E.T. Transport Interview with Lion Force Owner

[Michael Ludwig]

Thoughts?

 

[theman]

If it is the banks that foreclosed, secured creditors are always taken care of first. That's the law ... this is what happens when the banks are in politicians' pockets.

He is right - the payroll should be paid first but this isn't the reality.

 

[loaders]

Hmmmm? Where to begin. Firstly, I do not know the man but I am sure he is a decent fellow who truly loved his company and wanted nothing more than to see it succeed. However, it appears that he and his partners did not know the meaning of “ over extend”. I get the feeling that they wanted to be the next Pride Group, a large, flashy trucking company with beautiful terminals and huge, expansive fleets. It troubles me that at this point he now wants to blame others such as BDO for the late financial filings, the US tariffs, COVID, the downturn in the economy. Yes, they were all contributing factors to his demise, but they were also felt by every other trucking company, large and small and not everyone had to close their doors. Again, the bank, in this case RBC, is acting like a drug dealer, continuing to supply his addicted customer knowing that his product is doing irreparable harm. When money is flowing that freely and in such large amounts with nothing more than a signature, the recipient can forget that these loans actually have to be repaid, at least at some point in time. This is a case where more, and better legal/financial advice was severely needed. Had they remained in their old terminal and used profits to pay down debt, their rise to to top might have been achieved. A company that has only been in business for 10 years is asking for trouble trying to grow that quickly. I guess I am old fashioned, but “slow and steady” actual does win its fair share of races!

 

[Fr8Guru]

Hmmmm? Where to begin. Firstly, I do not know the man but I am sure he is a decent fellow who truly loved his company and wanted nothing more than to see it succeed. However, it appears that he and his partners did not know the meaning of “ over extend”. I get the feeling that they wanted to be the next Pride Group, a large, flashy trucking company with beautiful terminals and huge, expansive fleets. It troubles me that at this point he now wants to blame others such as BDO for the late financial filings, the US tariffs, COVID, the downturn in the economy. Yes, they were all contributing factors to his demise, but they were also felt by every other trucking company, large and small and not everyone had to close their doors. Again, the bank, in this case RBC, is acting like a drug dealer, continuing to supply his addicted customer knowing that his product is doing irreparable harm. When money is flowing that freely and in such large amounts with nothing more than a signature, the recipient can forget that these loans actually have to be repaid, at least at some point in time. This is a case where more, and better legal/financial advice was severely needed. Had they remained in their old terminal and used profits to pay down debt, their rise to to top might have been achieved. A company that has only been in business for 10 years is asking for trouble trying to grow that quickly. I guess I am old fashioned, but “slow and steady” actual does win its fair share of races!

Comparing a bank to a drug dealer is scary accurate. Everything is good until the dealer cuts you off.

Also everyone thinks that if they get a loan once, they can just refinance that loan and get another. It works until it doesn't.