And one more bites the dust

[Walking Eagle]

Great Wide filed for bankruptcy. be careful taking loads from their subsidiaries !

[Walking Eagle]

They include,
Dallas Mavis
May Trucking
Cargo Masters
National Transport
and about 40 others

[Red Clay Rambler]

Wow!!

[boneebone]

They are being aquired by an Investor group for reorganiztion, not being liquidated.

Doesn't sound like biting the dust to me.

[Walking Eagle]

Filed yesterday in Wilmington De. Just hope they don't owe you $$ or will never see it. Been thru a couple of "Taken over by investor groups", what they are looking for is to break up and get the tax write off's. Only people who get paid off are the officers of the company.

[lowrange]

That was one of Kevin Rutherford's advertisers and favorite companies! I know a lot of people didn't see that one coming!

[DFWmom]

They are being aquired by an Investor group for reorganiztion, not being liquidated.

Doesn't sound like biting the dust to me.

Thank you! My neighbor drives for them and he is doing fine. Greatwide was bought out by an investor group. They did not bite the dust...amazing how some people take things out of context at the drop of a hat.

[Orangetxguy]

Well....since "GREAT WIDE" is...or WAS...an "Investor" group to begin with....what new group stepped up to take a shellacking
in the trucking industry?


Was it the "American Taxpayer Association"??







Get it???? The "ATA" ????

[belpre122]

The faster the chains and padlocks are applied to Great Wide, the quicker we will be rid of yet another low rent, bottom feeder carrier. I only wish that I could be there to help.

[GMAN]

I expect more of the larger carriers to file for bankruptcy. We seem to be in an epidemic of bankruptcies right now. There have already been over 20,000 carriers to go out of business this year. These involve some with 1 truck to those with several thousand trucks. It will create a difficult situation for some people, but should help the industry by reducing capacity. At some point there will be more freight than trucks. At that point we will see carriers take charge of the rates. Those carriers who have the cheap rates are the ones going out of business first.

[lowrange]

I expect more of the larger carriers to file for bankruptcy. We seem to be in an epidemic of bankruptcies right now. There have already been over 20,000 carriers to go out of business this year. These involve some with 1 truck to those with several thousand trucks. It will create a difficult situation for some people, but should help the industry by reducing capacity. At some point there will be more freight than trucks. At that point we will see carriers take charge of the rates. Those carriers who have the cheap rates are the ones going out of business first.

My guess is the decline in available freight keeps up with the decline in capacity. One thing seems for sure, the supply of truck drivers looking for work will be greater than at any time in memory, likely greater than the number of jobs.

I know that sounds bad, but I'd rather be ready for hard times and have them not come than to be counting on opportunities that never materialize.

[GMAN]

I think you are probably right about the capacity and freight, lowrange. I have noticed a higher quality of drivers who are applying with us. It is difficult for many but will help to get rid of some of the poor or marginal drivers. Hopefully, this situation will also see many of the cheap freight haulers go out of business.

[HWD]

Just because a company declares bankruptcy does not mean they're "going under" or going out of business. The term "bankruptcy" nowadays applies to about a zillion different financial/legal situations, many of which are not associated with ruin or "going under". I guess just wishful thinking on the OP's part...

[allan5oh]

unfortunately....

[Walking Eagle]

Re posted from another thread :-
"Re structuring" of a company normally means they take it and break it out into all it's pieces. The ones that maybe made some profit and don't owe to much they can sell off to other companies the rest, that lost money and owe $$$$$$$t they put into chapter 13, full bankruptcy, and everyone gets the shaft.
If a court determins your uncle "stole" the $$$$ (Can be bankruptsey or criminal court) he will still owe it and either one will come after it.

[belpre122]

I know that sounds bad, but I'd rather be ready for hard times and have them not come than to be counting on opportunities that never materialize.

Exactly lowrange! Couldn't have said it better myself. In effect, this implies (at least to my thinking) a well needed and long coming "flushing" of the industry.

Those that are "ready" for these hard times stand to prosper. Those that are merely 'hangers on' or the 'fringe' elements now stand to receive what they so justly deserve.

Adios! to the worst of the worst in the trucking industry. Whether behind the wheel, or on the corporate board..................good riddance!

[rgordon212]

Wal-Mart sure seems to have trust in them seeing how they just got 12 new bid spots..... I think someone was mis-informed.

[Triple Digit Bob]

Cargo-Master SUCKS. Cheapest broker I have ever seen.

[rgordon212]

Cargo-Master SUCKS. Cheapest broker I have ever seen.

Even cheaper than C.H. Robinson?? I find that hard to believe, but if it's true HOLY ****!!!!!!!!!!!

[moe]

two years ago I had a steady run hauling resin (on dry van) to locations around Greer,SC $350. for loads going 60 to 100 miles $300 for 30 to 60 miles and $250 minimum. Cargo master came in and cut my rate by $100 I would only get the load at my rate when they couldn't find a truck. the load I did more often, the $300 load was now being moved by cargo master for $200. then a few months back landstar got the account: that same load now pays $150. In the past my dealings with landstar were very positive but now even they are cutting throats.