Congratulations to the AG's

Incorporated May 21,2000





Lawrence C. Menkin, Publisher
Christopher Menkin, Executive Editor

Advisory Board Members

Wildwood Financial Group, Ellisville, Missouri
Nassau Asset Managmnt, Roslyn Heights, NY.
Bank of the West, Walnut Creek, CA.
Global Financial Services, Manhattan, NY.
Larkspur, California
Great Teleseminars, Shorewood, Minnesota
Kabot Commercial Leasing, Seattle, WA.
Empire Bradcasting, San Jose, CA.
Kropschot Financial Services, Vero Beach, FL.
MSI International, Atlanta, GA.
McCue Systems, Inc. Burlingame, CA.
San Diego Business Journal, San Diego, CA.
Santa Barbara Bank & Trust, Santa Barbara, CA.
Teichman Financial Training, Sausalito, CA.
ICON Securities, N.Y., N.Y./San Francisco, CA.
Brava Capital, Orange, CA.

Instead of criticizing, or both sides saying they “want a better deal” or asking “did we win?--- the words should be one of congratulations to the state attorney generals and their staffs for the settlements they reached in behalf of the complaints they received regarding

NorVergence lease contracts.

Congratulations to Arizona Attorney General Terry Goddard, Florida Attorney General Charlie Crist, New Jersey Attorney General Peter C. Harvey, Illinois Attorney General Lisa Madigan, Massachusetts Attorney General Tom Reilly, New York Attorney General Eliot Spitzer, Texas Attorney General Greg Abbott, and their staffs.

Their accomplishment in a relatively short period of time should be applauded. Remember they went against some very expensive and talented leasing company attorneys who believed they had "hell and high-water" contracts. They believe the facts that the leasing company did not choose the equipment, nor made any warranties or fitness to what was covered in the leasing contract.

In reality, all involved should be commended to ending this mess. It is said in a settlement, neither party is really happy, as neither really wins---but that is what it is about. It is better than going to court and losing. The best business decision is an amicable settlement.

Questions regarding the value of the settlement, meaning just because an agreement was made between the AG and the ones collecting the payment, does not mean the lessee has to accept it. While some lessees want the AG will go back and re-negotiate. That is not done. A deal is made by both parties and does not get changed between the two. Those of us who watch Law & Order should have an idea of how "deals are made" between the parties.

To all the parties involved in the state attorney general's settlements, congratulations for a job very well done in a relatively short period of time!!!


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