List Serve Action Still Hot and Heavy 

by Christopher Menkin

Two new "NorVergence" seems to have appeared.  One is from a former group of NorVergence employees, as noted on another list serve site.

There is a second company, hat some readers are telling Leasing News, is just the same as NorVergence, meaning same premise, cost of equipment, etc.

There is no doubt that the NorVergence customers are victims. The great majority of customers blame leasing companies using all types of names as if the leasing companies are equally to blame with NorVergence. 

They believe the leasing companies are the “villains” and “enjoying all the profits.”  

Those on the list serve who appear not as in a “panic” believe they should have been better protected by the leasing companies as they relied on the those financing as to be more knowledgeable, more protective in helping their customers "chose" the right equipment and "value" of what they are "financing."  Furthermore, they cite, if the leasing companies had done their "due diligence" and not trusted NorVergence with their "representations and warrants," they as lessee would not have entered into the financial transaction let alone be in the predicament they now face. 

Those that signed NorVergence “private label” contracts believe they were misrepresented and the companies who “purchased” the leasing contracts should have none better and not financed the transaction, therefore they should not be made to make payments as the value they received did not exist. 

There is also large group who believe the leasing companies were partners in the profits, and note Eastern Association of  Equipment Lessor's past president Robert J. Fine's involvement. 

The comments from Equipment Leasing News President Michael Fleming made to the New Jersey Star Ledger were quoted often, specifically, “"' If I were a small-business person, I would say this was an expensive lesson and I would pay it'." 

Simply, they don't want to pay. The list serve participants believe leasing companies are anti-small business, or at least, have no sympathy for their plight.  Many point out, as did this e-mail:  

“Keep in mind when reading comments that:
The ELA and Mike Fleming:
Allowed Norvergence to join the Equipment Leasing Association Advertised Norvergence almost daily on ELA's daily newsletter Ate, drank and entertained with Norvergence exec's.” 

The internet has become a source for sharing information, in addition to venting  angry and hard feelings. Much of the information is passed on to each of the participants, questions asked and answered, and a general sharing of both good and bad news. 

In addition to the “leads” toward legal representation and action, other information is passed around, including this from the Attorney General of Vermont from one year ago: