Pride Group - TPine

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Remember, Pride Group has applied and obtained CCAA protection. In essence they are able to continue 'business as usual' so long as their monitor approves of the transactions. There is usually another meeting that will be setup to hear all the parties interested in making a claim for or against the CCAA proceeding. This is usually utilized by the largest of debtors who have the most to lose and requires a process of serving all that are involved if you wish to participate.

It's not over yet for Pride unless this meeting demands that PRIDE be deemed bankrupt. I don't think the largest of vendors want to see that happen.
 
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thebluffs1 said:
I'm not sure what the nature of the transaction was, but the properties and a lot of the people that were formerly BRS ended up with the Pride Group banner.
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John H Smith Land Inc owned the land that Bruce R Smith Ltd had truck yards,Mississauga Fort Erie,Chatham,Brantford and Walsh…John Smith retained them after the BRS bankruptcy.After BRS exited CCAA Ron Temper came aboard and controlled 51 percent of BRS.And in turn leased the yard from John H Smith Land Inc…who’s owned was John H Smith…long story short ,Smith screwed Temperman,booted him out of the yards and sold a few yards to Pride and leased some,and got in bed with Pride,his son Nathan Smith got fired from FastFrate and joined his father at Pride.John Smith did sales and got-a lot of BRS accounts for Prides.Temperman pulled the plug on the steel division and sold the equipment (junk) to Cole transport in Hamilton,Cole a few years latter sold to Transforce….As for BRS drivers going to Pride a few local Wash steel drivers did when John Smith sucked Pride into starting a steel division 10 tandem,10 5 axles,10 6 axles and 10 4 axles..total of 40,he tried in vain to get into Stelco but ended up doing work very cheap for Doffasco …most of these trailers sat unused from 2021 to now.
 
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Fr8Guru said:
Just had this convo in the office.

How they got to over a Billion owing in such a short time span is a bit mind boggling to me. Feels like their should have been a lot more checks and balances along the way.
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I drive past Pride every day into the office and even this morning, saw three trucks leaving the yard. Guess they are finishing up deliveries. Can't see how they survive this.
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Looks like some money from India got pumped into Pride to get it going…The whole thing with all the number company and different Pride group companies looks very suspicious….looks like one big ponzi money laundering scheme to me….
 
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Who Has a List of the 16 carriers they bought or own. I know of 2 only Arnold Transportation from the US and Lodex from Canada?
 
teddy said:
John H Smith Land Inc owned the land that Bruce R Smith Ltd had truck yards,Mississauga Fort Erie,Chatham,Brantford and Walsh…John Smith retained them after the BRS bankruptcy.After BRS exited CCAA Ron Temper came aboard and controlled 51 percent of BRS.And in turn leased the yard from John H Smith Land Inc…who’s owned was John H Smith…long story short ,Smith screwed Temperman,booted him out of the yards and sold a few yards to Pride and leased some,and got in bed with Pride,his son Nathan Smith got fired from FastFrate and joined his father at Pride.John Smith did sales and got-a lot of BRS accounts for Prides.Temperman pulled the plug on the steel division and sold the equipment (junk) to Cole transport in Hamilton,Cole a few years latter sold to Transforce….As for BRS drivers going to Pride a few local Wash steel drivers did when John Smith sucked Pride into starting a steel division 10 tandem,10 5 axles,10 6 axles and 10 4 axles..total of 40,he tried in vain to get into Stelco but ended up doing work very cheap for Doffasco …most of these trailers sat unused from 2021 to now.
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Thanks for this Teddy, I was wondering how all that played out
 
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loaders said:
Total amount owing to all lenders, both secured and unsecured is approx 1.6 BILLION dollars. That amount is unsurvivable. Time for their freight customers to start looking for new transportation suppliers. When the milk and honey were flowing, everyone wanted a piece of it. The greed of the lenders was only exceeded by that of the Johals. Now the piper is asking for his payment, from everyone who participated in this Ponzi-like scheme.
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The Johan’s got some great advice on how CCAA works via John H Smith….
 
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Jim L said:
Remember, Pride Group has applied and obtained CCAA protection. In essence they are able to continue 'business as usual' so long as their monitor approves of the transactions. There is usually another meeting that will be setup to hear all the parties interested in making a claim for or against the CCAA proceeding. This is usually utilized by the largest of debtors who have the most to lose and requires a process of serving all that are involved if you wish to participate.

It's not over yet for Pride unless this meeting demands that PRIDE be deemed bankrupt. I don't think the largest of vendors want to see that happen.
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Looks like Richie Brothers is going to be busy at all their locations in North America
 
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Shakey said:
Correct, and M Garry, not sure how but the M Garry one fell apart. Think they started Preston Transport with the M Garry crew as well.

Stan Borawski introduced me to Sam Johal after he sold to them.
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Stan was true business man and very hard working. Knew in and out of the trucking business very well. didnt get the support he needed from his son and wife so he had no choice but to sell it to Pride. His son worked in pride for some time plus the staff along with drivers but slowly all vanished. I think Russians and Indians cant go together.
 
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YYZRIDER said:
Stan was true business man and very hard working. Knew in and out of the trucking business very well. didnt get the support he needed from his son and wife so he had no choice but to sell it to Pride. His son worked in pride for some time plus the staff along with drivers but slowly all vanished. I think Russians and Indians cant go together.
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