NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
In This Issue
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Recovery of LBO Fraudulent Transfers: Can § 546(e) Be Circumvented? by Deborah L. Thorne1, Barnes & Thornburg LLP
Recovery of LBO................ 1 Member Profile................... 3 Complimentary Registration ........................................ 5 Legislative Session............. 6 International Corner........... 8 ITSBM Scholarships............ 9 NOF Scholarship Funds....... 10 Scholarship Recipient and New Designee’s......................... 10 BCLC Webinars................... 11 Education Schedule............ 11 New Members.................... 12 Job Postings...................... 13 Contacts............................ 20
T
he economic optimism and greed of the last decade and the resulting leveraged buyouts (LBOs) placed a number of companies in dire financial situations. While management and shareholders reaped the benefits of LBOs, unsecured creditors were denied their share of the largess. Frequently, transfers to shareholders and management siphoned out so much cash that even if the company was not insolvent at the time of a stock redemption, it was left with insufficient capital to operate as a going-concern. As a result of certain LBOs, companies collapsed under the weight of their debt, leaving unsecured creditors to attempt to recover fraudulent conveyances made to shareholders and management. Among the most notable is that involving the failed LBO of the Tribune Co., the publisher of the Chicago Tribune and Los Angeles Times and former owner of the Chicago Cubs. The Tribune Co. was burdened with nearly $9 billion of new debt through a complicated LBO in 2007. Less than one year later, it filed for chapter 11 relief in an effort to reorganize the financial ruin in which it found itself due in large part to the LBO.2 The out-of-the money creditors determined that the payments to the former shareholders receiving transfers at the time of the LBO should be recovered for the benefit of the unsecured creditors and filed an action seeking recovery of the transfers.3 The unsecured creditors’ committee also filed adversary proceedings, one seeking to recover transfers made to the redeeming former shareholders and a second proceeding to recover transfers made to certain lenders.4 In other cases, unsecured creditors recovered or are attempting to recover transfers made to “old” equity as fraudulent transfers at the time of the LBO.5 Many of these attempts have been attacked, and some thwarted, by the assertion of § 546(e) claiming that the transfers were “settlement payments” that qualified for statutory “safe-harbor” treatment. Section 546(e) does not offer the broad protection claimed by former shareholders. ...continue on page 17 3 4 1
The author thanks Rebecca Workman and John T. Gregg of Barnes & Thornburg LLP for their comments and constructive criticism for this article.
2
In re Tribune Co., et al., Case No. 08-13141 (KJC), Jointly Administered (Bankr. D. Del.).
5
Wilmington Trust Co. v. JPMorgan Chase Bank NA, No. 10-50732 (Bankr. D. Del. March 4, 2010). Official Committee of Unsecured Creditors v. Fitzsimmons, Adversary Nos. 10-54010, and Official Committee of Unsecured Creditors v. JPMorgan Chase Bank NA, 10-55969 (Bankr. D. Del.). Official Committee of Unsecured Creditors of Quebecor World (USA) Inc. v. American United Life Insurance Co. (In re Quebecor World (USA) Inc.), 435 B.R. 201 (Bankr. S.D.N.Y. 2011) (payments involved transfer of cash to complete securities transaction and were “settlement payments” that qualified for statutory “safe harbor” treatment); QSI Holdings Inc., et al. v. Alford, et al. (In re QSI Holdings Inc.), 571 F.3d 545 (6th Cir. 2009) (shareholder payments qualified as “settlement payment” for purposes of § 546(e) barring trustee’s avoidance). See also Geltzer v. Mooney (In re MacMenamin’s Grill Ltd.), 450 B.R. 414 (Bankr. S.D.N.Y. 2011) (payments to former shareholders in closely held corporation received in connection with LBO were not “settlement payments” because such payments did not disrupt the securities’ market so § 546(e) did not apply).
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
April 2012
Fax 503.257.0247
116th Annual Meeting Morning Educational Session “Bankruptcy Law Update” 8:30 - 11:30 a.m. Join Wanda Borges, Esq., Borges & Associates, LLC, as she brings you up-to-date on current bankruptcy law for 2012 and changes you need to know to make confident credit and collections decisions. Annual Meeting & Lunch 11:30 a.m. - 1 p.m. Rod Wheeland, CCE/CAE, President, NACM Oregon, will review the 2011 financial results, followed by the election of NACM Oregon Directors. Members may bring business they wish to discuss. Cindy Robert, Rainmakers, LLP, will discuss current legislative information and what has been done in Salem during this session to create jobs, reduce unemployment, and improve education and healthcare.
Thursday, April 26, 2012 Morning Educational Session: 8:30 a.m. - 11:30 a.m. (.3 CEU) Annual Meeting and Lunch: 11:30 a.m. - 1 p.m Embassy Suites - Portland Airport Ample complimentary parking on-site! Morning Education Session: $95 First delegate: Complimentary annual meeting and lunch. Additional delegates for annual meeting and lunch: $40 To register contact Elizabeth Heintz at 971.230.1120 or eheintz@nacmoregon.org.
www.nacmoregon.org
Spe ci Offe al r!
About Our Speakers Wanda Borges, Esq. is a partner in the New York law firm of Borges & Associates, LLC. She concentrates her practice on commercial insolvency matters, representing corporate creditors and creditors’ committees in Chapter 11 proceedings and out-of-court settlements. As a member of the Executive Council of the Bankruptcy and Insolvency section of the Commercial Law League of America, Ms. Borges is a case note editor of that section’s newsletter. She has become a regular lecturer for NACM National and its affiliates on bankruptcy issues and creditors’ rights. Ms. Borges has authored a number of articles on commercial law and bankruptcy for various professional credit organizations and is co-author of the book, “Out of the Red and into the Black: A Credit and Collection Guide for Radio.” Ms. Borges is an instructor at the NACM Graduate School of Credit and Financial Management at Dartmouth College and at the National Credit Congress. The founding of Rainmakers has allowed Cindy Robert to combine government experience with her quest to make long-term significant difference in public policy that goes beyond politics. After 14 years as a partner in a firm, in 2004 Cindy left to open her own government strategies company, Rainmakers, LLP. Rainmaker’s clients have ranged from local governments to nonprofits, from Fortune 500 businesses to campaigns.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Member Profile Boyd Coffee Co. A Singular Coffee Company
T
he pairing of long, wet northwest winters and coffee is a trend that can trace its roots to the turn of the last century. In 1900, P.D. Boyd, an immigrant from New Zealand, bought a horse from a brewery for $5 and started selling coffee, tea, and spices around Portland from his horse-drawn wagon. Over one hundred years later Boyds is one of the largest roasters in Oregon—though still considered “mid-sized” compared to the national level—with over 300 employees who roast several million pounds of coffee a year. The same pioneering spirit that inspired P.D. Boyd to strike out with a horse and a cart has followed his company throughout the years. In 1918, Boyds was the first U.S. coffee company to loan coffee brewing equipment to their restaurant and food service customers. They started another trend in 1961 when they were the first company to use paper filters in restaurant coffee makers; once again the industry catalysts. In 1982, Boyds introduced the airpot brewing system, which has saved a countless amount of electricity as heating elements are no longer required to keep coffee warm for long periods of time.
Becky Ertler, Credit Manager
Quality is a tradition at Boyds, and it starts well before the coffee is delivered to the cup. The position ultimately responsible for their coffee’s quality is the head of Coffee Operations, which is a position held by only six people over Boyds’ 112-year history. P.D. Boyd, his son R.P. Boyd, Ed Perry, Veda Younger, Ron Roecker and Randy Layton—who is the current Vice President of Coffee Operations—have carried on the tradition of leading the cupping (tasting), buying, and blending of what is ultimately enjoyed by the consumer. The apprenticeship for this position—which fourth generation family member, Michael Boyd, is currently undertaking—can take 10 years or longer. Though the overall quality of Boyds Coffee may rest with Layton and his team, the people who represent that quality to their customers is Boyds’ sales team. As a reflection of this level of personal responsibility, 32% of their workforce study and become Specialty Coffee Association of America (SCAA) Certified Brewing Technicians. Those certified are able to educate Boyds’ customers and, in some cases, help customer employees complete the certification process as well. One of the key ingredients in Boyds high-level of quality is the company’s size. Their “Goldilocks” market position means they can purchase full lots, without having to always buy multiple lots to keep the roasters full (a less-selective option) or getting stuck with the leftovers not bought by large roasters. ...continue on page 4
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Member Profile, continued from page 3 This high-level of selection means they purchase, on average, about one lot out of every ten that are tasted. Yet they can still buy coffee by the container. With about eighty percent of their coffee coming in via the Port of Portland, this is a double win for both product quality and the bottom line. As Boyds’ Credit Manager, Becky Ertler is very familiar with Boyds’ bottom line. She’s been with Boyds for almost fifteen years, but points out that her company’s history with NACM goes well beyond her tenure there. Boyds joined NACM Oregon in 1941 with member number 42. Ertler started her career in accounting at another family-owned Portland company. She heard about the opportunity to work at Boyds and spoke with friends working at Boyds. They told her about the excellent work environment and the pride they had in their products. Ertler joined the Boyds team and hasn’t looked back. Almost fifteen years later, Boyds is still held in high regard by its employees. “All the way around it’s a great place to work,” Ertler says. “I like the family atmosphere. They are all awesome people, from my team members to the owners to our customers,” some of which have been customers since the 1950s. In fact, the Portland Business Journal took note of their customer reputation last December when it recognized Boyds as one of Oregon’s “Most Admired Companies.” Just like each cup is a singular representation of the entire coffee making process: from grower to taster to buyer to roaster, Boyds is a single name that represents the plural nature of their business and, especially, their quality.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Complimentary Registration 2012 NACM Credit Congress NACM Oregon is pleased to provide a complimentary registration for the 116th Credit Congress and Exposition, held on June 10-13, 2012, in Dallas, Texas, for first-time attendees.* If you’ve never attended the Credit Congress, we encourage you to take advantage of this opportunity. This registration is valued at $819 and will be awarded at the Annual Meeting on April 26, 2012. You must be present to win. To register for the annual meeting and promotion, contact Elizabeth Heintz at 971.230.1120 or eheintz@nacmoregon.org.
If you have been awarded a scholarship from other organizations to attend the 2012 Credit Congress, your name will be removed from this promotion. *NACM Oregon members only
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
2012 Legislative Session by Cindy Robert
O
regon’s first Constitutionally required annual session ended just short of the 35-day limit. More than 300 bills were introduced and just under 150 were passed. Press and interest groups are calling this first annual gathering a success, but I have concerns. This annual short session was compelled by a need to deal with budget issues. After all, the legislature is asked in the long session to develop a two-year budget without a crystal ball. This even-year session allows adjustments to happen. It also seems appropriate to use this session to deal with emergency situations that require statutory changes, which cannot occur in the Emergency Board process. Yet, many of the policy bills introduced were not budget-oriented and were not the result of an emergency. Several were ridiculous, some too complicated for the short timeline, and many were clearly for campaign collateral purposes (the primary begins just weeks after close of session). I hope that for future even-numbered session, the legislature will introduce rules for itself that severely limit what issues can be addressed. Let’s save most of the policy issues for our longer, odd-numbered year assemblies. Winner The Governor. All of Dr. Kitzhaber’s bills moved through the session and finally to his desk for signature. Health care and education transformations bills were passed with bipartisan support. Loser Jobs. The budget, the economy, and jobs were the centerpiece of legislator conversations in their districts. But only one issue that has the potential to actually create jobs survived—Enterprise Zones.
Rebalancing the Budget Since the budget was approved in June of last year, Oregon’s revenue estimates have decreased $340 million. With interim forecasts projecting shortfalls, the legislative leadership directed state agencies to cut 3.5% of their budgets last fall. This move meant that drastic cuts did not need to be made in the 2012 session, and some programs were even restored. Budget highlights: • $28 million in cuts to agency middle management made • One-time Phillip Morris & Farmers Insurance settlements used to backfill budget • Schools protected from cuts • Prisons kept open • Our neediest citizens will not notice changes with $8.5 million of cuts restored • No new taxes • $100 million for new construction projects for OSU and community colleges • $4 million for flooded Vernonia Schools • $6 million restored to Oregon State Police • Retained ending surplus of $118 million • Rainy Day fund still at $46 million Economic Growth HB 4040—The Oregon Investment Act, will better coordinate how the state allocates business development resources and invests on Oregon businesses. Currently there are several agencies devoting resources to economic growth, but not in a coordinated or target way. A ten-member board will collaborate with local groups and private sector in order to better prioritize public resources and increase transparency. HB 4150—Expands Oregon’s Credit Enhancement Fund to non-traded sector
businesses helping them to gain access to the capital they need to grow. Once only for traded sector businesses, the loan guarantee program will now allow funding of retail and business services. Jobs HB 4093—Increases the number of Enterprise Zones we can have in Oregon. SB 1532—Excludes certain companies that own or lease data centers in Enterprise Zones from central assessment of taxes. Facebook wanted this bill for its Central Oregon facility and passage has people talking about Apple and Google facilities showing renewed interest in locating in Oregon. Education reform Bills passed consolidating early-childhood services, establishing achievement compacts between the state and education providers, creating local governing boards for institutions of higher education, and moving us closer to attaining a federal No Child Left Behind Waiver passed. Healthcare Reform SB 1580—First in nation—integrated health care system for the Oregon Health Plan. Legislation established Coordinated Care Organizations that will focus on patient centered, preventive health care delivered by health care teams. Eventually, this model could be extended beyond the ...continue on page 7
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Legislative, continued from page 6 Medicaid population. HB 4164—The Health Insurance Exchange arose as a result of a requirement in the federal Affordable Care and Protection Act of 2010. The bill is expected to improve access to a centralized insurance marketplace (online) where Oregonians can compare plans, look for tax credits and financial assistance that may be available to them, and even enroll in a plan. Foreclosure Reform In an ongoing, multi-session effort to help Oregon’s homeowners, this bill had a very hard time procedurally and made it to the floor for a vote in closing hours of the session. But once there, it passed easily. SB 1552 requires banks to meet homeowners face-to-face if homeowner asks for one and prohibits banks from changing the date of foreclosure without agreement from the homeowner and from negotiating with a homeowner while also preparing to foreclose.
To review the NACM Tracked Bills click here.
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Cindy Robert is the founder and partner for Rainmakers LLP. She has been lobbying the Oregon State Legislature for almost two decades, with clients ranging from local governments to fortune 500 businesses to nonprofits. Cindy is an expert in all aspects of government relations, legislative strategy, campaign development and advising, organizational development and governance structure, corporate partnership and leveraged packaging.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
International Corner, by Alice Knight Why? Why? Why? If you have been
around little ones lately you know that this is often a never-ending litany. Why (there’s that word again) do we often lose this curiosity and continue to do things the same old way? Because that is the way we always do it! It is valuable both for the individual and for the company to periodically question “why?” I know of one large firm that has this as a routine part of annual evaluations. Each individual has to justify their job in general and many of the specifics. Other employees can also challenge a policy or procedure. The world of international credit has many overlapping and sometimes conflicting polices and tools. There is often no absolute right or wrong way to do something. Before we can realistically evaluate the “why” of our situation it must first be put into the context of our individual company. What does my company expect me to do? What does the company and my boss, expect my focus and priorities to be? What are the company’s priorities? Be aware that the stated or written priorities and goals do not always coincide with day-to-day reality. Is the company’s priority to increase sales at any cost? Is it to improve DSO? Is it to improve the quality of A/R for financing opportunities? Is it to standardize operations, increase volume, and decrease head count? This overall context is vital to any meaningful evaluation. How does my role fit into the overall company? How does my role fit? Who supplies information to me? How accurate is
it? What does it really mean? Could I get it faster or easier another way? In another lifetime, I worked at corporate for a large multi-national corporation. We owned operating units in 26 countries around the world. Monthly, each operating unit was required to provide a wide variety of information on corporateprovided forms. I received information concerning precious metals, royalties, and sponsorship fees. Most of corporate insisted that their forms be used. I visited the operating units and reviewed the reports they already produced internally and used in their operations. In most cases, I could get all the information I needed from their own forms without demanding additional work from them. On the occasion that I needed additional information they were always eager to help. Be careful about requiring other areas to work harder to make your job easier. Who uses the information I provide? Where does it go? What is it used for? It is wise to periodically review the information you receive and the information you provide to be sure everyone views it the same way. I’ve seen many situations where there is a total misunderstanding as to what the information really is. Decisions have been made based on an incorrect understanding of the base information. When I am asked for information, I routinely ask “What do you need it for?” Often what I am asked for is not really what they need. Through discussion you can agree on the best way to provide the information they need. If you routinely distribute information to a group, do you know if everyone on the distribution list actually needs, reads,
or uses the information? Try selectively skipping some names and see if anyone questions or complains. Why do I do things the way I do? In a very structured environment the way you do things might be dictated to an extent. A more flexible environment should lead to questions such as is each step I take needed, what takes the most time, which is the most frustrating and what if I didn’t do this but did that instead? What proactive measures can I take to reduce time, errors, and frustration? This type of personal questioning is possible with ongoing training, education, and mentoring. NACM International Group meets once month for lunch, education, and peer-sharing. Online education is readily available. April 15-17 is ICFT’s Global Credit Professionals Symposium in New Orleans. This is a great opportunity for education and networking.
