Pride Group - TPine

MLCAR said:
well this is an eye opener, and the problem with going into CCAA, other legs of the businesses with creditors will start looking at their terms and conditions to make sure they are protected incase of a full out liquidation. And did I read that right that they have 4.5k trucks in inventory? thats almost a quarter of the average supply of trucks for a year in NORTH AMERICA. If they do go into liquidation that's a significant amount to affect resale values.
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But the interesting thing that the monitor pointed out was the fact that trucks could have more than one claim against it,in other words double leasing…thier could be owners who were paying T Pine and T Pine didn’t pay Mitsubishi and other creditors…These creditors could try and seize these trucks….just saying….seems like a tangled web of money flowing around…
 
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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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Yeah i can see Russian’s and indians not seeing eye to eye
 
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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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Polish
 
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loaders said:
Solid information that I have received from well placed sources is that they are in a ton of trouble and the banks and finance companies are actually on site overseeing day to day operations. They made some huge investments in electric vehicles and even greater investments in charging stations. Hard to say whether they will weather this storm or not. Depends on how much financial support they can get from players back in India.
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Pride Group i believe will be liquidated they owe more out than what they have,used truck market is in the dumps….
 
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thebluffs1 said:
Good summary Jim - but I think you are missing the fact that their first rise on the asset based trucking side was fuelled by their acquisition of the properties and many of the assets/lanes of the then recently defunct BR Smith- Mississauga, Brantford, Fort Erie to name a few. Many people from BR Smith Logistics moved over to Pride Group as well, and for years Pride trucks pulling BR Smith tridems were a common sight. As I recall, the truck dealerships etc came after that initial expansion (based on BR Smith and Multiline) if memory serves correctly. They’ve added other carriers Loadex (100 trucks) Arnold in the USA (414 trucks) and many more that I’m sure that I’m not aware of.
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John H Smith screwed over Fastfrate(Ron Temperman).Fastfrate owned 51 percent of BRS after BRS exited CCAA back in 2010.Fastfrate leased BRS yards in Walsh,Fort Erie,Brantford and the flag ship yard off of Courtney Park from Johh H Smith land Inc.John Smith latter worked for Pride in sales and basically took BRS accounts away and got them for Pride.Then latter didn’t renew leases with Fastfrate and sold Mississauga and Fort Erie to Pride.John Smith also sucked Pride into starting a flatbed division for primary hauling steel,and that failed miserably…story for another day
 
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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It’s not over for Pride is the equivalent of the Titanic moments after it hit the iceberg…..2.5 billion CND of debts and a totally tanked used truck market…Pride Group is basically insolvent
 
@teddy it is Tepper not Tepperman they are a furniture store lol,,, JS screwed a a lot of folks with the BRS poop too some he did not even know he screwed, Just before going tits up at BRS he had Ultramar fills his tanks at all his yards and Monday morning filed the ppwk so Ultramar got worried with trucking companies and took all us us 30 day payers down to 7.
 
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Don’t forget Teperman (one “p”) Demolition. Been around for years tearing things down!
 
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teddy said:
It’s not over for Pride is the equivalent of the Titanic moments after it hit the iceberg…..2.5 billion CND of debts and a totally tanked used truck market…Pride Group is basically insolvent
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Trucks worth pennies on the dollar now.

Completely agree. Can't see how they can possibly keep operating.
 
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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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That could be true, but it would take a considerable leap of faith on the part of the large lenders to allow the same cast of characters who drove this operation into the ditch be permitted to navigate it out. Depressed freight rates, crashing equipment valuations and high interest rates are not a good environment to attempt a restructuring of this scale. I guess we will all have to wait for the final act to take place.
 
loaders said:
That could be true, but it would take a considerable leap of faith on the part of the large lenders to allow the same cast of characters who drove this operation into the ditch be permitted to navigate it out. Depressed freight rates, crashing equipment valuations and high interest rates are not a good environment to attempt a restructuring of this scale. I guess we will all have to wait for the final act to take place.
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And I'm sure the lenders are not impressed they pulled most of the retained earnings out in December
 
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loaders said:
That could be true, but it would take a considerable leap of faith on the part of the large lenders to allow the same cast of characters who drove this operation into the ditch be permitted to navigate it out. Depressed freight rates, crashing equipment valuations and high interest rates are not a good environment to attempt a restructuring of this scale. I guess we will all have to wait for the final act to take place.
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When you have a key lender personally suing the brothers i hardly think they are going to want to keep working things out in the CCAA process.This Ponzi Scheme know as the Pride Group was doomed to fail from the start.If these trucks that were sold to owners have multiple lenders as owners this would start getting into fraud territory real fast.When these snake oil salesmen brothers went international with their scam to the US and are now in Chapter 15 the FBI,DOJ will start investigating hard and the RCMP would then start looking harder at the whole racket of companies.
 
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