Pride Group - TPine
- Thread starter SCAM CHASER
- Start date
The latest developments in the Pride Group Logistics (PGL) case include a court-directed mediation involving key stakeholders to address the proposed going concern sale and wind-down plan. The court has granted a monetization order to fund operations through lease payments, increased the Administration Charge to $5 million, and approved lien relief. Pending motions, including those from U.S. proceedings, have been adjourned until the mediation is completed, with the goal of resolving issues by mid-September.
I had read that the sale of T-Pine's Factoring business was approved to be sold to JD Factors. Where did you find the transaction date of Sept 5?
One of my friends used T-Pine As Their Factoring Company. They got a notice from them that September 4 is the last day T-Pine will be funding them, and from Sept 5th it will be JD.
Tpine accounts has been divided into multiple groups and given to different lenders. Some of our truck VINs were assigned to RBC, and a few to Mitsubishi.
Yes, I have spoken with someone at T-Pine Financial and they confirmed that JD Factors has taken over all Canadian Carriers Factoring. US Carriers will continue with T-Pine for now.
JD Factors is supposed to have sent out a letter yesterday outlining the change. We have yet to receive any communication from JD Factors on direction of who to pay or release letters for carriers that were factoring with T-Pine.
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There are close to 1 billion reasons why this affair is taking so long to settle! Be assured, the group of major lenders are extremely anxious for this to conclude.
IMHO This will never be settled. Probably see some of these guys pushing up daisy's in the crowbar hotel.
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Unfortunately, no one will see one second of jail time over this stinking mess. Hefty fines that may never get paid, is about all the punishment anyone will receive.
And they may get to buy back their logistics company at a discount.
I believe that's what they tried with their 50 mill offer but the creditors rejected it. Unless that was for Pride truck sales and I read that wrong. Since the owners are personal guarantors what ever they are involved with will most likely see the profits being garnished to pay back the creditors, that's why they went the route of having non business related "family members" represent the buyer which failed.
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Question for you experienced folks. What if Pride owe someone money (Security deposits on returned rental trucks at end of term) / But they are not on list of creditors on EY Website .....What should be their next step?? Should they notify of their claim to Pride monitors/lawyers or courts??
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I am certainly not experienced in these matters, but reaching out to Ernst and Young to inform them of your situation and providing them with each and every piece of pertinent documentation would be my advice. Honestly, if the lenders whose exposure is measured in the millions of dollars are worried that they will not get much remuneration, I wouldn’t hold out much hope for those whose debts are much smaller.