Alice Knight is Vice President of Finance & Administration for Paper Products Marketing, Inc. Ms. Knight has more than 45 years' of experience in International Finance and is an active member of ICTF and NACM. She has served as Co-chair, Panel Member, and Presenter at Annual Global Conferences, as President of FCIB Forest Products Group.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
nt e m
e c n ou
or f e l b Ann ips Availaved in rsh vol a n l I o s ade r Sch nesse T l a Busi rnation Inte
The Small Business Development Center (SBDC) has some exciting news—we are able to apply 10 scholarships from federal grant dollars to the next International Trade Small Business Management (ITSBM) course starting the fourth Wednesday of June (Wednesday, June 27) from 6-9 p.m, at the CLIMB Center.* Companies in the ‘advanced manufacturing’ and ‘clean-technology’ traded sectors, who can benefit from an in-depth educational and advising program may qualify for a scholarship. Referrals are the best way to help engage companies in getting help to improve their bottom line. And, with Portland’s Metropolitan Export Initiative in full swing, the scholarships and the program remain timely. The program is known for the quality of content and presenters. Entrepreneurs and companies with 9 to 99 employees who have successfully been in business for at least three to five years in these two industries and who could grow internationally with help from the ITSBM program can qualify. The ITSBM program is also open to having other industry entrepreneurs and companies participate as well. To view the instructors, topics, and participant profile, click here. Please have interested entrepreneurs and company leaders contact Deniel Banks at deniel.banks@pcc.edu or 503.805.6718.
*The Climb Center is located diagonally across from OMSI at 1626 SE Water Ave., Portland, OR 97214
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NACM Oregon
April 2012
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
www.nacmoregon.org
NACM-Oregon Foundation
Congratulations
The NACM-Oregon Foundation grants scholarships to credit professionals for continuing education, professional designations, and conference expenses.
Congratulations to the following recipient of the NACM-Oregon Foundation scholarship to the 2012 Credit Congress:
The Foundation manages two scholarship funds: the NACM-Oregon Scholarship Fund and the Phylliss Clark Memorial Fund. The Foundation offers scholarship to the following events: • All NACM Oregon educational courses • Portland Community College courses within the Credit Administration and Advanced Credit Administration Programs in preparation for professional designation
Philip C. Angelechio, CCE, CICP Corporate Credit Manager ESCO Corp.
• Self-study courses in preparation for professional designation • Registration and exams fees for the National NACM Professional Designation Program • NACM/CFDD Pacific Northwest Credit Conference • National Credit Congress and Exposition • NACM National schools such as Credit Management Leadership Institute, Mid-Career School, and the Graduate School of Credit and Financial Management If taking a course or pursuing your certification seems like an expensive proposition, think again. These scholarship funds are a benefit to you as a member, so please take advantage by applying for next year.
Recertification Michael Stapleton Levi Strauss Financial Center Corp. Congratulations are in order for Michael on his recent CCE recertification designation achievement.
To apply— To apply for scholarship funds, or for more information, contact Lourdes (Lou) Rice, NOF Scholarship Committee Board Director, Pacific Metal Company at 503.454.1051 or lrice@pacificmetal.com. Submit applications to: Lourdes (Lou) A. Rice, NOF Scholarship Committee Board Director Pacific Metal Co. 10700 SW Manhasset Dr. Tualatin, Oregon 97062 p: 503.454.1051 f: 503.454.1065 e: lrice@pacificmetal.com
New Designee Bonnie Dunham S R Smith LLC Congratulations to Bonnie on successfully completing the CBA exam. NACM Oregon recognizes Bonnie’s accomplishment and applauds her success.
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NACM Oregon
April 2012
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Business Credit Learning Center Webinars Lean and Mean: Personal Guarantees April 12 9-10 a.m. (PT)
Due Diligence Via the Internet April 19 9-10 a.m. (PT)
Bond Claims & Prompt Payment Penalties May 18 9-10 a.m. (PT)
Preliminary Notices and Stop Notices (California) April 20 9-10 a.m. (PT)
Construction: 2012 Washington Lien Law June 14 9-10 a.m. (PT)
Willing at Office Politics April 25 9-10 a.m. (PT)
Construction: 2012 Idaho Lien Law July 12 9-10 a.m. (PT)
Mechanic’s Liens (California) May 4 9-10 a.m. (PT)
Construction: 2012 Oregon Lien Law May 17 9-10 a.m. (PT)
www.nacmoregon.org
Education Class Schedule Certification Roadmap Introduction May 10 11:30 a.m. - 1 p.m. NACM Oregon Classroom Free to members—lunch included! Guest Speaker: Marilyn Rea, CCE, Pacific Architectural Wood Products
Credit, Cash & Collections Management April 17 9-10 a.m. (PT)
UCC Article 9 May 10 9-10 a.m. (PT)
Fax 503.257.0247
Webinar fee: $79 each—member; $109 each—nonmember For a complete list of webinars and descriptions, please visit www.businesscreditlearningcenter. com.
Credit Applications and Personal Guarantees May 16 7:30 - 8:30 a.m. NACM Oregon Classroom CEU: .1, Course Level: Intermediate $30/member, $75/nonmember Guest Speaker: Rick Baroway, Esq., Farleigh Wada Witt Behaviors That Drive Our Decision on Risk Taking and Ethics June 28 7:30 - 9 a.m. NACM Oregon Classroom CEU: .15, Course Level: Intermediate $30/member, $75/nonmember Guest Speaker: Greg Saliba, Sr. Vice President, Capital Pacific Bank
Registration
If you have any questions on any of the webinars, call Elizabeth Heintz at 971.230.1120, or eheintz@nacmoregon.org.
To register for on-site classes, please call Elizabeth Heintz at 971.230.1120 or email
eheintz@nacmoregon.org
Schedules are subject to change.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
New Member Introduction NACM Oregon extends a warm welcome to the following new members:
Estee Lauder Companies
Intrepid Marble & Granite
John Cammarata
Cindy Reno
631.847.8470 7 Corporate Center Dr. Melville NY 11747
503.235.2010 1140 SE 7 Ave. Portland OR 97214
The company began in 1946 when Joseph Lauder and his wife Estée Lauder began producing cosmetics in New York City. They first carried only four products: Super-Rich All Purpose Creme, Creme Pack, Cleansing Oil and Skin Lotion. Two years later they established their first department store account with Saks Fifth Avenue in New York. Over the next fifteen years they expanded the range and continued to sell their products in the United States. In 1960, the company started its first international account in the London department store Harrods. The following year it opened an office in Hong Kong. Estée Lauder continues to sell its products in department stores across the world and has a chain of freestanding retail outlets.
