Another compnay goes under, more drivers available.
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. |
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.
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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. |
The article said they failed to make timely payments.
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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...........
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How well are banks insured against loses of this type?????
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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.
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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. |
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