Maisliner

ODFL doesn't surprise me because I know they were the main interline partner in the US ... but Gigg? What were they thinking?
 
Found the list online ... go through MNP Financial's website and look up 137049 Canada Ltd. Looks like some double-brokering assholes were caught up in this too.
 
  • Like
Reactions: Igor Galanter
The one thing that we could all take away from this is that no matter how long a company has been around and how "business savy" we think the owners are, this could happen to any company at any time. We must watch the amount of credit we extend to others. I really do feel for Gigg Express. We have only worked for them a couple of times and they were fair to us, but that is a huge amount of loss to absorb.
 
  • Like
Reactions: martinetav
Would be interesting to know what brought this on at Maisliner.. maybe a couple of big accounts didn't pay their bills.
 
They've had some accounts go broke on them which didn't help, but really it comes down to a business model that wasn't working all that well anymore. They were exploring strategic alternatives for a couple of years (no exaggeration). I suspect that a lot of it has to do with how the fashion trade has changed because they were so well connected to it.

The family will be OK because they had other business interests that weren't connected to Maisliner (real estate). But while they saw the writing on the wall and no doubt were advised on how to cut their losses, it wasn't their intention for things to go this way.
 
At 5Mil ++++ there was some planning going on, if you notice an awful lot of 1 offs on shipments because people would take a chance on 1 load but not anymore until they paid. I know it's plus because someone here took a 1 off Friday afternoon for $900 without asking me and it is not on the list yet.
 
  • Like
Reactions: Trukker, Shakey, DIETCOKE and 1 other person
I do agree with Lowmiler. You don't wake up one day with 5 million in debt. Someone knew for many months this was coming and kept on giving loads to companies knowing full well they were not going to pay for the work done.
 
For a business of Maisliner's size, I believe 5 million dollars would be akin to around 60 days sales, maybe less. I agree that the end game was orchestrated (no doubt the accountants/MNP itself had something to do with it), but I know firsthand they were trying to sell for a long time. I think you'll find when most companies are at the end where they know bankruptcy is coming, they are orchestrating something to at least be able to take some money out before it happens. This is just how it is in the finance world.

There are those out there who open up a business with the intention of screwing people over, and other times it's a result of circumstance. That's all I'm saying. It still sucks.
 
  • Like
Reactions: chica123 and whatiship
theman said:
For a business of Maisliner's size, I believe 5 million dollars would be akin to around 60 days sales, maybe less. I agree that the end game was orchestrated (no doubt the accountants/MNP itself had something to do with it), but I know firsthand they were trying to sell for a long time. I think you'll find when most companies are at the end where they know bankruptcy is coming, they are orchestrating something to at least be able to take some money out before it happens. This is just how it is in the finance world.

There are those out there who open up a business with the intention of screwing people over, and other times it's a result of circumstance. That's all I'm saying. It still sucks.
Click to expand...
Very true, just like most people don't get married because they plan on getting divorced. The demise of Maisliner is probably a result of many reasons. But, I doubt it is a result of not understanding the business or an intentional fraud.
 
You must log in or register to reply here.
Top Bottom