Founded in 1996 and locally owned and operated, Intrepid Marble and Granite, is a premier importer and distributor of all types of finished decorative natural stone slabs, tiles, and mosaics for kitchen countertops, bathroom remodels, new construction, commercial projects and much more.
Gerson & Gerson, Inc. Ian Hittman 212.279.1130 100 W 33 St., Suite 911 New York NY 10001 Gerson & Gerson, Inc., the parent company of Bonnie Jean, is celebrating its 77th year of operation. The company was founded by Max Gerson in 1935 and still remains a family business. In 1970, Gerson & Gerson began distributing its dresses to department stores under the trademark Bonnie Jean. Throughout the company’s 77-year history, they adhered to Max Gerson’s basic philosophy: “Make the best product possible, never sacrifice quality, and maintain affordable prices.”
OIA Global Logistics Tana Klapwyk-White 503.736.5900 17230 NE Sacramento Portland OR 97230 Founded in 1988, OIA Global Logistics has evolved from a pioneering freight forwarder into a full service international logistics and transportation partner. The company manages the flow of goods from origin to destination, including the provision of air and ocean freight forwarding, packaging, warehousing, and distribution services, as well as system integration services.
Pounder Oil Service, Inc. Angelina Rickert 503.695.2555 521 SW Halsey St. Troutdale OR 97060 In business since 1956, Pounder Oil Service Inc., provides diesel fuel, gasoline and motor oils. We offer cardlock sales, delivery services and free estimates for the residential and commercial customers of Troutdale and the surrounding Portland, Gresham, Corbett, Sandy, Boring, and Damacus areas.
Orinoco International LLC Scott Smithhisler 503.816.3647 3120 NE 32 Place Portland OR 97212 Founder, Scott Smithhisler, is an innovative, collaborative business leader with extensive experience in business development and support in the U.S., Latin America, Asia, Africa, Central and Eastern Europe, and the Middle East. Successful history in and passion for international trade and finance, operations, compliance, process improvement and third-party provider relationship management.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Employee Placement Service This networking tool is offered free of charge to NACM Oregon members. You may include your resume in our resource pool, or utilize it to fill an opening in your credit, accounting, or collection department. To participate in this program, please call Barbara Salazar at 971.230.1182 or 866.359.1182.
Are you currently seeking a position? Check out the listings below. Position Open:
Position Open:
Accounting Assistant/Bookkeeper Part-time
Senior Account, Project Cost Full Time Permanent (Monday - Friday)
Duties include processing accounts payable, accounts receivable, and payroll. Daily Cash Management. Assisting controller. Weekly collection activities and reporting. Creating and maintaining credit files. Must be proficient at Excel, detail-oriented and dependable. We are looking for a flexible, self-starter able to multi-task effectively. Strong communication, organizational, and customer service skills are essential. Vancouver-based company in wholesale trading. Approximately 20-25 hours per week to start, may work into FT. An associate degree in accounting or a related area is preferred. Minimum 5 years experience. Send resume with salary/benefit history to: Acctgmgr39@gmail.com
Position Open: Keen Footwear Credit Administrator Part-time The Credit Administrator will be responsible for all Credit and Accounts Receivable related administrative functions supporting all areas as directed by Credit Manager. The Credit Administrator will be responsible for providing support and administrative services to the Credit Department by proactively managing projects and tasks as assigned while assisting with various daily functions such as new account package review and preparation to ensure accuracy, monthly statement mailings, and credit file management. Task assignments may change on a weekly basis. For more information about this job and to apply, visit Keen today!
Portland area Construction Materials Supplier and Contractor seeks Senior Accountant, Project Cost. Position will require a wide range of accounting and business administration functions in a diverse operations environment. Duties include but are not limited to general accounting up through financial reporting, including accounts receivable, accounts payable, project (job) accounting, inventory, cost accounting (manufacturing), and payroll. Requirements • Bachelor’s degree in accounting, finance or business administration. • Minimum four (4) years accounting experience • Valid driver license and insurable driving record • Experience in use of Microsoft Excel, Word, Outlook, database and bookkeeping software. • AS400 Experience a plus. Drug Screen and Background check required. Please email resumé to: tstahly@riadmin.com. EQUAL OPPORTUNITY EMPLOYER
Position Open: Marc Nelson Oil Products Credit & Collection Specialist Looking for a highly organized, detail-minded individual to take responsibility for the credit and collection function within our organization. For more information about this job and to apply, click here! continue on page 14
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Seeking a Position, continued from page 13 Position Open: Benchmade Knife Co., Credit Analyst A well-established manufacturing company located in Oregon City, is currently seeking qualified candidates for a credit analyst position. If you are an energetic, self-starting individual who welcomes a challenge, then the Benchmade team may be the place for you. For more information about this job and to apply, visit Benchmade today.
Are you an employer looking for staff? Check out the listings below. Seeking Position:
Seeking Position:
Summary Qualifications
I am a self-motivated, forward thinking person who enjoys
• 23+ years progressive experience with customer service, cost accounting, invoicing, all facets of payroll, data entry, accounts receivable and credit/collections. • Ability to work well under various deadlines, able to multi-task between projects. • Self-motivator, hard worker, quick learner and detail-oriented. Team Player that works well with others or independently. • Experience with Abra Payroll Systems, MAS90, Hagen OA, POS Partner, Pay Simple, Microsoft Word, Excel, Zimbra and gmail.
Seeking Position:
Work Experience • 1988 - January 2012 My Little Salesman Inc. Responsible for all aspects of payroll, timecards, processing garnishments, deductions, 401(k), workers comp, quarterlies and year-end. Accounts receivable, credit and collections, along with invoicing for both catalogs and Inventory Mover accounts. post cash and process bank cards daily. Telephone backup. • 1988 - 2008 Industrial Publishing Inc./Koke Printing/MLS, Inc. Responsible for all aspects of payroll: timecards, processing garnishments, deductions, 401(k), quarterlies and year-end procedures for two companies. Maintain credit and collections for Industrial Publishing Inc., along with cost accounting, invoicing and cash receipts. • 1986-1988 Farmers Insurance Company-Office Assistant Handled customer service by phone or walk-ins. Data entry and cash posting. Managed office when owner was away. Education
challenges. Seeking long-term employment where my abilities are utilized to achieve internal objectives. My background includes all phases of credit/collection functions; correspond with sales departments and customers; and financial statement analysis. Please call Diana at 503.405.2018 or di08@hotmail.com.
