Truckers owed hundreds of thousands after glass fabricator, affiliates file bankruptcy

Discussion in 'Truckers News' started by truckwriter1, Jul 30, 2021.

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  2. buddyd157

    buddyd157 Road Train Member

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    gotta join to read the story....
     
    CowboyTim Thanks this.
  3. olddog_newtricks

    olddog_newtricks Medium Load Member

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    It took me straight to the article and was able to read it.
     
  4. roundhouse

    roundhouse Road Train Member

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    Why would a company let someone get $750k behind on their bills ?

    I’d have stopped doing business with them way before it got that large .
     
  5. buddyd157

    buddyd157 Road Train Member

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    this is what i get...i refuse to join, to read ANY article that makes a person join......then get spammed.

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    CowboyTim Thanks this.
  6. Arctic_fox

    Arctic_fox Heavy Load Member

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    Depends on the contract, how many trucks and how its worded. For example if they pay once a month every quarter or annually for a dedicated load. 750k sounds like a lot but you can easily reach that amount after just 200 or 300 loads depending on pay.

    Not unheard of for a carrier to sign a dedicated contract for end of X billing if they have worked together for a long time.

    Also posible and more likely is there are dozens of drivers they just never paid after a month of operation. Hard to tell when the article requires you to join to read.
     
    gentleroger Thanks this.
  7. gentleroger

    gentleroger Road Train Member

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    It looks like a leasing company.

    The account I'm running has 20 tractors, 2 yard dogs, and 100 trailers. Figure $1,000 a week for the tractors and $500 for the trailers and you're looking at $72,000 in equipment costs a week, or $288,000 a month.

    First month, the checks a little light. Second month the check never comes. Third month they shut down. I can easily see the actual costs hitting 7 figures just in missed payments and recovery costs. In this case I would guess the leasing company is also trying to get paid for the glass company breaking the lease.

    The other way to look at it is our 20 trucks run on average 400 miles a day. At $2/mile, that's $16,000 a day. It only takes 45 days to rack up a bill of $750,000.

    Considering they have plants in at least 2 states, with at least 200 employees at the New Jersey plant, having accounts payable at that level is pretty normal.
     
  8. gentleroger

    gentleroger Road Train Member

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    For the first article you read, it will do that. After the first it pops up the login screen.

    If you open the link in an incognito tab, you can avoid the "pay with your data " wall.
     
    olddog_newtricks Thanks this.
  9. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    Those guys were in trouble two years ago.
     
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