Celadon on the ropes...

"Celadon attributes those losses in part to a focus in recent years on recruiting owner-operators and lease-purchase drivers. The carrier says it has seen “significant deterioration” in equipment utilization, citing owner-operator usage as a key reason why."

Translation:

We thought if we classify them as 1099 owner operators but still treat them like employees and nickel-and-dime them we would make millions in profit but unfortunately they caught on to the scam and now we're in trouble.
Plus recovering abandon equipment from lease purchase drivers is
more expensive than we anticipated.

 

There's more than just Celadon doing this out here.....and I hope it catches up with every frickin' one of them.....

 

I thought you said you you were doing wonderful at Celadon ... what happened?

 

I'm in my previous post I posted a link to a news article and that news article which was really long they had this quote which I copied and pasted into a new post
and gave my thoughts on Celadon's response.

The only personal issue that I have with them is a shortage of trailers, haven't had any issues with finding Freight or issues with pay.

 

I'm not a financial analyst, but if you drive by their yard on I-35 in Waxahachie, Tx, you will see what I think is an abnormally amount of new empty trucks sitting in their yard. I've always wondered about.

And since this company seems to be in bed with Quality Leasing, is Quality Leasing negatively impacted by the predicament of Celadon?

 

They own Quality Leasing

 

This paints an even worse picture. Seeking Alpha has lots of good information and I trust in what they say.

https://www.google.com/amp/s/seekin...e/4060487-celadon-group-story-ends-chapter-11

 

Judging by their stock prices I anticipate another Arrow on the horizon.

 

Im not usually down there but grabbed a load earlier this week from the Laredo yard to get to LA.
I seen a increase in trucks there at quality as well but I think those are same trucks from the old yard.

The old Laredo yard is closed which use to have a lot of empty trucks. At the new terminal I seen maybe 10 trucks lined up against the fence but I can't say for sure those were abandoned or empty they could have just been drivers bobtail parking

 

I think quality makes money if you look at it from a business aspect very few employees large amount of assets which appeared to be paid off because I haven't seen any new new trucks at quality but I'm sure Celadon has their hands in their cookie jar as well