Norvergence to be liquidated:
Website address: http://www.thedigest.com/articles/166/23.htm
Report: norvergence to be liquidated
Newark, NJ, July 14 (TheDigest.com) - A federal bankruptcy court in New Jersey has decided that VOIP reseller Norvergence should be shut down, permanently.
Judge Rosemary Gambardella ruled today that the company had no reasonable likleyhood of rehabilitation, and should be liquidated via Chapter 7 of the U.S. Bankruptcy Code.
The company's creditors will most likely not receive any monies due them, due to Norvergence's current financial situation, which only grows worse by the day.
The court also appointed Charles J Forman, Esq. As the interim Chapter 7 Trustee of the case. Motions to speed up the bankruptcy process have resulted in a new Chapter 7 hearing being scheduled for tomorrow.
With the case being converted to Chapter 7, it is unknown exactly how long Norvergence customers will continue receiving service. For VOIP customers, service could cease at any time, as VOIP customers do not enjoy the same regulatory protection from sudden disconnection as traditional switched long distance customers do. Barring a last minute emergency order, Norvergence customers should assume that they will soon be disconnected, and take steps to find a new service provider immediately.
We have made court documents from the Norvergence bankruptcy available for public download at http://www.thedigest.com/docs/norvergence/.
Source: The Digest Editors
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