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Friday, July 16, 2004
Headlines---
Apology
to Greg Rieke, Genesis Commercial Capital
Cartoon---First
NorVergence Creditors Meeting
Quest Cuts NorVergence
Users Off
Next Meeting NorVergence
Creditors August 27,2004
Campaign
to Stop Leasing Company Payments: NorVergence
Telecom Agent Association
Advice: NorVergence
ORIX Appoints Roeder
Senior Vice President
AmSouth
Board Announces Quarterly Dividend
Equipment Finance
Attorney Joins Vedder Price
######## surrounding the article denotes it is a “press release”
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Apology to Greg Rieke, Genesis
Commercial Capital
by Christopher
Menkin
It is our error to have included
Genesis Commercial Capital, Irvine, California, in the Leasing News
Complaint Bulletin Board, primarily because we were under the impression
we were speaking to the spokesman for the company.
The person who signed the e-mails,
and who we spoke to on the
telephone, never identified their
title. The fact is the president
Greg Rieke was on vacation.
Upon his return, he discovered
this much to his surprise.
His company has always had an excellent
reputation, and
many of his employees are readers
and contribute. The error
was not identifying the spokesman
on Leasing News's part.
We apologize to Mr. Rieke and his
company for this error.
To compound this further, I also
never made the connection
with Eric Sidebotham, perhaps their
top salesman, who
participated in the United Association
of Equipment Leasing
“Top Gun” Panel we hosted at their
San Diego Conference.
Mr. Rieke to prove his good faith
is returning the advance
rental, although he does not believe
he legally needs to do
so. He wants to clear up any
question of ethics. We
asked him for a statement:
"Genesis Commercial Capital is a company built
on integrity, and as such, we're very proud of the excellent reputation
we maintain within the broker, lender, and business communities.
Rather that spend valuable time debating the inaccuracies of J &
E Salvage's dispute, we will overnight a refund in full today.
We believe this is the best course of action for both the reputation
of Genesis Commercial Capital and the leasing community."
"In addition to my statement, I would ask that
you convey a few important points to your readers.
Here they are:
"#1) The original statement published in your
newsletter was not issued by the President of Genesis Commercial Capital.
Rather, it was an unofficial statement obtained from an individual within
our collections department.
"#2 Genesis Commercial Capital did in fact have
a credit approval secured with a legitimate lender on the J & E
Salvage transaction. I will share the name of this lender with
you off-line if you like, but it's important to me that their identity
is protected in this matter. Also, Genesis Commercial Capital
did originally offer to refund part of the lessee's deposit, but Mr.
Darlington wanted a full refund or nothing.
"#3) Mr. Darlington's characterization represents
only one viewpoint. I imagine Harbor Capital, Nationwide Capital,
and Genesis Commercial Capital would have entirely different viewpoints
that would have merit."
Sincerely,
Greg
Rieke, CLP
GeNESIS COMMERCIAL
CAPITAL
"Equipment Leasing and Financing"
Voice: (949) 851-3036 x202
Fax: (949)
419-0116
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Sales Manager: New York, NY
I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc..
Email: rfleisher@rsrcapital.com
Pennsauken, NJ.
17 Years Leasing in all capacities from CSR and Collections to National Sales Management and Vice President Vendor Development. Exceptional People Skills. Many industry references.
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18+ yrs w/bank leasing company. Supervised 14- 20 sales people. Willing to relocate for the proper position.
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Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage.
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full list of all jobs wanted at:
http://64.125.68.90/LeasingNews/JobPostings.htm
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Cartoon---First NorVergence Creditors
Meeting
--------------------------------------------------------------
Quest Cuts NorVergence Users Off
According to the Telecom Agents Association:
Thursday, 6pm Eastern - Norvergence
800 Numbers Going Down
Norvergence customers are reporting
that the new 800 numbers assigned to them by Norvergence have stopped
working.
Unofficial Qwest Statement
"Qwest does not have a contractual
relationship with Norvergence's end user customers and we are unable
to provide service to their customers directly. Norvergence customers
should contact another telecommunications provider to discuss options
for service. Qwest cannot transfer services provided to Norvergence
to other telecommunications providers because the US Bankruptcy Trustee
controls Norvergence's assets."
Newspaper reports there are 7,000
Qwest-NorVergence customers
and it will take several days to
turn them all off. NorVergence
in its marketing material claims
10,000 customers, almost all
on an equipment leasing contract
sold to a third party. It is
claimed their profits came from the
sales of these contracts.
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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.
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, )
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Campaign to Stop Leasing Company
Payments: NorVergence
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http://finance.groups.yahoo.com/group/norvergence/