Pride Group - TPine

thebluffs1 said:
Good summary Jim - but I think you are missing the fact that their first rise on the asset based trucking side was fuelled by their acquisition of the properties and many of the assets/lanes of the then recently defunct BR Smith- Mississauga, Brantford, Fort Erie to name a few. Many people from BR Smith Logistics moved over to Pride Group as well, and for years Pride trucks pulling BR Smith tridems were a common sight. As I recall, the truck dealerships etc came after that initial expansion (based on BR Smith and Multiline) if memory serves correctly. They’ve added other carriers Loadex (100 trucks) Arnold in the USA (414 trucks) and many more that I’m sure that I’m not aware of.
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I was not aware that PRIDE Group purchased Bruce R Smith. Thanks for filling in that gap in my head. Maybe PRIDE just purchased the assets from Bruce R Smith? BRSmith was also going through CCAA protection in 2010.

From what I remember it was Ron Tepper who bailed out Bruce R Smith. Ron Tepper is originally from Consolidated Fastfreight. He may have sold the stake to PRIDE but are you sure?

Coincidentally, this is the same group that owns a piece of Challenger Group now.
 
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Jim L said:
I was not aware that PRIDE Group purchased Bruce R Smith. Thanks for filling in that gap in my head. Maybe PRIDE just purchased the assets from Bruce R Smith? BRSmith was also going through CCAA protection in 2010.

From what I remember it was Ron Tepper who bailed out Bruce R Smith. Ron Tepper is originally from Consolidated Fastfreight. He may have sold the stake to PRIDE but are you sure?

Coincidentally, this is the same group that owns a piece of Challenger Group now.
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That is correct, Fastfrate absorbed BRS in the end, but ex President John Smith did go work for Pride.
A lot of the BRS people also went to Caravan, and ultimately are now at Wellington.
 
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Here is a good article about the above. Not bad at all when you can forgive over half a billion in debts. Mind you we have never seen them post much, or offer loads until December 2023 / January 2024 - when they started heavy email marketing their excess shipments. So much for fair and ethical practice...

Freightwaves - Pride Group Story
 
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flatbeders said:
www.trucknews.com

Court documents tell the story of Pride Group’s troubles - Truck News

Court documents related to Pride Group Holdings’ filing for creditor protection paint a picture of a once-thriving transport and real estate conglomerate,
www.trucknews.com www.trucknews.com
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well this is an eye opener, and the problem with going into CCAA, other legs of the businesses with creditors will start looking at their terms and conditions to make sure they are protected incase of a full out liquidation. And did I read that right that they have 4.5k trucks in inventory? thats almost a quarter of the average supply of trucks for a year in NORTH AMERICA. If they do go into liquidation that's a significant amount to affect resale values.
 
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Jim L said:
I was not aware that PRIDE Group purchased Bruce R Smith. Thanks for filling in that gap in my head. Maybe PRIDE just purchased the assets from Bruce R Smith? BRSmith was also going through CCAA protection in 2010.

From what I remember it was Ron Tepper who bailed out Bruce R Smith. Ron Tepper is originally from Consolidated Fastfreight. He may have sold the stake to PRIDE but are you sure?

Coincidentally, this is the same group that owns a piece of Challenger Group now.
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I'm not sure what the nature of the transaction was, but the properties and a lot of the people that were formerly BRS ended up with the Pride Group banner.
 
JN1981 said:
Not sure if anyone knows yet, but does this include TPine Financial? We received a couple invoices last week that were factored to them and want to avoid any issues form a carrier not being paid as a result.
Would be interested in a link to documents if/when someone gets them.
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sorry, I might have missed the answer but does anyone know yet if this includes T-Pine financial yet or is that still day to day business as normal?

Thanks
 
jonny-chicken said:
Am I reading this correctly? I'm seeing a number on that list in one category that is in excess of 1 billion...
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Total amount owing to all lenders, both secured and unsecured is approx 1.6 BILLION dollars. That amount is unsurvivable. Time for their freight customers to start looking for new transportation suppliers. When the milk and honey were flowing, everyone wanted a piece of it. The greed of the lenders was only exceeded by that of the Johals. Now the piper is asking for his payment, from everyone who participated in this Ponzi-like scheme.
 
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jonny-chicken said:
Am I reading this correctly? I'm seeing a number on that list in one category that is in excess of 1 billion...
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yes..yes you are lol what blows my mind is how many credit checks I get for getting an additional phone line and we got people out here handing out loans in the millions like fun tokens.

Look at the "Unsecured creditors". Whole lot of their own companies they owe money too.
 
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MLCAR said:
yes..yes you are lol what blows my mind is how many credit checks I get for getting an additional phone line and we got people out here handing out loans in the millions like fun tokens.

Look at the "Unsecured creditors". Whole lot of their own companies they owe money too.
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Just had this convo in the office.

How they got to over a Billion owing in such a short time span is a bit mind boggling to me. Feels like their should have been a lot more checks and balances along the way.
'
I drive past Pride every day into the office and even this morning, saw three trucks leaving the yard. Guess they are finishing up deliveries. Can't see how they survive this.
 
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There are so many "related" companies shown as owing big bucks to unsecured creditors. Unfortunately, I do not see a cover page that lists all the names of the companies. You will note that starting around page 36, there are several TPine companies also listed in the headeres.
 
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