/15/2004  

Docket Information and Related Docket Entries
Case 04-32079-RG Document 66
Filed: 07/14/2004
Entered: 07/14/2004
Entered By:   United States Trustee
Event Name(s):   Meeting of Creditors Chapter 7 Asset
Full Docket Text for Document 66:
Appointment of Trustee. Trustee Charles Forman appointed to case. Meeting of Creditors 341(a) meeting to be held on 8/27/2004 at 02:00 PM at Suite 1401, One Newark Center. Proofs of Claim due by 11/29/2004. (United States Trustee, )