Jim Palmer in trouble

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MISSOULA, Mont. (AP) - A Missoula-based trucking firm planned to file for Chapter 11 bankruptcy protection, following similar filings by two subsidiaries.

Attorneys for Jim Palmer Trucking say the company will file for bankruptcy Friday in Butte. Two subsidiaries filed Thursday.

Lonnie Wallace, president of Jim Palmer Trucking, says they're trying to save the 44-year-old company, which has 425 employees.

He estimated the trucking firm and two equipment subsidiaries are delinquent on $1.5 million to $2 million in equipment loans and operating debts.

A leasing company filed a lawsuit against Jim Palmer and his three companies in late June, seeking payment on a lease for 60 refrigerated transport trailers, after the company failed to make payments in April and May.

Attorney Dennis Lind says soaring diesel fuel prices are the culprit.

Information from: Missoulian, [www.missoulian.com]

[Jumbo]

I thought I just read that they were being acquired by someone? I didn't know it was going to be the repo man.

[Double L]

The repo business is booming and will be booming for awhile now with the price of fuel and everything else going up.

[ohio joe]

PRIME INC WILL BUY UM!!!!! LOL!! :shock:

[golfhobo]

The repo business is booming and will be booming for awhile now with the price of fuel and everything else going up.

Hey! Maybe, I should get a job "repo-ing" trucks!

Was sorry to hear this about Palmer. They were on my "list." By the time this crisis is over, my list may be much shorter!

[Ronin]

If and when this fiasco cools down I don't think many list worthy companies will be left!

[Mr. Ford95]

This is the only thing they can do if they want to stay afloat and is becoming more and more commonplace. Allows them to get the creditors off their back until they can get their finances fixed.

[zipy46]

Lonnie Wallace (of Jim Palmer Trucking)
said more than 900 trucking firms in the nation reportedly had gone out of business or declared bankruptcy by the end of the first quarter.

[Orangetxguy]

Damn...If that is the same "Lonnie Wallace" I knew as a kid...

[doc holliday]

Lonnie Wallace is a p.o.s in my opinion. I worked there for 6 months and busted my butt for them and they have been behind for a while. When I was there the charge accounts all went bye bye due to the lack of bill paying. I was brought to Missoula cause I was told on the qualcomm to run illegal and i had no choice but to do it. I said no and informed DOT and then told Lonnie they must be stupid for putting that on the qualcomm then I got the bus ticket home. They paid for everything of mine to be shipped via Con-Way to the house, gave me all my owed pay via comcheck and paid my bus ticket so that was nice. I have a job where I am home every week and average a $950 a week paycheck so I guess it all worked out, but Lonnie has been running Palmer into the ground and I hope it goes away.

[zipy46]

Ive come to the conclusion that most of the big wheels in the trucking industry blow big like whales...

Once you are on the 'inside' these companies dont even come close to what

they spew during orientation.

I came within about 1 day of going to work for JP....but some driver warned me not to at the last second...he just left them after only being there 2 weeks

[BigWheels]

That's too bad....hope management can turn it around (even though they are part of the problem).

http://www.ttnews.com/articles/baset...?storyid=20150

http://www.jimpalmertrucking.com/

[bigtimba]

Lonnie Wallace (of Jim Palmer Trucking)
said more than 900 trucking firms in the nation reportedly had gone out of business or declared bankruptcy by the end of the first quarter.

I've heard or read anywhere from 40-45,000 trucks have shut down. What I haven't read or heard is how many companies/trucks shut down in any prior, typical quarter or how many start-ups emerge in a typical quarter. What is the rate of change?

Business is cyclical no matter what business you're in. In the down cycles, the weak fail and the strong get stronger. The 40-45,000 idled trucks won't be cut up and sold for scrap. Many will be bought up by existing fleets and others will be bought up by newcomers.

[Orangetxguy]

Lonnie Wallace is a p.o.s in my opinion. I worked there for 6 months and busted my butt for them and they have been behind for a while. When I was there the charge accounts all went bye bye due to the lack of bill paying. I was brought to Missoula cause I was told on the qualcomm to run illegal and i had no choice but to do it. I said no and informed DOT and then told Lonnie they must be stupid for putting that on the qualcomm then I got the bus ticket home. They paid for everything of mine to be shipped via Con-Way to the house, gave me all my owed pay via comcheck and paid my bus ticket so that was nice. I have a job where I am home every week and average a $950 a week paycheck so I guess it all worked out, but Lonnie has been running Palmer into the ground and I hope it goes away.

That was pretty much what I was trying to infer. I know Jim P. He worked with my oldest brother back in 69-70, before he start JPT, at a company owned by Max Fairchild. If I'm thinking of the right Lonnie Wallace...he was a stupid piece of work way back then, when we were kids.

[bigtimba]

But the future looked so . . bright . .

http://www.todaystrucking.com/news.cfm?intDocID=19951

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