Celadon closing up shop!

Discussion in 'Truckers News' started by drvrtech77, Dec 7, 2019.

  1. TTNJ

    TTNJ Heavy Load Member

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    Ya I understand that but they were not technically “stealing” company funds. It’s fraud and wrong either way but I just wanted to make sure we were clear on what they did wrong.
    My point is the company was losing $ and not because the executives were lining their pockets. The issues they were having extended far beyond the executives hiding the loses from the investors.
     
    Last edited: Dec 10, 2019
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  3. Opus

    Opus Road Train Member

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    well, not to get into some kind of weird semantic hoededo......but when you tell your employer that you have accomplished a task that you have not, and you further falsify documents attesting to your accomplishments (that you in fact have not accomplished), and you are compensated for these things, we, (down south and in the Midwest) call that stealing.
    But, I get what you're saying too.

    You want to know what the really, really sad part of this is????
    Had they reported the loss and cleaned up their act, they would still be in business. But because these jaggoffs decided to lie to everyone, 4,000 people +/- are out of a job and they are going to jail.
     
  4. TTNJ

    TTNJ Heavy Load Member

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    Lol....

    It wasn’t stealing or they would have been charged with theft. They were charged with fraud because it wasn’t stealing

    I don’t agree they would still be in business if they reported the losses. The losses were discovered and that’s why the aren’t in business
     
  5. IofTEXAS

    IofTEXAS Light Load Member

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    Quite right 0.02500 now why? Still small breath of life or the new terminal in laredo has value and clear of debt ?
     
  6. truckdriver31

    truckdriver31 Road Train Member

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    they are keeping taylor express open in hope mills nc
     
  7. truckdriver31

    truckdriver31 Road Train Member

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  8. radioshark

    radioshark Road Train Member

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    Because they manipulated their earnings they ended up paying a $42 million settlement with government this combined with 50 day strike by GM (their largest customer) burned thru their cash.
    The covenants on their loans said they had have some much cash on hand ( I think it’s 5 million) they went below and that what’s caused them to close.
    Trucker Celadon Reaches $42M Settlement With Government
     
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  9. Opus

    Opus Road Train Member

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    gub'met got stiffed too........

    The largest creditor is the United States Department of Justice (DOJ).
    Celadon owes the DOJ $33,000,000 stemming from a settlement announced earlier this year in which the company agreed to pay restitution of $42,245,302 after it was discovered the company had reported fraudulent financial statements dating back to fiscal year 2016.
    FIRST LOOK: Inside Celadon’s Nearly $400 MILLION “Bloodbath” Bankruptcy
     
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  10. truckdriver31

    truckdriver31 Road Train Member

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    i thought quality wasnt a part of them anymore
     
  11. Lonesome

    Lonesome Mr. Sarcasm

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    Oh, you just want to rub it in, I see, Must be nice to never have been screwed over yourself, or made a bad decision, or had someone or something stick it to you. Or not be aware of what might be happening around you. I believe you are the first person I've known that can say that's never happened to them.
     
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