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E.T. Transport Interview with Lion Force Owner
- Thread starter Michael Ludwig
- Start date
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This company was started back in 2019 and had prior active authorities which were recently cancelled. I assume they were on the same policy and now looking for a new one.
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What I can’t wrap my head around is who will be dealing with this latest reincarnation? If indeed this is the same gang as Lion Force, what shipper would entrust their freight to them? What owner operators or drivers would sign on with them after being burned once before? Perhaps most important, who in their right mind would extend any type of credit to them? Fuel suppliers, equipment manufacturers, landlords?. This is a classic example of “fool me once, shame on you, but fool me twice….shame on me!”
Direct shipper would give them a chance - just like Pride group, they never stopped hauling for Nestle.
Money talks, opportunity for cheap rates.
Do I think it's right? Absolutely not. But it is the nature of the game.
I would be curious where the money is coming from. Some sort of private lender I imagine.
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J,
There are just as many scummy brokers out there... where price is everything. Just ask the carriers on the board. They sell you a load for 500.00 then 15 minutes later call to cancel it because they found someone to take it for 450.00.
Integrity and a persons word... are moving out of this industry as fast as the dirtbags are moving in.
It's not just our business space... it's the country as a whole... we're in a very sad state right now.
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Unfortunately, I know you’re right. I saw it first hand with Nestles and the Pride Group. We had a small, small, sliver of Nestles freight business and when the whole Pride fiasco happened, I thought great, maybe we can get a bit more business. HA! We not only didn’t get asked to quote on any other lanes, we lost the small bit we did have to Pride and their new, improved rates! Criminal really. A large multinational company that brags about its ethical behaviour and community involvement. Morals, ethics and corporate responsibility are all negotiable items when low freight rates are placed on the table.
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and yet folks on here deal with them daily. I see their trucks and loads posted both of which must be getting covered..
Lion force situation is not really surprising.
Per the receivership documents, the company grew their revenus by 5x between 2020 and 2024.
RBC has been very aggressive in initiating receiverships within the trucking industry since 2024.
RBC looked at Lion Force and decided to pull the plug ASAP before the equity they had into the building equals the WSIB garnishment.
Should they have let them try a CCAA restructuring ? We will never know ... The guys looks well organized but they were still losing money so ...
With the current state of the industry in the Ontario/Manitoba these days ... not a easy call for RBC ...
Per the receivership documents, the company grew their revenus by 5x between 2020 and 2024.
RBC has been very aggressive in initiating receiverships within the trucking industry since 2024.
RBC looked at Lion Force and decided to pull the plug ASAP before the equity they had into the building equals the WSIB garnishment.
Should they have let them try a CCAA restructuring ? We will never know ... The guys looks well organized but they were still losing money so ...
With the current state of the industry in the Ontario/Manitoba these days ... not a easy call for RBC ...