John Estok, Executive Vice-President of IFC Credit: "I would appreciate 48 hours to determine our response. "Thank you." *********************************** John Estok Executive Vice President FIRSTCORP-IFC Credit Corporation The above response was marked sent before we printed the e-mail on Wednesday, but received by us after publication on Wednesday of "Letters--We get eMails," http://www.leasingnews.org/Pages/IFC.htm Rudy Trebels, president of IFC Credit, earlier commented that he did not want to make any comments on matters in litigation. This issue was regarding what Mr. Estok said about Leasing News in court. It then becomes a public issue. Leasing News hopes Mr. Estok follows through with a response, as we prefer to give all sides equal coverage here. Today's email came from the same party in Wednesday's edition, which today we identify today as an attorney in Dallas, Texas. He prefers to use his e-mail address: storageunit@gmail.com. Other parties “involved” in the NorVergene-IFC Credit most likely know who he is. We invited both parties to the news forum. While he prefers to use his e-mail address only, we still will print his comments. When Leasing News withholds a name and prints a comment, we know who the individual is, and if claims are made, we substantiate them before printing them. Those who think we print anything anyone wants to say should know we have been criticized for not doing this, and for printing things without a party signing their name--- when the fact is we do know who the party is that helps give credence to what they say. Leasing News, nor could most of the journalist community exist without their “reliable un-named sources.” "strorageunit@gmail.com" gave us his "summary of the current situation:" "The smart lease companies have already walked away from the mess and have come to understand that they had better look harder at creators of commercial paper. They can't expect people looking to save a dime on phones to be better equipped than themselves to understand the prospects of a business like NorVergence. "They bought 'commercial paper' under a program agreement with a vendor who was scamming them and the end user with a cash-out scheme. It was a hack of the system that made a few criminals some cool money. The lease firms wanted solid commercial paper, the end user wanted discount phone service. "You can't base commercial paper on service. The solution? The Matrix box. It is simply a box that you finance. Nothing more, just a piece of cheap equipment, priced at an arbitrary value based on the services promised to the end user. "Neither the end user or the lease company got what they paid for. The lease industry needs to tighten up their commercial paper procurement process. One lesson is the value of buying portfolios over vendor agreements. They assume the risk when they buy from a vendor, a portfolio buyer is a plausible holder-in-due course. "It would be funny if they hadn't been hammering thousands of Mom & Pop shops trying to make good on their own horrible judgment. What is worse, most of them seem to feel no guilt in their attempts to do so. "They should just leave the old folks alone, cut the Churches and charities loose, and end this fiasco. "They made astounding errors. What really amazes me is that when Tom Salzano ( he and his brother Peter were founders of the company) emerged from the smoke and mirrors at the June 24th meeting (all the reps from LC's sat down with Tom and Pete and some other scumbags and learned that NorVergence was broke and dying). "The lease company reps (Popular Leasing USA, Inc.,OFC Capital, a Division of ALFA Financial Corporation,Partners Equity Capital Company, LLC) who pushed the Chapter 11 were 'outraged' to learn that Tom was really the power at NorVergence, so outraged in fact that they gave the brothers two million more dollars right then and there! Outraged I tell you. "Please." ---- On 07/14/2004 the NorVergence bankruptcy was changed to Chapter 7: "Lawyers for Denver-based Qwest, which is owed $15 million by NorVergence acknowledged receiving $1.1 million from the company shortly before the hearing. But Qwest's lawyer, Jack Zackin, said the telecom giant needed to be paid in full. "NorVergence's attorneys and some of its other creditors argued that granting Qwest's motion to end its agreement would doom NorVergence. It would also allow Qwest to terminate service to thousands of NorVergence customers without warning. "In addition to Quest, Sprint and T-Mobile are among the $30 millions that NorVergence acknowledged in court that it owes. "In addition to representatives from some of NorVergence's creditors, approximately 20 former employees came to yesterday's hearing. Dressed casually, a handful of the employees complained about bounced and missing paychecks." http://www.leasingnews.org/Conscious-Top%20Stories/Novergence_5.htm
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