Farm2Fleet

Discussion in 'Discuss Your Favorite Trucking Company Here' started by NoCoCraig, Jul 14, 2013.

  1. snowwy

    snowwy Road Train Member

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    How could he be bankrupt? He was rolling in the dough.
     
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  3. stevep1977

    stevep1977 Road Train Member

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    There's no "business assets", but that doesn't mean there are no personal assets that are protected under LLC status.
     
  4. spyder7723

    spyder7723 Road Train Member

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    Ya i guess the house he is upside down on and his 10 yr old 5k dollar car could be sold. Btw, that llc doesn't make him immune. If it can be shown he had practical operating control of the business his personal assets will be up for grabs to the debtors.
     
    Last edited: Aug 23, 2016
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  5. spyder7723

    spyder7723 Road Train Member

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    And they may very well do that during the bankruptcy proceedings. If he has anything to take. I don't know what his personal holdings look like, but if i had to take a guess, my guess is everything is mortgaged to the max. Things went down hill fast there, i bet at the beginning of that slide he borrowed and financed everything he could to try and stop the bleeding. The benefit of hindsight shows that bleeding turned into a spewing hemorrhage, but at the time he couldn't know that. I don't think any of us wouldn't have done everything we could to salvage our business in those stages. It's really no different than when your truck starts to become a money pit, you keep throwing money at it to keep yourself making money and its not till fifty grand later that you see you would have been better off trading it in on a new one.
     
  6. Knucklehead

    Knucklehead Road Train Member

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    I agree. I was talking about Max Trans's obligation.
     
  7. stevep1977

    stevep1977 Road Train Member

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    From what I was reading previously the guy was taking 25% of gross for basically nothing other than running under his authority. What the hell happened to the money lol. Probably snorted it all up his nose.
     
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  8. snowwy

    snowwy Road Train Member

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    Any company you lease on to, takes a percentage. They handle all the billing, insurance, fuel, ANY paperwork involved with gooberment regulations. So don't say he's taking 25% for doing nothing. He's doing EVERYthing. But hauling the loads. He MIGHT also be renting the trailer in the 25%. Trailers aren't free.

    Most people will gladly pay a percentage to have to do nothing but haul loads and collect their paychecks. And book loads.

    There's also the brokers that don't pay. So, if you want to haul a load and the broker isn't approved through the carrier. You or the carrier get to collect a check before that load gets thrown on, somehow, or find another load.

    25% is about average but there's one BIGger company that takes 35%. The smaller mom and pops usually only take 10% to 20%. Depends on what's being offered and typed in the contract. Every leased on to carrier charges a percentage.
     
  9. trees

    trees Road Train Member

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    No kidding. "We'll teach you how to look at a load board and dial a phone... But, it will be up to you to figure out how to negotiate, don't fear I will be right there, with my whiteboard and dry eraser, telling you how to figure out whether you're making money , or not....and check out my equipment leasing deal, with appropriate logo, a stick figure falling off a cliff..."

    lol..
     
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  10. catalinaflyer

    catalinaflyer Road Train Member

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    That's likely exactly what happened and if BBB and F2F had been a little more humble, admitted on the same social media that they (he) uses to self promote that things were bad and he was having serious financial issues instead of repeatedly telling everyone they had turned the corner and paid everyone the tone of these threads would likely be a lot different.

    A man who's man enough to admit when the bottom has fallen out and is in trouble will find many men willing to step up and support him. A man who lies about the bottom falling out and refuses to be truthful about whats happening will find many men watching him fall but none willing to reach out with a helping hand.

    He would only admit a small amount for a few days when his hand was forced but a week later he would be all over social media telling anyone who would listen how he had turned things around and everything was perfect again. I don't know if he was so into his social media fodder that he truly believed his own words or if he's a con-man at heart and knew exactly what he was doing. The jury of peers on social media has rendered the verdict of him just being a con and at this point I don't think there can be a new trial.

    When his world went to hell in a hand basket he should have come onto social media, admitted he was in over his head, been humble and there's a good chance someone with some experience in the business could have stepped in and helped him right the ship. No it probably wouldn't have been going the direction he had been preaching but that direction was failing anyway. Instead he was/is so wrapped up in his own words that even once the ship was under water and sinking to the bottom he was standing on the life raft telling everyone watching he was still captain of his ship. Now he's reduced to floating around in a little orange life jacket with his ship on the bottom and the bankruptcy court taking the raft. The onlookers have turned their back and walked away so there's no one left to throw a line or reach out with a hand.
     
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  11. Bumper

    Bumper Road Train Member

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    Should have called Kevin Rutherford. He would have saved his butt.
     
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