You Might Wanna Read This----Pay Attention to Detail!Read Fully!

Discussion in 'Central Transport/Vitran' started by BirdGang, Sep 25, 2013.

  1. BirdGang

    BirdGang New Member

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    Canadian-based Vitran Corporation has announced it has entered into an agreement to sell its U.S. less-than-truckload business.

    In a release, it says the buyer is Matthew Moroun. who is associated with a number of transportation companies with interests that include LTL, truckload, flatbed, third-party logistics and warehousing. Moroun is a director with CenTra, a Michigan-based holding company for trucking operations, among other business interests

    "For the last several years, Vitran has invested substantial time and capital to improve its U.S. operating results," said William S. Deluce, Vitran's interim president and CEO. "While we believe these efforts have made Vitran's U.S. LTL business a better operating company, they did not result in financial results that are acceptable to management or the board."

    Under the terms of the proposed sale transaction, an entity controlled by Moroun, will pay $2 million to acquire 100% of the common stock of the wholly-owned U.S. subsidiary, which operates Vitran's US LTL business and will assume the its ongoing liabilities. Additionally, he will fund the U.S. operating business until the date of closing, which is scheduled to close within 10 business days. Vitran says there is no assurance that the proposed transaction will be completed within this time frame, IF AT ALL! :flame:.

    Vitran remains a player in the Canadian LTL business.

    Matthew Moroun is the son of Manuel "Matty” Moroun, whose company owns the Ambassador Bridge, connecting Detroit and Windsor, Ontario.

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  2. ltlguy2013

    ltlguy2013 Member

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    That's all legality details. Basically Vitran told Mathew that they owe this and that and there accounts will show this much business and that much loss ect. As long as the official documents are as they said, it's done. As long as Vitran doesn't pull some weird crap,
    It's done
     
  3. had enough

    had enough pErSoN oF iNtErEsT

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    the paperwork may say matthew, but it's mattys until he passes.
     
  4. buffalo1

    buffalo1 buffalo1

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    matthew is set to inherit all the acquisiton and empire from his father. Anyone who has worked for and been to the "crystal palace" of Central in Warren, MI. knows this!
     
  5. BirdGang

    BirdGang New Member

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    his dad is 86 years old & in jail over the Detroit bridge so I'm sure he isnt running anything behind bars!,
     
  6. buffalo1

    buffalo1 buffalo1

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    Guess you got your fact's wrong. Senior has been out of jail for a while with the bridge issue. Check your fact's before you comment!
     
  7. Jeepstr723

    Jeepstr723 Member

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    You are sooo wrong. He did his time, is out and happy.That old dude had the balls to tell the judge, the feds and the State of Michigan to stick it where the sun don't shine. He stood his ground for a very long time on the bridge issue.
     
  8. BirdGang

    BirdGang New Member

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    Wrong or not it's shows what kind of person he is
     
  9. Popswasnatlman

    Popswasnatlman Member

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    Very ignorant and stupid comment.
     
  10. Popswasnatlman

    Popswasnatlman Member

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    He wants to build a bridge with his own private money and take the risk of it all. Seems you want state government building a bridge with your taxes or Canadians taxes. I for one want private enterprise doing everything so I don't risk getting taked more and more. Get off our board BirdGang, we don't need your ignorant comments anymore.
     
  11. BirdGang

    BirdGang New Member

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    Let me guess in no time have you posted anything wrong, inaccurate on mistake or misleading? This is a internet forum...Unbelievable ..Only opnions...No one is perfect besides you solely based upon some of your post! In a time like this we need to band together not tell people to leave. Any information is good unless it's spam...Regarding the bridge I have no problem with him funding and building it until we or I have to cross it at some stupid insane price like $1000 a car and $10,000 per truck....
     
  12. luci

    luci Member

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    Corporate abuse would outta control without govt. We would soon be slaves.
     
  13. larmar

    larmar Banned

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    In addition to $2 million, Central agreed to pay the Canadians . . . 3 cases of Molson, 2 season tickets to the Red Wings, and 1 PrePass for the Ambassador bridge.
     
  14. had enough

    had enough pErSoN oF iNtErEsT

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    i think manny spent one day in jail.
     
  15. wolf

    wolf Well-Known Member

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    In January, Judge Edwards requested Matty Moroun’s presence in the courtroom for the first time. It seemed little more than an inconvenience. Then, in an even-toned voice, the judge ordered Moroun and the company president, Dan Stamper, to jail. They would be released when the Gateway project was complete. Their lawyers pleaded with the judge. Then two sheriff’s deputies took Moroun and Stamper out the back door to the nearby jail. A woman watching the proceedings applauded loudly.

    The executives were put in a cell together. They had to wear the same green jumpsuits as other prisoners, though they were allowed to order in dinner from the Detroit Athletic Club. The next day an appeals court ruled they could be released but had to appear in front of Judge Edwards on March 8 with a progress report. Moroun, shielded by his son, Matt, left the prison at nightfall, saying to the reporters gathered outside, “I love my country. I love my family.”

    Matty Moroun, Detroit's Border Baron - Businessweek
     
  16. kat569

    kat569 New Member

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    Just out of curiosity...why does everybody keep bringing up how the Morouns own something like half of Detroit? Correct me if I'm wrong...but didn't the Motor City just declare bankruptcy? And isn't the federal government trying to bail them out?

    If I were you, I'd say screw the talks about unionizing and start blasting resumes out to everywhere I could. Because if I'm right, Vitran's days are numbered and you may just want to work on your Plan B now.
     
  17. luci

    luci Member

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    Jay Carney stated there will be no bailout for the Detroit bankruptcy. No sure if the other side of the isle will do anything.

    There is money to made in chaos.
     
  18. fartknocker

    fartknocker Well-Known Member

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    An individual owning property doesn't have much to do with a municipality going bankrupt.
     
  19. kat569

    kat569 New Member

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    True, but you'd think someone with that much $$ would be somehow involved in local politics. After all, $$=power.
     

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