bankruptcy for jb

Discussion in 'JB Hunt' started by supraboy757, Jul 18, 2008.

  1. supraboy757

    supraboy757 Light Load Member

    54
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    Jul 2, 2008
    hampton va
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    i was in oreinetaion this week for a big company and we where told buy the lady running it that they where just told jb hunt had filed for bankruptcy has anyone else hear about this
     
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  3. NealinNevada

    NealinNevada Light Load Member

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    Dec 16, 2007
    One Horse Town, Nevada
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    JB Hunt is a publically-traded company and has not filed bankruptcy...look at this chart of stock price:
     

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  4. supraboy757

    supraboy757 Light Load Member

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    Jul 2, 2008
    hampton va
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    i wonder why they would tell us that i wouldn't have even thought twice if i heard it on the cb but didn't think that they would say some ######## like that
     
  5. NealinNevada

    NealinNevada Light Load Member

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    Dec 16, 2007
    One Horse Town, Nevada
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    Because they're idiots who probably get their financial and trucking news from the cb. Does this sound like bankruptcy?

    LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT - News) announced second quarter 2008 net earnings of $50.6 million, or diluted earnings per share of 39 cents vs. 2007 second quarter earnings of $63.9 million, or 45 cents per diluted share.
     
  6. supraboy757

    supraboy757 Light Load Member

    54
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    Jul 2, 2008
    hampton va
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    how is someone with a office job gonna get info from a cb?
     
  7. NealinNevada

    NealinNevada Light Load Member

    198
    109
    Dec 16, 2007
    One Horse Town, Nevada
    0
    Sarcasm
    Pronunciation: 'sär-"ka-z&m
    Function: noun
    Etymology: French or Late Latin; French sarcasme, from Late Latin sarcasmos, from Greek sarkasmos, from sarkazein to tear flesh, bite the lips in rage, sneer, from sark-, sarx flesh; probably akin to Avestan thwar&s- to cut
    1 : a sharp and often satirical or ironic utterance designed to cut or give pain
    2 a : a mode of satirical wit depending for its effect on bitter, caustic, and often ironic language that is usually directed against an individual b : the use or language of sarcasm (this is no time to indulge in sarcasm)
     
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  8. Jarheaddriver

    Jarheaddriver Light Load Member

    163
    51
    Jan 27, 2008
    Anna, TX
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    Well I guess that shows what a company will do to try and scare drivers and play on the ignorance of drivers.

    I was at an orintation for a large company as well when one of the staff stated that once something goes on your DAC wether true or not, it can not come off. This is an outright lie, however out of 30 people 25 of them believed what the staff member stated. When I corrected him, I was told to shutup.

    Make sure you educate yourself, and don't just listen to what every dumb a@# staff member states.



    Trucking companies survive off drivers not questioning BS.
     
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  9. NCtrucker77

    NCtrucker77 Bobtail Member

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    Aug 9, 2006
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    Now I know Jevic did go out of business!
     
  10. PTWT Ministries

    PTWT Ministries Bobtail Member

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    Jan 6, 2008
    Commonwealth of Virginia
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    I was totally surprised when I first heard about it. It was like "No way!" Then I found other messaging boards out there, and then I realized that the handwriting had been on the wall for them for some time. Dried up credit markets, lousy management, etc.

    Just went on I-20 west of Atlanta on Saturday, 8.09.08 and saw 4 Jevic BTs pass me. Probably got sold to another company.
     
  11. passingtrucker

    passingtrucker Light Load Member

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    Nov 16, 2007
    Diamond Bar, California
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    I was with JB in the late 80s, left them a few times, then came back in the mid 90s when they had just introduced the COE Argosy, and JB got about 200 units to try them out. According to JB veteran drivers who had been with the company over 5 years, John Bryant Hunt's wife, Joan, is related either by blood or marriage to Sam Walton, founder of Walmart. At one point, JB was close to filing bankruptcy due to excess claim payouts of shorts, damages, and entire loads destroyed in chargeable accidents. JB is self-insured, so any claim filed against them comes right out of their own pockets, eroding their net profit margins. Joan used her family connections to Sam Walton to secure a loan, either directly from Sam Walton, or Walton had co-signed to secure a lower interest loan rate, which JB would not had qualified for, had they gotten the loan on their own name. This was the only time JB came close to bankruptcy.

    Even if a company files for bankruptcy, it doesn't mean they're going under. There's Chapter 11, the most common type of bankruptcy filed by large corporations. You're simply telling your creditors you don't have the money to pay them, but they will get paid eventually after you've reorganized the way you do business. Donald Trump is one of the wealthiest man in the USA, and he had used Chapter 11 Bankruptcy filings to his advantage. He delayed paying creditors while his other investments matured, then used the interest on matured investments to get himself out of bankruptcy. If you don't file bankruptcy when your liabilities (bills) are overdue, your creditors can seize assets, such as your trucks, trailers, properties, etc.... and put them up for auction to get their money.

    Chapter 13 is similar to Chapter 11, but it's used by individuals (O/Os or small-fleet owners) and small companies with less than $100K in annual revenue. The worst type of bankruptcy is Chapter 7; it means you're totally broke, the creditors will have to write-off their losses, and employees may possibly get partial payment of their paychecks. Under Chapter 7, employees are suppose to get priority in getting what ever money is remaining, but there had been past cases where business owners filed Chapter 7, then boarded a plane with all the cash remaining, to live in exile in a foreign nation.

    When you hear news of a company filing bankruptcy, you should use critical thinking, and follow up with an intelligent question, "Are you referring to a Chapter 11, 13 or 7 bankruptcy ??" If the person is speechless, it's indicative of a false rumor he/she is disseminating. If it was from a credible news source, it would clearly say what type of bankruptcy was filed.
     
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