change is in the air

Icebergs left and right!!!!!!

 

it's aslo the only thing in my pockets.

 

Oh Boy. Isn't it funny. They all gang up on and get rid of the wrong people. Maybe they are all about to topple.

 

So anyone know why they fired Darrin Ming? Im pretty sure he worked directly under Cliff Beckham. How was he an issue? He just did whatever Cliff told him to do. So you think. Or maybe he wasn't willing to do something he was being asked to do. Being the CFO can be a riskier position sometimes than being the CEO. You are in charge of reporting and making sure the companies finances are logged correctly. Ill come right out and say it. Mr. Ming may have possibly been asked to do something unethical on the finance side and he wasn't willing to do it. Happens a lot. Not saying I know anything just speculating. I doubt he was doing anything he wasn't being asked to do. He wasn't the problem. Just like a Baseball team that fires the manager. It very rarely the managers fault for losing.

 

Up until the company hocked all the company assets to secure that new credit line, I was of the opinion Cliff Beckham and the board were deliberately trying to put the company into bankruptcy. Now I just think they are a bunch of idiots. I think the reason this guy got fired is actually very simple. If you look closely Cliff Beckham has a history of throwing people that disagree with him out the door. I don't know the specifics of why, but I'm sure it's got something to do with the company's relationship with the bank. I have a feeling this is being driven by the upcoming quarterly, I suspect the news is not good and the company is putting a plan in place to appease the bank. With all of the crap coming with the economy I don't see this bank giving USA Truck carte blanche to just run through all of this money with no restrictions. I am not privy to the full text of this new credit agreement, but I would be amazed if there was not language buried in it protecting the bank.

 

hey exrayman what is oging on in the picture on your avatar with the three trucks?

 

It was the 3rd time in a year I was next to a truck that got creamed on an end. First was at the Pilot in Little Rock. Next time it was in The TA in Morris IL. That photo was taken at the TA in Hudson Wisconsin.

 

Oooooh I hate that Pilot at the 161 in North Little Rock. That dump is always screwed up and parking requires a lot of patience and an above average skill level. Thankfully we have the Loves across the street in the fuel network now also. I never park at either of those places unless necessary and I prefer to use the Petro when I do take a 10 there.

 

USA truck collateralizing all company assets for a credit line is not uncommon in business. When USA truck wasn't in compliance with their the old credit line it wasn't that they couldn't make a payment. They had financial covenants they were required to meet as outlined with that credit line. When they didn't perform financially they were then not in compliance even though the payments were still made. The new credit line they claim doesn't have any such covenants but access to additional capital does have stipulations pertaining to the old credit line.