I am seeking a Finance Analyst position. Currently, I am
working with Columbia Machine, Inc., as an International Credit Specialist. While I enjoy using my financial and bilingual skills in this position, the position is temporary in nature and was created to cover a medical leave. My goal is to establish a career in Finance, with a particular ambition to be a financial analyst. Obtained my undergraduate degree in May of 2011, from Washington State University with a BA in Business Administration and minors in Finance and Spanish. My quantitative, qualitative, and interpersonal skills make me a great candidate for this position. Feel free to contact me with any questions at 360.513.2372 between 5-10 p.m., or 360.694.1501 ext. 609 between 8 a.m. to 5 p.m., or by email at cris.canseco@hotmail.com.
• Thurston High School Graduate, Springfield Oregon • Lean Manufacturing • CQI-Continuous Quality Improvement Please contact bonnieangco@comcast.net.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Ten Bankruptcy-Related Tips 1. File your Proof of Claim form promptly 2.
File the Proof of Claim for the net amount due. You must reduce outstanding invoices and chargebacks with credits and on account cash to determine the net amount owed by the bankrupt debtor
3.
Be sure to sign this document as required, and include with it copies of all relevant documents including copies of an account statement along with open invoices, debits and credits as required
4. Work with your attorney to review your options if you receive a Preferential Transfer demand 5. Ask your attorney about Reclamation Rights as soon as you are made aware that an active customer has filed for bankruptcy 6. Read all official documents received in connection with the bankruptcy to be sure no action is required by you/your company 7. Once you are aware a bankruptcy has been filed, immediately print out two copies of: the account statement, all invoices, credits, debits, and chargebacks
8.
If you decide to sell to the bankrupt customer, do so on a separate account. Co-mingling pre-petition sales, credits, and payments can cause confusion so make the time to create a new account for post-petition sales
9.
Remember that you are under no obligation to offer a bankrupt customer open account terms, and doing so may put you and your company at risk. Post-petition administrative priorities in bankruptcy do not guarantee you will be paid
10. Always take time to perform an autopsy on a bankrupt account. The goal is to see if there were indications of serious financial problems, and what you might have done to reduce the loss Š 2010. Michael C. Dennis. All Rights Reserved
Š New Yorker Cartoon 2000 Leo Cullum from cartoonbank.com. All Rights Reserved.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Tel 503.257.0802
Fax 503.257.0247
April 2012 www.nacmoregon.org
Manual of Credit and Commercial Laws, 103rd Edition— Four Volume Set . . . Special Introductory Price $69.95 NACM has re-envisioned and revitalized its flagship publication, the Manual of Credit and Commercial Laws. Not only will the new edition continue to provide essential information for credit and finance professionals, it will do so in a highly flexible and more affordable format. The latest version of the Manual of Credit now comprises four volumes that either may standalone ($29.95 each plus S&H) or continue to serve as a cohesive and comprehensive set ($69.95 plus S&H). Chapters and appendices from the book have been reorganized under the following headings: Volume I: General Business Law, Related Statutes, and Collections Volume II: Commercial and Consumer Credit Topics Volume III: Construction Issues Volume IV: Bankruptcy and Insolvency Issues Contact Barbara Salazar at 971.230.1182 or 800.622.6985 ext. 182 or email to bsalazar@nacmoregon.org to order your copy.
2012 Credit Congress & Exposition NACM’s 116th Credit Congress & Exposition in Grapevine, Texas, June 10-13, 2012. We invite you to join us in Grapevine, Texas, nestled between Dallas and Ft. Worth, to share in our bigger than life Lone Star State experience in June 2012 at our national Credit Congress & Exposition. This community, which is historically rich and rooted in tradition yet distinctly modern, welcomes NACM members to the Gaylord Texan Resort and Convention Center. Credit Congress is the largest gathering of credit professionals in the country so don’t miss your chance. To register click here. Register five or more from a single company at the same time and receive Team Discount savings! The Team Discount applies only to NACM members.
