Celadon Group

Y

youngtea

Active Member
Apr 23, 2015
595
117
43
37
15
Stock is down 67% today. High likelihood the company goes under at this point.
 
Wow.


Celadon Group: Stock crashes to 15 1/2 year low on accounting probe


promoted Jonathan Russell to role of president and chief operating officer of Celadon Group

* preliminary financial results for quarter ended march 31, 2017, are expected to include an operating loss of approximately $10.0 million

* audit committee reviewing certain transactions involving revenue equipment held for sale reported in statements for fy 2016

* audit committee reviewing transactions involving revenue equipment held for sale reported in for quarters ended sept. 30 2016 and dec 31, 2016

* Reviewing multiple other alternatives to address its short and long-term liquidity needs

* Eric Meek has resigned as president and chief operating officer to pursue other interests Source text for Eikon: Further company coverage:
 
Based on the market capitalization the company at this point is worth $37 million. This does not look good at all.
 
Hopefully Hoss got a good dollar when they sold out to them back a few years ago. Sure doesn't look good..
 
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it possible they take stock and can't sell till later date. i seen this before. I hope people be paid
 
Not to mention Gerth.. although that's been a few years now. Likely a mix of cash and stock options.
 
Glad that Hoss got out and is not back up and running on his own. Looks sketchy for Hyndman? Any Celedon just built the brand new terminal in Ayr too.

Hold on to your hats and see where this chips fall after this storm blows through.
 
Back to Hostler.. I rmember their yellow Ford going up and down the 401 back in the early 90s.
 
Yikes doesn't look to good .... tough to pull yourself out of this one in this economy . I worked for Hyndman back in the fun days
 
Celadon has been having shady accounting practices and convoluted programs ever since the original owner Steven Russell passed away in 2016. I don't know if someone will come in an purchase the company. All the issues are based on their Joint Ventures with leasing companies setup by the top brass at Celadon and their lawyer friends. It looks like a couple million dollars has vanished and assumed paid to the Joint Venture owners after closing one and opening another. Either way, it doesn't look good for Celadon. I can't even guess how its going to affect Hyndman because I don't really know how Hyndman's relationship is built with Celadon.
 
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