LME Just closed the doors

Discussion in 'Truckers News' started by WSM1969, Jul 11, 2019.

  1. Texas_hwy_287

    Texas_hwy_287 Road Train Member

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    This year two LTL close their doors, yet YRC seems to be doing fine.
     
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  2. bzinger

    bzinger Road Train Member

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    Lme has always played below the bar and it finally caught up with em .
     
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  3. Texas_hwy_287

    Texas_hwy_287 Road Train Member

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  4. freebeertomorrow

    freebeertomorrow Medium Load Member

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    ill be honest, i have no idea.
     
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  5. LtlAnonymous

    LtlAnonymous Road Train Member

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    Hmmm. Define "fine." Lol
     
  6. WildTiger1990

    WildTiger1990 Medium Load Member

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    1 Open trucking company
    2 Hire few drivers and not pay them for few weeks
    3 Close door after that
    PROFIT!
    Repeat in next state. Nice fast income:)
     
    FlaSwampRat Thanks this.
  7. School of Hard Knocks

    School of Hard Knocks Bobtail Member

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    It has everything to do with it. The withdrawal penalties from exiting Central States Pension Fund for them is over 90 million. Do the math. The current and future retirees they had would never have even come close to receiving benefits amounting to that. A union ravaged by corruption for decades, poorly run pension fund that is nothing more than a legal form of a ponzi scheme, all that have been warned since the early 80s it was not sustainable. That #$%@show would bankrupt even the largest of companies many times even faster than the small ones. Every time a company goes down the withdrawal penalties get spread across the remaining signatory employers. Theres much more to this story than just employers running with the $. As a union member for over 30 yrs I have seen this storm brewing since my beginnings.
     
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  8. Long FLD

    Long FLD Road Train Member

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    The Trucking Answers guy has a video on YouTube and according to him they were supposed to pay out the $1.2mil or so from a lawsuit when they closed to break the union and then started back up again. His video said that was supposed to happen later this month. So if that’s true then it’s double crappy what they’ve done.
     
  9. Fold_Moiler

    Fold_Moiler Road Train Member

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    It’s a #### hole company that’s for sure. I’m not surprised.

    Yeah they closed their doors before the holidays a few years ago and told their drivers to kick rocks and didn’t pay them.

    THEN the bought about 100 new tractors a couple weeks later and a new warehouse and called it FLE, instead of LME. that’s how they got the union out.

    I used to work for a company that did all their DEF and fuel. I’ve been to all of their terminals. Just a sketchy company.

    I’m sure they owe my old boss thousands in fuel and def because I bet they never paid their last bill.
     
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