True North Freight Solutions

GHSLI said:
They have another "sister company" by the name of North Shore Logistics Inc. Did that also shut down?
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As expected, the 'sister company' North Shore Logistics Inc. has had their FMCSA authorities revoked.
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Yikes, I took a moment to review the statement of affairs for True North and for North Shore.
The first thing that I noticed was that there was not one penny of assets. Absolutely nothing in a bank account, nothing in escrow, nothing in accounts receivable. This tells me that the monitor is not getting any information from the owners of the company or their bookkeeping systems.
Then in the unsecured creditors - look at all those DRIVER INC companies that will not get anything. How did they survive going this far down the road without receiving money?
Finally, I wondered, if this is public information, here contains documents that the CRA can check their database to ensure that all these companies are filing tax returns. Its proof they at one time were receiving money. I hate to see someone get kicked when they're down but if they didn't file taxes that is on them. Sure they didn't get this money but they don't have any expenses either. If they are taking the funds out of their corporation then it becomes taxable personally.

Here are the documents for you to read.
 
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I found that strange as well Jim L. Not a penny in receivables, not a nickel in office furniture, computers, etc. I am not familiar with this company, were they an asset based carrier? If so, where is the value of the equipment? They must have been as they owe a ton of money to their insurance broker, fuel and equipment suppliers. Very strange, almost as if this bankruptcy was planned so far in advance that the owners could siphon off every receivable and every bit of cash, leaving the cupboard entirely bare.
 
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loaders said:
I found that strange as well Jim L. Not a penny in receivables, not a nickel in office furniture, computers, etc. I am not familiar with this company, were they an asset based carrier? If so, where is the value of the equipment? They must have been as they owe a ton of money to their insurance broker, fuel and equipment suppliers. Very strange, almost as if this bankruptcy was planned so far in advance that the owners could siphon off every receivable and every bit of cash, leaving the cupboard entirely bare.
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they were definitely asset based, have seen their trucks and trailers on the road and they had a good sized yard as well. is it possible the assets are in a family members corp, which would keep them out of the bankruptcy?
 
loaders said:
I found that strange as well Jim L. Not a penny in receivables, not a nickel in office furniture, computers, etc. I am not familiar with this company, were they an asset based carrier? If so, where is the value of the equipment? They must have been as they owe a ton of money to their insurance broker, fuel and equipment suppliers. Very strange, almost as if this bankruptcy was planned so far in advance that the owners could siphon off every receivable and every bit of cash, leaving the cupboard entirely bare.
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I spoke to the monitor. The report was required to be completed but they do not have all the exact information at this time. It is also the reason why so many other creditors have a value as $1.00 - it is a place holder. An update will come when they have some information but in the meantime this is the standard process until the data is verified.
 
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loaders said:
I found that strange as well Jim L. Not a penny in receivables, not a nickel in office furniture, computers, etc. I am not familiar with this company, were they an asset based carrier? If so, where is the value of the equipment? They must have been as they owe a ton of money to their insurance broker, fuel and equipment suppliers. Very strange, almost as if this bankruptcy was planned so far in advance that the owners could siphon off every receivable and every bit of cash, leaving the cupboard entirely bare.
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Ins-Broker said:
They owe 4 Million to their insurance broker? Something isn't right...
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This looks like a classic pump and dump. They took as much as possible and held off on paying everyone. No one will go to jail. Feel bad for everyone except CRA.
 
loaders said:
I found that strange as well Jim L. Not a penny in receivables, not a nickel in office furniture, computers, etc. I am not familiar with this company, were they an asset based carrier? If so, where is the value of the equipment? They must have been as they owe a ton of money to their insurance broker, fuel and equipment suppliers. Very strange, almost as if this bankruptcy was planned so far in advance that the owners could siphon off every receivable and every bit of cash, leaving the cupboard entirely bare.
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If I had to guess - all the assets this company operates (if any) are parked in a sister company and are rented back to them at $1 a year
 
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MLCAR said:
how does CRA let it get to $4.5 mil, I get emails and calls soon for like $1100 bucks:rolleyes:
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Or less. My kid got harassed over $114 bucks. With his ever growing anxiety he woke me up in the middle of the night when he opened the email because he was convinced he was headed to the big house. Bleary eyed mom had to help him make the payment at 3 AM because it COULD NOT WAIT. Meanwhile, dad slept through the entire drama LOL.
 
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