Gainey Corp. responds to Wachovia lawsuit - Truckers' Trucking Forum | Message Board

Cybergal · **^ Top** #1 10.02.2008

Gainey Corp. responds to Wachovia lawsuit

Quote:

Gainey Corp. on Tuesday, Sept. 30, issued a statement in regards to a $238 million lawsuit filed Friday, Sept. 26, by Wachovia Bank.

"As a matter of company policy, we do not typically comment on the specifics of ongoing litigation," said Harvey Gainey, chief executive officer of the Grand Rapids, Mich.-based company. "However, the current financial crisis and its impact on lenders, notably including Wachovia Bank, are compelling some lenders to make hasty and ill-advised decisions."

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Cybergal · **^ Top** #2 10.09.2008

Gainey Corp. avoids 'death sentence' for now
10/9/08

Quote:

GRAND RAPIDS -- Trucking giant Gainey Corp. avoided what one attorney called a "death sentence" Thursday.
But it remains to be seen how long the reprieve will last.
Kent County Circuit Court Judge Donald Johnston refused to appoint a receiver to begin liquidating Gainey in order to repay some of the more than $220 million it allegedly owes Wachovia Corp.

http://www.mlive.com/grpress/busines...ath_sente.html

heyns57 · **^ Top** #3 10.15.2008

Gainey files Chapter 11. Truck drivers for Gainey Transportation have watched the lawsuit filing and are watching the Chapter 11 filing with some worries. They want to make sure they will still get paid.

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CornCob · **^ Top** #4 10.15.2008

This is posted on Gainey's website:

Quote:

Gainey Corp. Issues Statement Regarding Chapter 11 Reorganization Filing

GRAND RAPIDS, Mich., Oct. 14, 2008 – Gainey Corporation today issued the following statement:
“As we noted in our Sept. 30 announcement, the nation’s financial crisis has compelled our lenders, including Wachovia Bank, to make ill-advised decisions based on their own cash constraints. Those constraints have placed Gainey Corporation and its operating companies in a very difficult situation,” said Harvey Gainey, CEO.
“Our exhaustive efforts to negotiate a constructive agreement with our lending group have been met with a series of increasingly aggressive actions by these lenders.
“Faced with recent actions by Wachovia Bank, the Company has decided that the only reasonable course that will allow us to serve our customers and preserve jobs is a Chapter 11 reorganization filing. Our sound business fundamentals – which include positive cash flow and operating income – will continue to ensure our uninterrupted operations, including paying all suppliers, delivering all freight and meeting our payroll.”

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Kilroy · **^ Top** #5 10.15.2008

I work for lct which is part of gainey we got told not to worry operations will go on as normal . Like I believe that

patriciajnsn · **^ Top** #6 10.15.2008

[quote=heyns57;597156]Gainey files Chapter 11. Truck drivers for Gainey Transportation have watched the lawsuit filing and are watching the Chapter 11 filing with some worries. They want to make sure they will still get paid.

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I drove for Gainey for 8 months.I left because they charged me for their truck repair not too mention they didnt pay me for all the miles I drove and didnt reimburse me for some of the tolls thats why they don't have ezpass because Mr.GAiney is too cheap to afford 50.00 a month.He would rather have the drivers pay for his tolls.I did file a $5000.00 lawsuit against Mr gainey and the corporate staff and received all the money that was owed to me.But I didnt get that money untill they got a second summons when the court date was.So if any of you drivers from Gainey are'nt receiving your paychecks,file a lawsuit against them.Youll get your money.Mr Gainey doesnt want any law suit.

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