Another compnay goes under, more drivers available.

[Windwalker]

I remember seeing "Terminal" on the road. I see they won't be out there any more.
Nearly 100 lose jobs as Concord trucking company closes | WCNC.com Charlotte
Interesting how they were a small company since the 40s, sold to new owners 4 years ago, and now they are done.

[GMAN]

I sure feel for their drivers. It is a shame that a company that has been around for so long had to close their doors. You would think that their bank would have been willing to work with them with the economy being what it is right now. It is especially difficult so close to Christmas. The company must have been doing something right, at least with their drivers, since some had been with them for so long. I think that if Wachovia had worked with Flying J that Pilot would not have taken them over. I expect more carriers to bite the dust in the coming year. We usually think about the startups as being more suseptable to failure, but the last few years we have seen a number of well established carriers close their doors.

[Orangetxguy]

I sure feel for their drivers. It is a shame that a company that has been around for so long had to close their doors. You would think that their bank would have been willing to work with them with the economy being what it is right now. It is especially difficult so close to Christmas. The company must have been doing something right, at least with their drivers, since some had been with them for so long. I think that if Wachovia had worked with Flying J that Pilot would not have taken them over. I expect more carriers to bite the dust in the coming year. We usually think about the startups as being more suseptable to failure, but the last few years we have seen a number of well established carriers close their doors.

I just sat here and pondered about the bank and how it handled this. The article did not say which "bank" called the note.

But if you take your statement about Wachovia into context, and realize that Wachovia and Bank of America both had their headquarters in North Carolina.........BofA or Wells Fargo (remember...they took over the failed Wachovia) could have been the bank involved.....and BofA is not in a healthy "Capitalization" state. BofA has been calling a lot of notes.

[chris1]

The article said they failed to make timely payments.

[Mr. Ford95]

While that is true Chris the bank who did it has acted like fools in this economy. They are now stuck with a property that they can't and won't be able to turn for a few years more than likely. This is exactly what the banks need to not be doing right now. Work with the company because if you call their note and put them out of business then your losing money. Hopefully the workers can find something else...........

[Windwalker]

How well are banks insured against loses of this type?????

[GMAN]

I suppose they think that if things get really bad for them that the feds will come in and bail them out again. Many of these foreclosed loans could have been salvaged if the banks had been willing to work with people.

[chris1]

While that is true Chris the bank who did it has acted like fools in this economy. They are now stuck with a property that they can't and won't be able to turn for a few years more than likely. This is exactly what the banks need to not be doing right now. Work with the company because if you call their note and put them out of business then your losing money. Hopefully the workers can find something else...........

So they should keep giving money to someone who isn't paying them back on time? The article didn't say it was for a mortgage,most likely it was for operating capitol. How long would you keep giving someone money if they didn't pay you?

[Windwalker]

So they should keep giving money to someone who isn't paying them back on time? The article didn't say it was for a mortgage,most likely it was for operating capitol. How long would you keep giving someone money if they didn't pay you?

I'm thinking it may have had to do with mortgage. The company had been in business since the '40s, and was sold to new owners four years ago. There may have been operation capitol as well, but I doubt they paid cash for the company.

I had a really good laugh at IRS some years back. They pulled all the permits on a trucking company in Philla because they were not satisfied with the rate that the company was catching up on back taxes. Their intention was to auction everything off and get their money that way. But, the company had all the equipment LEASED. Even the office chairs and typewriters were leased. There was NOTHING that was actually company-owned. IRS got nothing.

[GMAN]

I'm thinking it may have had to do with mortgage. The company had been in business since the '40s, and was sold to new owners four years ago. There may have been operation capitol as well, but I doubt they paid cash for the company.I had a really good laugh at IRS some years back. They pulled all the permits on a trucking company in Philla because they were not satisfied with the rate that the company was catching up on back taxes. Their intention was to auction everything off and get their money that way. But, the company had all the equipment LEASED. Even the office chairs and typewriters were leased. There was NOTHING that was actually company-owned. IRS got nothing.

I love it!!! They put a company out of business that was paying them and now they get nothing. Not only don't they get nothing from the company, but they also put all of the company's employees out of a job and they are not NOT getting taxes from them. What a bunch of mental giants!!???