so you think the assets will hit the auctions? that would make the used prices plummet...wonder if OEM's would step in and take assets back to sit on their lots. Their new truck orders are gonna take a beating if 2500 units hit the auctions. Read somewhere overall Q1 was good for new truck orders, but they are expecting a cliff drop of orders for Q2 and Q3.
Pride Group - TPine
- Thread starter SCAM CHASER
- Start date
I really feel like Pride is a smaller version of Yellow. Obviously different issues but I don't think Pride itself has any value as a trucking company.
The assets and locations are the only value.
Only way to get that value to sell it in parts. Just like Yellow did in the states.
I could be very wrong, but my gut says no way they keep operating. That web that is Pride is simply too convoluted for anyone to get involved with.
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New truck prices are getting better day by day for the carriers, dealers call us every week reducing their prices by a couple thousand every time. We are starting the to see new truck Volvo/Freightliner prices creep into the 190's and wont be long until we see the days of $170-$180k power units.
tbh new trucks gotta be at around $130 to 150K for them to be manageable to run at these rates.
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Wishful thinking LOL, that was back in 2012 when you could pick up a new shaker for 120-130. with he inflation I see prices settling at that 170-ish mark but anything could happen, never thought I'd ever see the day I'd pay over 200 for a ditch sniffer but here we are.
as a owner operator working here from last 4 years its best company of my 7 year carrier.got my forst quarter bonus yesterday.Work is busy in Pride.So im hoping for best
July 2, the first is a holiday. The June 30 date was also done on purpose.
To give them another couple of days I guess. I would think one way or another this will be sorted out by June 30th,even if the rest of us don't know until the 2nd.
Oh, you can bet that the outcome was already pre-planned from the beginning. The lawyers, monitors and receivers are only there ensuring that it is done within the scope of the law so that it doesn't become a skeleton in the closet to come back to haunt someone. They get a piece of the pie as well.
The rest of us find out on July 2 what was planned probably in January of this year.
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I can't be the only one that found it weird that they hired In house counsel/chief legal officer in January of this year.
That will all depend on the Ernst and Young (the monitors) report as to whether there is any money available or any way out of this. The monitor's job is to identify the best outcome for the creditors. It's obvious that the business model prior to the proceedings was not able to sustain the market or they wouldn't have been in this situation in the first place. Pride hired Ernst & Young and RC Benson in January 2024 to help with the horrible situation they were facing, and they must have recommended CCAA proceedings telling me that there was no way to claw out of it on their own. Now with CCAA proceedings there are other parties involved (DIP lendors etc) which are guaranteed to recover what they put in with interest. This further limits the amount that will be available for the creditors. We will never know all the aspects of what is going on behind the scenes. In the end Ernst & Young, RC Benson, all the perspective lawyers, DIP lenders and a smattering of others will get their guaranteed money for the work provided during this process which just leaves less for the rest and makes it less likely that there will be a chance this may proceed.
Unfortunately, my opinion of the outcome is based only on the information publicly available and my experience of what I have seen in the past. This one is a very large and very fluid situation with some of the biggest players in the market. There might be still something coming out of left field that we never saw coming. Posting my opinion will not do anyone any good.
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Jim L is absolutely right. Regardless of how much we all enjoy a bit of juicy speculation, or intriguing gossip, the only real facts we have are those available to us in the public domain. We have all heard from a Pride driver, a Pride supplier, or even perhaps someone from Pride management offering their take on what’s transpiring. Unfortunately the truth will have to wait.
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unfortunately, the truth will have little to no bearing on the happenings.
“Truth” played no role with what has happened at Pride. Greed, ambition, and ego has everything to do with what has transpired. When you think you’re untouchable and have no respect for the funders, karma will get you in the end.
Unfortunately, the employees, who work hard and put up with BS, to make the company successful, will be the ones who will suffer in the end. Owners and upper management will walk away with their pockets well stuffed.
Unfortunately, the employees, who work hard and put up with BS, to make the company successful, will be the ones who will suffer in the end. Owners and upper management will walk away with their pockets well stuffed.
it's incredible that more companies didn't follow like dominions.
Used to work for a refrigerated company that had 50-60 owner-operators
They used to get 50% of their work from Scottlynn & the remaining 50% of work from Pride Group.
I was anticipating a much larger number on that specific docket in the creditor's report.
Used to work for a refrigerated company that had 50-60 owner-operators
They used to get 50% of their work from Scottlynn & the remaining 50% of work from Pride Group.
I was anticipating a much larger number on that specific docket in the creditor's report.
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I still see Prides trucks and trailers on the road. Its possible either Pride logistics/trucking will still be around in some capacity, their trailers are dropped at some of their customers. Seeing as how it was the owner's personally guaranteeing these large loans and PRIDE TRUCK SALES/tpine that are on the hot seat, the trucking side of things should be insulated. It will ultimately fall on how the courts figure out how the lenders get their money back. It may be that the owners would have to sell Pride logistics, with the proceeds going to pay the lenders back.