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.
Celadon closing up shop!
Discussion in 'Truckers News' started by drvrtech77, Dec 7, 2019.
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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.Dave_in_AZ, Vic Firth, drvrtech77 and 1 other person Thank this. -
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 -
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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 GovernmentRevjoy, drvrtech77 and Lonesome Thank this. -
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” BankruptcyDave_in_AZ, drvrtech77 and Lonesome Thank this. -
i thought quality wasnt a part of them anymore
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