NYCE-New York Carolina Express shuts its doors

I believe you nailed it chalupa ... Congress went home to get re-elected without addressing the fiscal cliff and I have the feeling they will continue to ignore it when they return ... pile on this health care law that further tramples this countries constitution and were in for a heap of closures. It's a house of cards set up in the middle of a bowling alley.

 

I hadn't heard anything about them, quick google search and I would say they are done within 5 more years. They only have access to $28.5 million in revolving credit, they admit cash flow is an issue, and if loses go down to an average over last 2 years it is 4 more years untill they are insolvent. Worst off the bank (PNC & Wells Fargo) that gave them their new loan has all the companies equipment put up as collateral.

that being said buy their stock and wait for a buyout to cash in, cheap money and with transport companies complaining about lack of an ability to increase fleet capacity someone will buy them out.

http://www.thecitywire.com/node/24789#.UJnSAbe9LTq

 

yea basically

 

This is like when husband was running in 2008, there were so many small companies we ran across who just could not run anymore and closed down because of the economy. Sandy is just what broke the camels neck for them. I really don't think the economy is doing that great, how many things have been over inflated to make it look good and are on the verge of crumbling.

 

I think it isn't so much the economy in general while fuel prices are high there is plenty of freight out there, at least in refrigerated stuff. It seems more of a problem with the banks, unreasonable collateral demands and unreasonable credit demands make it so hard to have capital to succeed as a smaller company. The sad thing is, we bailed wall street and banks out and now they don't want to issue loans. Makes me wonder, how can they be too big to fail, if they hang around and don't even so thier jobs?

This should be a sign to small companies don't think about attempting to expand without a sufficient reserve of capital saved, because you can't even count on credit these days.

 

If one understands the urban redevolpment act from Carter and the charge Clinton made to it, you will understand those two men are to blame for the housing / bank meltdown! The government knew what it firced the banks to do and they needed to "try " to fix the problem they mandated. Hint if a banks write mortgages over 50% has to go to high risk individuals (half your loans may not one day pay you back)

 

That's right so we bundle them up, call them mortgage backed securities and sell to Fannie and Freddie who backed their failure with fed dollars and resold them on the open market.

Round and round she goes so lets give a 25 year old a 250k house and not worry if he has a job....tell you what, lets waive all principal payments for 5 years too, he's a good kid just trying to make a buck flippin.....

Hell I'm in a good mood, lets give ole single mom over there an ARM mortgage and not worry if she can pay it when it adjusts. She can make a $1200 /mo note today so she'll be ok with $2500/mo tomorrow....

Jeeze........

 

I just rolled by there south plainfield terminal today, it wasent destroyed, just closed down, i worked there for 5 months as a temp driver and was called off the job 2 1/2 weeks ago because they werent paying there bills, everyone knew it was coming, they just dident know when, good ppl there, its too bad, they were in business 27 years.

 

wow, this comes as a shock..

I don't know Jeff personally but my best freind knows him well and always spoke highly of him, I know Jeff has done a lot for our high school over the years and the local community...

I hate it for the drivers and office people that are looking for work because the Binghamton job market sucks.

 

Not to be a complete vulture but,,,,

Any of their customers need another trucking company in the area?
We need the work.
(or at least I do, holidays are great and all, but when I go 5 days w/out driving I start to worry about my next check.)