Discussion in 'Central Transport' started by runawaytrain, Nov 14, 2012.
It's not like they have a history if making smart decisions :LMAO:
Iceberg dead ahead, famous last words :LMAO:
Dallas terminal appraised today...Suits walking dock...Current market value about 3 million...Vitran SW owns 2 terminals...Dallas and Wichita...they lease the rest
we also had suits walking our dock today as well. must be part of that loan deal posted in vitran credit thread. the final nail in the coffin in my opinion.
They may be planning on selling it...And leasing a place for us, or closing the SW....Its one or the other...They do need to raise some money, so nothing is off the table...But you dont have a appraisal done unless your thinking about selling...Dock workers said they spent half a day taking pictures and measurements...We shall see
Sounds desperate to me. Hopefully they have enough money to pay everyone, would hate to see people owed money going into the holidays
However this company decides to cut cost...And they must or go belly up....You have to give credit where credit is due...They could have made these changes during the holidays...It appears they may have a heart for the team members and their families...So many companies would not care.
heart? dont kidd yourself, this is a business not a charity event. everyday gets me depressed more and more. I did a swap today, I picked up a full trailer, 2 bills, both walmart, 1 bill 12 skids (well really 24 skids but they were double stacked, and couldnt even get them out without wedging a board to hold the roll up door). the other bill same as the 1st bill. BOTH WERE FLIPPING WALMART!!!!!!!!!!! both were west coast wally world D.C. can we all guess how much money they will lose on these 2 bills? and I am talking b4 the damaged, and shortage claims
Its a dog eat dog world....Temporary insanity i suppose...or maybe too many beers
i'm at a terminal that they definetely would'nt sell individually, that's for sure. this terminal is owned by vitran, but they still owe on it like everything else. i imagine that they're trying to borrow more. i have to go now, i'm chasing lateness freightness.
Employees always get paid before creditors. May take a while, and it may be at pennies on the dollar, but employees always come first. Federal Law.
That is true..It is a Federal law.
dollars on dollars for employees, penny on dollars to creditors. went down that road about 8 years ago with a company, we had federal lawyers and federal judges deciding who got what
I read that the exec's at Hostess are getting big bonus's despite their demise...A judge ruled this...Wonder what the labor will get? What a slap in the face..
Yeah, isn't that nice, institute bonus programs JUST BEFORE you file bankruptcy, the rules say you can't give anyone a bonus (or raise for hourly) while you are under bankruptcy terms.
They have been in bankruptcy for quite some time. The recent court order was to liquidate the assets. Since you are working at Vijackoff, you will get a front row education to the difference within the next 3 months!
ang lamar that was harsh, but I think I have to agree with you, something has to give at vitran, cuz what they are doing now isnt working at all, they are getting deeper and deeper in debt. It felt like a elephant jumped off my back last week when I turned in my uniforms and gave my T.M. the comdata fuel card. 5years of service and a .25 raise for my hard work..... and they wonder why they have the highest turn over in the business. good luck to all the original vitran employees, and good luck to all the original P-jax employees. Seems to me that everyone back in 2007- and 2008 was making a profit, until gaetz got really greedy and turned this place into the butt of all LTL trucker jokes............
Let the top exec's keep that 1.8 million in bonus money....Maybe it will help them sleep better at night for putting 18.000 people out of work. Like alway's the working man comes out on the short end.
I stayed until the transition in 08 then got the flock out of there and never looked back! Now almost everyone I worked with is gone.
The more time goes on, you will think, "why didn't I do that sooner!" Good Luck to you in your new job.
I remember one of my regular customers slamming Vitran right after the buyout (when we were still operating separate) saying how all their equipment was junk and unsafe and they refused to load it anymore and the company in general was horrible, and I remember thinking when I heard of the buyout "we were bought out by who, that little rinky dink operation" I should've jumped ship then, and now I've got enough years in where I need to ride this all the way to the bottom and hope for a miracle.