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Recovery, continued from cover Recovery of Fraudulent Transfers under § 548 Under the Bankruptcy Code, the trustee or debtor in possession (DIP) may seek to recover fraudulent transfers under § 548(a), under which the trustee may avoid transfers that were made with intent to defraud or for which less than a reasonably equivalent value was received at a time when the debtor was insolvent or the transfer caused the debtor to become insolvent. Under § 546, the trustee or DIP is restricted by a two-year statute of limitations. Recovery under UFTA An additional remedy is available to trustees and DIPs under § 544 of the Code, which allows recovery under state law incorporating the Uniform Fraudulent Transfer Act (UFTA). UFTA § 5 states: (a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made...if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer...and the debtor was insolvent at the time or... became insolvent as a result of the transfer. The UFTA has a decided advantage because it has a longer statute of limitation depending on the individual state statute. Thus, if the payments received in the LBO are for less than reasonably equivalent value and the
Portland, Oregon 97213
Tel 503.257.0802
debtor was insolvent on the date of the transfer or became insolvent as a result of the transfer, the transferred payment is subject to avoidance by the trustee. The determination of what is “reasonably equivalent value” is a factual issue, as is whether the debtor was insolvent or became insolvent. Before the court can even get to the factual determinations, however, many claims are eliminated as a result of the defense provided by § 546(e). Section 546(e) as a Defense to Recovery of LBO Transfers Section 546(e) provides a safe harbor for redeeming shareholders in an LBO: [T]he trustee may not avoid a transfer that...is a settlement payment, as defined in section 101 or 741...made by a...financial institution, financial participant or securities-clearing agency that is made before the commencement of the case, except under section 548(a)(1)(A). Section 741(8) defines “settlement payment” as a “preliminary settlement payment, a partial settlement payment, an interim settlement payment, a settlement payment on account, a final settlement payment or any other similar payment commonly used in the securities trade.” Courts considering the question of whether payments made as a part of an LBO are included under § 546(e) have generally determined that §§ 546(e) and 741(8) include payments made to redeem public or
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April 2012 www.nacmoregon.org
private stock in the course of an LBO,6 although some courts have held that this section is only meant to protect the public securities markets, and that the safe harbor is not available to recipients of transfers for the purchase of private company stock through an LBO.7 In general, § 546(e) is likely to present a defense to claims brought under §§ 544 and 548 that may be very hard to overcome and may preclude the recovery. The question is this: Is there any way to recover the transfers made to shareholders, and particularly insiders, through a failed LBO? It seems inherently unfair for major shareholders to be allowed to strip a company of significant value and leave unsecured creditors holding an empty bag of claims. Can § 546(e) Be Circumvented? Section 546(e) states that “the trustee may not avoid a transfer.” What if there is another party with the authority to recover or avoid fraudulent transfers under the UFTA when an LBO fails? UFTA claims are held by unsecured creditors outside of a bankruptcy ...continue on page 18 QSI Holdings Inc., et al. v. Alford, et al. (In re QSI Holdings Inc.), 571 F.3d 545 (6th Cir. 2009), cert. denied, __ U.S. ___, 130 S.Ct. 1141, 175 L.Ed.2d 972 (2010); Contemporary Indus. Corp. v. Frost, 564 F.3d 981 (8th Cir. 2009); Lowenschuss v. Resorts Int’l Inc. (In re Resorts Int’l Inc.), 181 F.3d 505, 514, 516 (3d Cir. 1999), cert. denied (holding that “settlement payment” means “the transfer of cash or securities made to complete a securities transaction” and that phrase “made by or to...a financial institution” includes wire transfer of payment from debtor’s bank account to selling stockholder); Kaiser Steel Corp. v. Pearl Brewing Co. (In re Kaiser Steel Corp.), 952 F. 2d 1230 (10th Cir. 1991). 7 Geltzer v. Mooney (In re MacMenamin’s Grill Ltd.), 450 B.R. 414 (Bankr. S.D.N.Y. 2011); Munford v. Valuation Research Corp. (In re Munford Inc.), 98 F.3d 604, 610 (11th Cir. 1996), cert. denied, 522 U.S. 1068, 118 S.Ct. 738, 739, 139 L.Ed.2d 675 (1998). 6
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Recovery, continued from page 17 case. The creditors continue to hold the claims, but during the pendency of the bankruptcy proceeding, only the trustee or DIP can assert them for the benefit of the estate. If the DIP or the bankruptcy trustee asserts UFTA claims in the bankruptcy proceedings, then they do so under the constraints imposed by the Bankruptcy Code, including § 546(e). It can be argued that once a bankruptcy is concluded without prejudice to UFTA claims, individual creditors are free to bring their individual claims. Moreover, where a liquidating trust is established to pursue claims of the debtor that have been assigned to it, the plan and trust document can provide for assignment of creditors’ UFTA claims to the trust to allow for the more efficient handling of these claims. Defendants raising § 546(e) as a defense to the claims of a liquidating trustee who holds creditor claims should not be allowed to do so because the Code does not regulate the behavior of the liquidating trustee, does not impinge upon the rights of creditors outside of bankruptcy and does not apply to claims brought outside of bankruptcy. By the plain language of § 546(e),
the statute applies only to actions brought under §§ 544, 545, 547, 548 and 553 of the Code. Post-bankruptcy actions brought by an individual creditor or a liquidating trustee under the UFTA are not brought under the Code but under state law. Such claims
Portland, Oregon 97213
Tel 503.257.0802
could have been brought pre-petition by the creditors independently and without the filing of a bankruptcy petition. Several cases have discussed the implications of a bankruptcy trustee not pursuing UFTA claims either through abandonment or because the action was not brought within the § 548 two-year statute of limitations. These cases articulate that after the bankruptcy is complete, if the UFTA claims are still alive and revert to their rightful owners, the creditors may bring actions under the UFTA. In Dixon v. Bennett,8 a Chapter 7
trustee did not bring avoidance actions to recover fraudulent transfers under § 548 or the UFTA prior to the lapse of the two-year statute of limitations. After the Chapter 7 debtor was discharged, an unsecured creditor filed an action to recover the UFTA claims in state court. The defendants moved for summary judgment, contending that the creditor’s state law claim was barred because the trustee had the exclusive right to bring an action to set aside any alleged fraudulent transfers. The trial court entered summary judgment in the defendants’ favor. On appeal, the creditor claimed that the failure of the bankruptcy trustee to avoid fraudulent transfers within the two-year statute of limitations of the Bankruptcy Code did not preclude an unsecured creditor, whose statute of limitations under state law had not expired, from bringing the state cause of action against the transferee of the
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property fraudulently conveyed by the debtor. The appellate court vacated the judgment, stating the following:
An unsecured creditor’s cause of action is precluded once the bankruptcy petition is filed until after the trustee’s right to bring suit expires. During that time, the bankruptcy provisions...[e]ensure that the fundamental bankruptcy policies are met. Appellees ask us to prohibit an unsecured creditor from using the remedies granted by the State to protect his or her rights. They would have us do this regardless of whether the fraudulent conveyance is discovered before or after the trustee’s powers have expired. To do so would only serve to shield the recipients of fraudulent transfers at the expense of the unsecured creditor.9
A trustee under the Bankruptcy Code is not the same as the liquidating trustee or another who receives claims under the UFTA as a result of a confirmed plan. The Seventh Circuit recently considered the capacity of a liquidating trustee in Grede v. Bank of New York Mellon.10 A trust was created by the confirmed Chapter 11 plan for the purpose of holding most of Sentinel’s assets while the business was being wound down, the investments cashed out and claims paid. Sentinel’s claims against the Bank of New York, including those seeking to recover preferential and fraudulent-conveyance transfers, were ...continue on page 19
8
72 Md. App. 620, 633, 531 A.2d 1318, 1324 (Md. Ct. Spec. App. 1987), overruled on other grounds by BAA, PLC v. Acacia Mut. Life Ins. Co., 929 A.2d 1 (Md. July 27, 2007).
