Eagle Heights Transportation Inc.

Gone Bankrupt with over $2 million in the pocket. Filed today. Not a single asset to recover..
 
Ryder Truck rental ( I assume) for 250K? You would think they would have pulled their equipment out a long time before this.
 
Well to me seems like He started this company just to liquidate and all was pre-planned, otherwise NO way it could happen all of sudden.
 
Question:
How does one list their factoring company as an unsecurred creditor (for over $400k)? There's no way the factor didn't protect themselves by having collateral (like a house, or other property) as a guarantee against loss.

Keep well, so sorry for those that got taken in this scam, sucks so bad especially this year which seems like blow after blow...
Mike
 
BVD and FLYING J .. I know you can open a sub-account under your company and let small companies use your account for better discount and LOC. So more fuel usage gives you more discount, the principal company gets the big chunk and pass a few cents to the companies who are under. And A day comes, when the primary company takes money from all small companies and decides NOT to pay actual Fuel Vendor.
 
MikeJr said:
Question:
How does one list their factoring company as an unsecurred creditor (for over $400k)? There's no way the factor didn't protect themselves by having collateral (like a house, or other property) as a guarantee against loss.
Click to expand...
I believe that a personal guarantee would not be listed in the bankruptcy proceedings because it is outside of the company. If a creditor has a personal guarantee from a director or owner of the company it will not be listed. I am sure that Ryder, BVD, Pilot Flying J, and Grand Financial will have some sort of personal guarantee.

The top 60 or so are numbered incorporated companies. I would guess that most of these are 'Driver Inc' participants who cannot get their monies from the carrier in a timely manner. If this is the case I hope that they learn that this is a consequence of 'Driver Inc.' and get out of that model before it happens again.

From SAFER you can see that their insurance carrier cancelled their policy on May 1, 2020 and the FMCSA revoked their authorities on May 11, 2020. Looks like this has been in the works for a while now.
 
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I'm not sure with Ryder but I know Penske was asking new smaller companies for 15K per truck up front before covid but since everything went to hell they are rolling the dice and in some cases asking for nothing. Personal guarantees mean nothing to companies that plan out these bankruptcies, can't get blood from a stone.
 
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Jim L said:
I believe that a personal guarantee would not be listed in the bankruptcy proceedings because it is outside of the company. If a creditor has a personal guarantee from a director or owner of the company it will not be listed. I am sure that Ryder, BVD, Pilot Flying J, and Grand Financial will have some sort of personal guarantee.

The top 60 or so are numbered incorporated companies. I would guess that most of these are 'Driver Inc' participants who cannot get their monies from the carrier in a timely manner. If this is the case I hope that they learn that this is a consequence of 'Driver Inc.' and get out of that model before it happens again.

From SAFER you can see that their insurance carrier cancelled their policy on May 1, 2020 and the FMCSA revoked their authorities on May 11, 2020. Looks like this has been in the works for a while now.
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I doubt a lot of the information is overly accurate. Ive seen this before and the information is fluid.
 
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