Number of Leasing Companies with Norvergence "ERA"

Number of leasing companies that have not settled in New York State is 12.

NY Ag Eliot Spitzer

In the recent press release by New York Attorney General Eliot Spitzer, he announced a total of 711 NorVergence customers from New York receiving a potential of over $16 million in relief, with that latest four agreements, BB&T Leasing Company, Interchange Bank, R-G Crown Bank (d/b/a Crown Bank Leasing), and National Penn Leasing Company, will forgive $2.8 million (90% of the balances on outstanding leases) in payments due from 111 New York customers, who signed long-term contracts with NorVergence.

Here is the correct list of those leasing companies who have not settled in New York State:

Alfa Finance
Celtic Bank
Dolphin Capital
IFC Credit
Insight Finance Group
Liberty Bank
National City Commercial
Partner's Equity
Popular Leasing
Preferred Capital
Sterling Bank
Studebaker-Worthington

The original list of all leasing companies who had purchased NorVergence leases as of June, 2004:

1ABB Equipment Leasing CT
2 Bank One IL
3 BB&T NC
4 CCL – Commerce Commercial Leasing PA
5 Celtic Bank UT
6 Cincinnati Financial Corp. OH
7 CIT Technology Financing NJ
8 CitiCapital NY
9 Court Square Leasing PA
10 Credential Leasing PA
11 Crown Bank Leasing FL
12 De Lage Landen PA
13 Dolphin Capital FL
14 Financial Pacific WA
15 First Corporation
16 First Lease
17 Firstcorp OR
18 GE Capital CT
19 IFC Credit Corp. IL
20 ILC – Information Leasing Corp. OH
21 Insight Financial Corp IL
22 Interchange Capital NJ
23 Irwin Business IN
24 Lakeland Bank NJ
25 Liberty Bank CT
26 Madison Capital IL
27 National Penn Bank PA
28 Norvergence PA
29 OFC Capital/ALFA Financial GA
30 Patriot Leasing PA
31 Penn Bank Leasing
32 PFG Commerical Finance
33 Popular Leasing MO
34 Preferred Capital, Inc. OH
35 Primary Financial Corp. PA
36 Source One Capital
37 Sterling National Bank NY
38 Studebaker – Worthington NY
39 TFC Express Leasing RI
40 Toshiba America Info Systems CA
41 US Express Leasing NJ
42 USbancorp MN
43 Wells Fargo Financial Leasing

Note: Several of these companies have resolved or settled all NorVergence leases at this date. Leasing News asked the Federal Trade Commission attorneys what the number is today, those not resolved. We were told it was confidential at this time, but was over 40.