9
Id. at 635.
598 F.3d 899 (7th Cir. 2010).
10
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NACM Oregon
Business Credit Journal 7931 NE Halsey, Suite 200
Recovery, continued from page 18 transferred to the trust. Investor claims against the bank did not belong to Sentinel and were not part of the bankruptcy estate. Under the terms of the liquidation trust, investors were able to assign their claims to the liquidation trust for collection. The liquidating trustee then filed a diversity action in the district court to recover the investors’ claims. The bank objected to the cause of action, in part stating that the trustee lacked authority to bring the investors’ claims. The district court dismissed the suit after concluding that the trustee lacked authority to act on behalf of the investors. It relied on Caplin v. Marine Midland Grace Trust Co.11 and Williams v. California 1st Bank.12 On appeal, the trustee argued that the Caplin approach made him the only one of the world’s citizens who could not sue on assignments of rights. The trustee relied instead on Semi-Tech Litigation LLC v. Bankers Trust Co.13 In analyzing the disparate holdings of the Second and Ninth Circuits, the Seventh Circuit noted that the Bankruptcy Code specifies the duties of a bankruptcy trustee, but the terms of the reorganization plan and trust agreement govern the duties of the liquidating trustee after bankruptcy. In this respect, the Sentinel Liquidation Trust was no different than a
Portland, Oregon 97213
Tel 503.257.0802
reorganized debtor and their rights are governed by the plan, trust document, articles of incorporation and rules of trust or corporate law, not the Code. Finally, even if there had been objections, they would properly have been made by the trust beneficiaries, not by the defendants to the Sentinel Liquidation Trust’s complaint. There were no objections, and the plan was confirmed and became effective. The bank could not now make collateral attacks on the confirmed plan. Thus, the liquidating trustee had authority to bring third-party claims that were assigned as part of the reorganization plan. Where a DIP or a bankruptcy trustee fails to or elects not to pursue UFTA claims in a bankruptcy proceeding, those claims revert to creditors. Similarly, where creditors assign their UFTA claims to a liquidation trust, § 546(e) is not a defense. The confirmed plan can provide for a liquidating trust to which certain claims of the debtor are assigned and to which creditors may assign their UFTA claims or individual creditors can pursue their own actions. In either event, when the trust or individual creditors bring those state law UFTA claims, the Code and § 546(e) no longer apply. Although the Tribune adversaries are currently stayed, plaintiffs may want to consider whether the complaints should be
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April 2012 www.nacmoregon.org
brought outside the bankruptcy court and under the UFTA to circumvent the certain arguments that will be raised claiming the safe harbor of § 546(e). n
Reprinted with permission from the ABI Journal, Vol. XXXI, No. 2, March 2012. The American Bankruptcy Institute is a multi-disciplinary, nonpartisan organization devoted to bankruptcy issues. ABI has more than 13,000 members, representing all facets of the insolvency field. For more information, visit ABI World at www.abiworld.org.
406 U.S. 416, 92 S.Ct. 1678, 32 L.Ed.2d 195 (1972) (bankruptcy trustee may not sue on behalf of investors who thought that third party’s acts had injured them and debtor jointly). 11
859 F.2d 664 (9th Cir. 1988). 272 F.Supp.2d 319, 323-24 (S.D.N.Y. 2003), affirmed and
12 13
adopted, 450 F.3d 121, 123 (2d Cir. 2006).
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NACM Oregon
April 2012
Business Credit Journal 7931 NE Halsey, Suite 200
Portland, Oregon 97213
Board of Directors Chairman Raeann Binau, CICP, RGCP Airgas - Norpac, Inc. raeann.binau@airgas.com Vice Chair Kimi Shelton-Muller, CCE EKC Consulting, LLC kimimuller@comcast.net Secretary John Hardy Emerson Hardwood Co. jhardy@emersonhardwood.com Treasurer Marsha Johnson, CCE TEC Equipment, Inc. mjohnson@tectrucks.com Counselor Sue Hein Rapid Bind, Inc. sue@rapidbind.com
Directors Steve Amiel Electrical Distributing Inc./ BASCO stevea@edinw.com Linda Bishop, CCE, CICP Tektronix, Inc. linda.j.bishop@tek.com Will Campbell Standard Supply Co. willc@standardsupplyco.com Tony Ceniga Industrial Finishes & Systems t.ceniga@industrialfinishes.com Paula Cooley, CBA American Steel pcooley@american-steel.com Lori Jones, CCE ljdangermouse@gmail.com
Tel 503.257.0802
Fax 503.257.0247
www.nacmoregon.org
NACM Oregon Customer Service/ Credit Reporting 971.230.1220 services@nacmoregon.org
Industry Groups Richard Browning, CGA 971.230.1188 rbrowning@nacmoregon.org
Data Contribution Shannon Abnal, CGA 971.230.1166 sabnal@nacmoregon.org
Kristen McBride, CGA 971.230.1176 kmcbride@nacmoregon.org
Member Services Kathy Linscott, CGA 971.230.1164 klinscott@nacmoregon Member Services Account Executives Clara Nemeth, CGA 971.230.1144 cnemeth@nacmoregon.org Denise Redding, CGA 971.230.1178 dredding@nacmoregon.org
Pat Swope, CCE, CICP Pacific Seafood Co., Inc. pswope@pacseafood.com
National Account Executive Caroline Anderson, CGA 971.230.1168 canderson@nacmoregon.org
President Rod Wheeland, CCE, CAE NACM Oregon rwheeland@nacmoregon.org
Education Elizabeth Heintz 971.230.1120 eheintz@nacmoregon.org
Collection Services Brenda Terreault, JD, CBA 971.230.1196 bterreault@nacmoregon.org Billing Marmie Carpenter 971.230.1146 mcarpenter@nacmoregon.org Meeting Room Rental Elizabeth Heintz 971.230.1120 eheintz@nacmoregon.org Newsletter Editor Barbara Salazar 971.230.1182 bsalazar@nacmoregon.org
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