Celadon on the ropes...

This is a pretty big deal on a lot of levels.
The level with which I am most concerned is that of the lease-to-"own" operators. What happens if they're halfway to paying the truck? Who is holding the paper?
If its Celadon, I would hide my property (the tractor) until I could reach my creditor. If they could call it back, that is the same as stealing

 

i really do think its sad when the actions of a few greedy scumbag CEO's effect thousands of drivers that might be content with their jobs. i guess it would be an advantage of my driving for a smaller company. we are a privately owned fleet of about 25 trucks. we are not and never will be a publicly traded company.

these CEO's should be made examples of, apparently the punishments are not nearly harsh enough as it keeps happening. greedy scumbags.

 

You called it.

 

That says FTI on the trailer. I attempted to lease purchase a truck from them in 2010. It didn't work out too well. From some you tube videos and internet research recently as far as i can tell they were still brokering freight back in October of this year.

 

So I realize this is all moot at this point. But I actually had a talk with Hyndman's CFO. Until late Sunday night on the 8th Hyndman was going to stay open like Taylor is.

The thing that makes no sense is Hyndman was turning a profit. It ran under its own authority, Insurance, and even Pars and Paps. (Or celadon ran under ours I was never quite sure. I just know it wasn't Celadons we were under for border crossing.) , Its trucks are not part of Celadon's fleet. And by closing it became completely worthless. No drivers, no contract, All it has its some trucks and property. Thats not what makes people want to buy a company.

At the end is was the Canadian debt holders who were paying fuel and driver wages to get the trucks back at the end instead of bus tickets to get the drivers home.

God I'm lucky I wasn't on the road at when crap hit the fan. I just had to deal with the stress of my job going away and not the stress of getting stranded on the road.

PS, I already have a new job that starts Jan 2nd and Employment Insurance benefits have already started to cover me till then. I just needed to get some ranting done.

 

They may have had their own authority, etc., but apparently their finances were joined in such a way that someone made some money by shutting it down. The corporate finance world is mainly staffed by pirates wearing suits.

 

Look, there's a $100 million in equity, plus or minus.
That's why they shut down.
The LTL side, Taylor (?), has already been sold. That's why they didn't shut them down.
Look for an announcement in the first quarter.

At the end of the day, it's all about the bengies, people. Nothing personal.

 

Like I said........
Bankrupt Celadon receives $14.5 million bid for Taylor Express - FreightWaves

 

Celadon drained cash of Canadian trucking business, former Hyndman executive alleges (with video) - FreightWaves