Fine Resigns as EAEL President 

The Eastern Association of Equipment Lessors ("EAEL") reports today that its Board of Directors has accepted the resignation of Robert Fine from the position of President for personal reasons. Bob has been President since April, 2003. The Board has elected Arnold J. Hoegler, its past President (April, 2001 through May, 2003) as its President to lead the EAEL until the next President is elected in April, 2005. 

(Editors note: Fine was the NorVergence director of bank and leasing strategic alliances---the liaison for funding sources. He is also listed as president of NorVergence Capital, a wholly-owned financial services subsidiary of Norvergence Inc., a telecom services solution provider with headquarters in Newark, NJ.  It is claimed that NorVergence profits came from selling leases warehoused here on their private label program and then sold to thirty party funding sources, such as community banks and leasing companies including US Bancorp, among others. 

Leasing News has been writing about NorVergence and what readers have been warning for almost  two years.  Here is our October 9, 2003 cartoon, headlined:  Robert J. Fine: 

"We wish Bob well and thank him for his time spent leading this Association for the last 15 months and his service on the Board since 1996", stated Alison Pryor, Executive Director. "Arnie's experience and ongoing commitment to the EAEL will maintain the Association's high level of service and dedication to its members," she said.  

"I am very proud to serve this fine Association of leasing and finance professionals once again" Arnie said. "I have confidence that the current challenges facing our industry will be overcome by the same hard work, good ideas and great people that have worked for us in the past." 

The EAEL Board expects to meet again this week to plan for upcoming events including Expo, which will be held this year on September 27, 2004 in Teaneck, New Jersey. Expo is widely recognized as one of the best and most successful one-day events in the leasing industry. It is open to EAEL members and non-members alike and it is frequently referred to as the only must-attend event of the year for anyone interested in the leasing industry. 

About Eastern Association of Equipment Lessors  

The EAEL is a non-profit trade association serving its members in the equipment leasing industry. The mission of the EAEL is to serve the interests of its members in the equipment leasing industry and to provide educational, professional and networking opportunities. 

Website: http://www.eael.org

Eastern Association of Equipment Lessors
Alison Pryor
Executive Director
amfnyc@eael.org amfnyc@eael.org
phone: 914-381-5830