30
I have called 4 times - emailed 3 times to A/P and copied Bryan Magyar...no response or reply....
30
10
I hope it's true.
I had them looking for a credit reference on a customer of ours I told the customer I would not give it as they are horrible and I told him to find someone else to move the order.
I had them looking for a credit reference on a customer of ours I told the customer I would not give it as they are horrible and I told him to find someone else to move the order.
10
1
Absolutely true. They filed in court on Tuesday. Brymag is done. Went by the company and their leasing companies were repoing the equipment. Adios
1
False.....the letter is to advise that all monies owed were to go to the Factoring company. Previously Jebco Intl and now a numbered company.
30
Finance company Factoring company is this not just splitting hairs.........Brymag was always slow to pay us but we always got payed.
20
MS3240 BRYMAG TRANSPORT INC. 19-Nov-09
DORVAL QC
AMOUNT: ACTION: INTERIM RECEIVERSHIP
REASON:
LACHANCE, STEPHANE REF: 44424
DORVAL QC
AMOUNT: ACTION: INTERIM RECEIVERSHIP
REASON:
LACHANCE, STEPHANE REF: 44424
10
Brymag seems to have been caught up in a chain of events out of their control. Their factoring agent (Jebco) has gone belly up, and therefore their loan was called by the lender to Jebco.
The trustee has taken possession of all their assets. It is not a pretty picture. Office staff, drivers and other personnel are without work and paychecks during this ruff economic period.
I would be weary dealing with any other carriers that were using the same factoring agent.
The trustee has taken possession of all their assets. It is not a pretty picture. Office staff, drivers and other personnel are without work and paychecks during this ruff economic period.
I would be weary dealing with any other carriers that were using the same factoring agent.
5
Out of Buissness
Confirmed that Brymag is bankrupt.
A financial institution is owed 1.5 million. Thus I don't think any of the small guys will see anything.
Confirmed that Brymag is bankrupt.
A financial institution is owed 1.5 million. Thus I don't think any of the small guys will see anything.
30
To bring a discussion from another posting....shouldn't any money that is available be in a Trust Account for carriers so technically should the carriers not have first shot at this money?
Keep an eye out...
From what i have heard, VTL will be absorbing all of Brymag's viable clients and the former big boys at Brymag will be receiving 'positions' at VTL. Nice deal, carriers lose their $, but Brymag honchos keep their clients. And if you all recall, VTL went belly up to the tune of about 10 million not long ago....i guess these guys know how to play the game and they all still together.
From what i have heard, VTL will be absorbing all of Brymag's viable clients and the former big boys at Brymag will be receiving 'positions' at VTL. Nice deal, carriers lose their $, but Brymag honchos keep their clients. And if you all recall, VTL went belly up to the tune of about 10 million not long ago....i guess these guys know how to play the game and they all still together.
Not surprised!!!
Brymag filed an assignment of Bankruptcy on November 24, 2009.
1.Unsecured creditors 3,918,900.37
2.Secured creditors 1,561,024.00
3.Preferred creditors 142,295.00
Total liabilities 5,622,220.07
Total assets 1,561,026.00
Total Deficiency 4,061,194.07
DID YOU GET BURNED?
Brymag filed an assignment of Bankruptcy on November 24, 2009.
1.Unsecured creditors 3,918,900.37
2.Secured creditors 1,561,024.00
3.Preferred creditors 142,295.00
Total liabilities 5,622,220.07
Total assets 1,561,026.00
Total Deficiency 4,061,194.07
DID YOU GET BURNED?
i didnt get burned, i had to pull some manuevers to get paid, but they paid (not willingly, trust me...) As for VTL, all i know is the owner, Larry Burns is well known for his running of multiple companies and not always above board. These two companies are a match made in heaven...stay away!