Celadon

Their remedy to the situation was to cook the book and continue to defraud the investors.

 

sorry but I don't see them getting out of this.I would've bailed asap.All you got to do is look at arrow trucking and history repeats it self.

 

"They?" I believe that they are resubmitting our financials within the allowed time by law. Management changes have taken place and new management is working hard to get us back on track.. things happen: people make decisions that aren't always the "right" ones. That doesn't mean the whole company is a "throw away". Some of us who are with Celadon are going to try to be a part of the remedy to this situation and stick with them. Its your choice and your decision if you don't choose to and just continue to trash all of us who currently have a career with them. I hope it makes you feel like a "bigger person" to try to make this situation worse for all of us who are holding our heads up and doing our jobs and supporting our families.

 

They are resubmitting because they got caught, no other reason. That is the long and short of it, doing it the time allowed by law means they got caught.

 

I have mentioned it already. From all that I read, this is my understanding. It's not that they cook the books, it's how they cook the books. The losses were already mounting. The accounting firm they were using would not report it incorrectly. They got rid of them hired another accounting firm paying them almost three times the money to hide the information. When they got caught doing this, all investor confidence was eroded. The stock plunged because of that. Hiding your losses from investors is a big fat nooooooooooo with the SEC.

 

The crazy thing about this whole deal is the the
CEO and his cronies at the top blame this whole
Thing on owner/ops and lease purchase drivers.

Yet they give no explanation of why its thier fault.
Maybe someone can explain how some owner/ops
And lease purchase drivers can cause a company to lose
Tens of millions of dollars.

The two biggest expenses, equipment and fuel,
Doesn't cost celadon anything with th se two groups.
What am I missing here.

 

To be clear, they didn't blame it on owner ops per se. They blamed it on an over reliance on owner ops.

Little secret about this industry, that the masses at TTR don't understand and don't want to take the time to understand - on a paid mile per mile/per truck basis it's cheaper to run company trucks. But, overall - if done right - owner/lease ops are more profitable.

Why? Because owner ops are more efficient. It takes about 3 company trucks to do what 2 owner op trucks can do. But, Celadon didn't/isn't doing it right. Celadon got greedy and tried to squeeze every nickel out of the owner op program. In the process they drove out any gained efficiencies.

 

Basically the company was trying to run a large scale Ponzi scheme. And inevitably when you try to run a Ponzi scheme it always fails in the end. In Celadon's case it's backfiring spectacularly. That's why they've got the SEC breathing down their neck. The fact that they fired one accounting firm and tried to get another one to hide their losses is living proof of that. They're hemorrhaging cash, and they know it.

 

not to sound like a jerk, but your loyalty will be repaied by NOTHING. Hang in there and keep your eyes on the news. And the first time you can't get fuel and they tell you to try at the TA or Pilot or vice versa, you'll know it's over. Those folks get their money DAILY. No money, no gas. Good luck.
Also, keep at least $100 in CASH and a credit card handy.

And just for historical perspective, if memory serves, YRC was told about 5 years ago they were at risk for being delisted, and they're still there. So, while it's not the best news you'll ever get, it's not the end of the world either. Jus sayin

 

What accounting firm did they fire? The accounting firm withdrew from representing the financials they had certified because they were unable to verify the accuracy of said financials that they had previously certified. Celadon hired a new accounting firm to redo the financials after they withdrew before Celadon could resubmit.. There is a complete audit being done, and a resubmission of financials after that. A reorganization is being done and hopefully we are able to weather the losses without having to go into Chapter 11.. Hopefully..