US Xpress Goes Private

Discussion in 'Discuss Your Favorite Trucking Company Here' started by Truckin Juggalo, Oct 12, 2007.

  1. Truckin Juggalo

    Truckin Juggalo Medium Load Member

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    Aug 5, 2006
    Madisonville, TN
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    yes it is, they aren't telling us anything its complete silence on the company's end... the last thing they told us is that over the course of the summer Max and Pat will be purchasing all the outstanding class A and B stock... that was back in may or june, outside of that they haven't said another word

    I asked my Dispatcher about it today and he was surprised when i told him the deal went through he said normally they are the 1st ones to know about corporate stuff... but he doesn't know what kind of an impact this will have on the company or a reason for even choosing to go private, I'm surprised they paid so much for it he bought 14,889,000 outstanding shares at $20.10 through mountain Lake Acquisition Firm that Max and Pat co own... thats alot of big bucks.. all that comes to mind is Layoffs but who knows maybe its a good thing i guess i will find out in time and keep you all posted

    here is the newest article I have US Xpress set to my google alerts

     
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  3. EvilDucky

    EvilDucky Bobtail Member

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    Jul 25, 2007
    Pueblo, CO
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    My wife and I are a team and were going to sign on but about 2 weeks ago the recruiter stopped calling, I left a few messages but no return calls. We have a spotless record so I wounder what's going on there? Oh well back to Covenant for us on the 29th.
     
  4. fmdriver

    fmdriver Bobtail Member

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    Jan 18, 2007
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    But what is the real deal on this ? Did Max ( US Xpress)get sued ? Why is it he is also in this new co. and selling out the old ? Typical , a little like something Donald Trump would pull. Sounds fishy
     
  5. ChromeDome

    ChromeDome Road Train Member

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    Jun 10, 2007
    Lakeland, FL
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    They cannot say too much before they buy the stock, 1. it would have driven up the price, 2 insider traiding laws are strict.
    I do not think it had to do with a lawsuit though, I know that I would not want to own 100% of a company that had millions in a lawsuit hanging over its head.
    The market is changing, trucking is going to have to adapt to it. As a private company they can adapt to the market and change faster than a company that is held down by its share holders. I believe this will be a very positive move for the company and will lead to greater stability in the long run. I wish them luck.
     
  6. TempoDrivinMarty

    TempoDrivinMarty Bobtail Member

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    Aug 26, 2008
    Greenville, SC
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    Hmmm, I wonder how many of these other companies US bought since they went private. They own Arnold, Total of MS. I hear they recently bought IDC. Amazing how the suckiest companies seem to take over any market.
     
  7. fmdriver

    fmdriver Bobtail Member

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    Jan 18, 2007
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    and I take it you must be kin to Max
     
  8. fmdriver

    fmdriver Bobtail Member

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    Jan 18, 2007
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    well when you can claim bankruptcies, or your family is known as the monopoly family (they own title to the board games) and have plenty of money you can do anything you want, as long as it doesn"t hurt their pocketbook
     
  9. truckerswife11

    truckerswife11 Light Load Member

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    Sep 12, 2007
    Tacoma, WA
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    What one never hears are the inside stories of us xpress. A driver who has been hurt on the job lives in West Virginia, is not allowed to go home because he is on very light work duty, He is subjected to stay at the Medway US xpress terminal to work. He is not allowed to go home at all. Drivers including owner ops not allowed to leave Medway or other larger terminals. Fact!! Runs that consist of 600 miles or less with the truck sitting for 5 to 8 hours on that same run. Two days for a 600 mile run, come on. A company that turns drivers over like shoving cattle through a shoot. Who's the next one for slaughter?

    A company that is privately owned US xpress, Arnold, Total, Abuliene, Compass, take a look for instance at terminals in South Holland, Medway, Laredo, Little Rock, list goes on, but you will see names on trucks us xpress has taken over hiding within those other names, but same slavery practices.
     
  10. TempoDrivinMarty

    TempoDrivinMarty Bobtail Member

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    Aug 26, 2008
    Greenville, SC
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    How does calling USeless Xpress a suckie company make me kin to Max. Those are fighting words!!! Western Express is another company that sucks, but they have bought out many companies and seem to have a large share of the market to themselves. Same problem seems to take place in other industires such as banks, cellular, etc. I was speaking with some old hands, and they said US was FAR better as a public company. Sure hope this economy gets better, so I can get me a better job. Bit 'fraid to change jobs right now. But as I sit at the Tunnel Hill terminal waiting for the next load (might be here a while) I see the new batch of new hires. My neighbor wrote and told me Snieder called looking to hire a driver. I wonder if they are doing the same crap US is, hiring drivers they don't need, or have trucks for.
     
  11. fmdriver

    fmdriver Bobtail Member

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    Jan 18, 2007
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    My message was not directed toward you, but instead toward the person standing up for them. My boyfriend was screwed royally by US Xpress. I have no use for these people and hope others will do their homework on checking out companies before working for them. We didnt do our homework or would have known better.
     
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