Shuttered Arkansas carrier files Chapter 7 bankruptcy

[Truckwriter1]

An Arkansas-based trucking company, forced to cease operations nearly a year ago after it was unable to climb out of debt following a five-year legal battle over a $23 million nuclear verdict, filed for Chapter 7 liquidation Monday. Read more here:

 

[Jeff]

Shuttered Arkansas carrier files Chapter 7 bankruptcy

An Arkansas-based trucking company, RCX Solutions, filed for Chapter 7 liquidation on Monday, nearly a year after it shuttered operations when it was unable to climb out of debt following a $23 million nuclear verdict.

www.freightwaves.com

 

[pro1driver]

and if "nuclear verdicts" continue, many more companies will fold up.

i don't see anyone stepping in (like any trucking organization) to put a stop to this.

 

[1984Sideways]

Let's say they do nuclear verdicts at one time or another on every company.

Trucking goes Poof Nationally. They would have to activate the Military and roll the trucks.

 

[20_yrs_2_go]

Just had a conversation with a driver who moved from my state to arkansas because the taxes and cost of living were cheaper and yet you read this stuff going on in this state.
Kind of makes you wonder who's passing the bull s*#t story

 

[kboomarang]

Just had a conversation with a driver who moved from my state to arkansas because the taxes and cost of living were cheaper and yet you read this stuff going on in this state.
Kind of makes you wonder who's passing the bull s*#t story

You don't think a huge settlement can destroy a business?

 

[20_yrs_2_go]

You don't think a huge settlement can destroy a business?

All depends on who's in charge. A better question would be Why did the owner put himself and employees at risk ?

 

[kboomarang]

All depends on who's in charge. A better question would be Why did the owner put himself and employees at risk ?

You best check your liability insurance coverage depending on limits you just maybe putting yourself and family at risk.

 

[20_yrs_2_go]

I
You best check your liability insurance coverage depending on limits you just maybe putting yourself and family at risk.


I tell my employers that I will put my safety record against anyone in the company then let's see if I'm the big risk or someone who's costing the company $$$$

So far no challenges...

 

[kboomarang]

I
You best check your liability insurance coverage depending on limits you just maybe putting yourself and family at risk.


I tell my employers that I will put my safety record against anyone in the company then let's see if I'm the big risk or someone who's costing the company $$$$

So far no challenges...

I was talking your personal vehicle liability limits, if you had the minimum liability for property and injury and piled into a 90-100 thousand dollar car and caused neck injuries or any injury to the passengers you'd be really hurting, no different than this trucking outfit they could of had 15 million in coverage but are short by 8 million on the award...... they're screwed.

 

[seabreeze]

I was talking your personal vehicle liability limits, if you had the minimum liability for property and injury and piled into a 90-100 thousand dollar car and caused neck injuries or any injury to the passengers you'd be really hurting, no different than this trucking outfit they could of had 15 million in coverage but are short by 8 million on the award...... they're screwed.

May want to look at an umbrella policy, there're not too expensive.

 

[joes bar and grill]

I was talking your personal vehicle liability limits, if you had the minimum liability for property and injury and piled into a 90-100 thousand dollar car and caused neck injuries or any injury to the passengers you'd be really hurting, no different than this trucking outfit they could of had 15 million in coverage but are short by 8 million on the award...... they're screwed.

Maybe they deserved the large judgment, kill somebody like a Walton and 28 million ,you got off easy

 

[kboomarang]

May want to look at an umbrella policy, there're not too expensive.

I have had one for years, I also carry higher liability and higher motorist uninsured coverage.

 

[kboomarang]

Maybe they deserved the large judgment, kill somebody like a Walton and 28 million ,you got off easy

I didn't say they didn't, my point was the need for adequate liability insurance and sounds like this outfit didn't have it.

 

[20_yrs_2_go]

I was talking your personal vehicle liability limits, if you had the minimum liability for property and injury and piled into a 90-100 thousand dollar car and caused neck injuries or any injury to the passengers you'd be really hurting, no different than this trucking outfit they could of had 15 million in coverage but are short by 8 million on the award...... they're screwed.

Much to your surprise most trucking companies are on the hook to pay the first $100,000 for each accident

 

[DCM_Doc]

Much to your surprise most trucking companies are on the hook to pay the first $100,000 for each accident

Some companies self insure to $500K to a million to reduce liability premiums. My employer did so for many years & still does. Lloyds of London insures many of the larger companies over that predetermined amount. A company's safety record makes a huge difference in their insurance costs.

 

[kboomarang]

Much to your surprise most trucking companies are on the hook to pay the first $100,000 for each accident

Not surprised at all.....in the real world that's called a "deductible", I would pay a deductible on claims for some of my coverage as do most people...no surprise it helps reduce premiums.

 

[20_yrs_2_go]

Some companies self insure to $500K to a million to reduce liability premiums. My employer did so for many years & still does. Lloyds of London insures many of the larger companies over that predetermined amount. A company's safety record makes a huge difference in their insurance costs.

Self insured also has hiring guidelines so threads like this dont happen to them

 

[Puff Driver]

I
You best check your liability insurance coverage depending on limits you just maybe putting yourself and family at risk.


I tell my employers that I will put my safety record against anyone in the company then let's see if I'm the big risk or someone who's costing the company $$$$

So far no challenges...

Socialists who allow lawyers to run the nation are destroying America.
Look at any of these huge law suits the lawyers are keeping upwards of 52% of the award (they pump up expenses plus their 35%) only to have the injured party go through Third Party Subrogation and give away anything that they won to pay medical bills.....
Democrats keep laws this way to protect their largest donors happy...…
John Edwards earned almost $700 MILLION suing doctors while his clients got very little......

 

[20_yrs_2_go]

Socialists who allow lawyers to run the nation are destroying America.
Look at any of these huge law suits the lawyers are keeping upwards of 52% of the award (they pump up expenses plus their 35%) only to have the injured party go through Third Party Subrogation and give away anything that they won to pay medical bills.....
Democrats keep laws this way to protect their largest donors happy...…
John Edwards earned almost $700 MILLION suing doctors while his clients got very little......

There again when I Was starting out I can recall a trucking owner who allowed false ( paper logs ) and his own safety dept. Turned him in
You guessed it..the owner got jail time