Apology to Greg Rieke, Genesis Commercial Capital

    by Christopher Menkin

It is our error to have included Genesis Commercial Capital, Irvine, California, in the Leasing News Complaint Bulletin Board, primarily because we were under the impression we were speaking to the spokesman for the company.

The person who signed the e-mails, and who we spoke to on the telephone, never identified their title.  The fact is the president Greg Rieke was on vacation.  Upon his return, he discovered this much to his surprise.

His company has always had an excellent reputation, and many of his employees are readers and contribute.  The error was not identifying the spokesman on Leasing News's part.

 We apologize to Mr. Rieke and his company for this error. To compound this further, I also never made the connection with Eric Sidebotham, perhaps their top salesman,  who participated in the United Association of Equipment Leasing “Top Gun” Panel we hosted at their San Diego Conference.

 Mr. Rieke to prove his good faith is returning the advance rental, although he does not believe he legally needs to do so.  He wants to clear up any question of ethics.  We asked him for a statement:

"Genesis Commercial Capital is a company built on integrity, and as such, we're very proud of the excellent reputation we maintain within the broker, lender, and business communities.  Rather that spend valuable time debating the inaccuracies of J & E Salvage's dispute, we will overnight a refund in full today.  We believe this is the best course of action for both the reputation of Genesis Commercial Capital and the leasing community." 

"In addition to my statement, I would ask that you convey a few important points to your readers. 

Here they are:

"#1) The original statement published in your newsletter was not issued by the President of Genesis Commercial Capital.  Rather, it was an unofficial statement obtained from an individual within our collections department.

"#2 Genesis Commercial Capital did in fact have a credit approval secured with a legitimate lender on the J & E Salvage transaction.  I will share the name of this lender with you off-line if you like, but it's important to me that their identity is protected in this matter.  Also, Genesis Commercial Capital did originally offer to refund part of the lessee's deposit, but Mr. Darlington wanted a full refund or nothing.

"#3) Mr. Darlington's characterization represents only one viewpoint.  I imagine Harbor Capital, Nationwide Capital, and Genesis Commercial Capital would have entirely different viewpoints that would have merit."

Sincerely,

Greg Rieke, CLP
GeNESIS COMMERCIAL CAPITAL
"Equipment Leasing and Financing"
Voice:  (949) 851-3036 x202
Fax:     (949) 419-0116