Schroeder Freight - Bankruptcy

Any secured or unsecured creditor has to prove his claim regardless - it is not sufficient to simply have a PPSA in place. A PPSA registration is only to notify other parties that certain assets of the company have been pledged to the Registrant.
Unless I have misread the MNP NOI filing, they have grouped all creditors (secured and unsecured) together, to come up with a total debt of $15,642,000, so SFI would need a little over $10,433,000 from voting creditors to achieve the required threshold of 66.7%. With Ernie & Linda Schroeder claiming $5,000,000, 4938527 and 5021308 Manitoba (possible SFI connected) claiming almost $1,300,000, and TD Bank at over $5,000,000, they would still need around 275 votes in favour of whatever the proposal comes out at.

Can anyone confirm the relationship between Ernie & Linda Schroeder and Robert Schroeder? Also, what does anyone know about Carlin Thiessen. It appears that he had a very senior role with SFI until October/November of 2016; namely, President. It appears that prior to joining SFI in October 2013, he ran Flying Eagle Transport.

Carlin was co- CEO and he left in Sept, I was never told why so I cant comment
 
I was thinking the same thing ... quite a bit of freight was re-brokered. I know they were trying to run a legitimate brokerage but in my opinion, with the wrong people in place. If they had that much freight that quickly, it could only come from the customers on the asset based side of the business where they brokered what didn't work on their trucks and either double-brokering freight or moving freight from customers that are easy prey (double brokerage or just bottom feeder types). The Toronto office was open for barely a year.

As far as the Schroeders being secured creditors, I've seen this many times whether from the industry or not.

And hey, if they weren't paying carriers then they'd just have to take whoever they could find on the Link.

100% not true- never pounded the link for loads to double broker, I personal had a great book and Schroeder did me like they did the carriers. hurt a lot of relationships...
 
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interesting to see so many brokers on this list, were they co-brokering??

Also there was another office in Winnipeg that brokered load Don and Roger- they worked with a lot of brokers and customers direct....
 
I doubt very much if Schroeder Freight is/was a registered, legitimate broker. Nor do I think that they maintained a trust account. There is no indication at this point, as to how many of the shipments involved Can/US travel, so the question about the surety bond may not be applicable. However, if it was and they had a surety bond in place, some of those creditors could have applied to it for non payment long before things got to the point they are now. In that case, those creditors would have received compensation, a decidedly better position than those on the list, wouldn't you agree chica123?

They were registered-100%
 
Brian should stand with the Carriers and help them get paid, so wherever he goes next they will trust Brian and do business with him.
But that is not the case, Brian was let go from Traffic tech and BNSF and not on good terms.
So whoever decides to hire Brian should Really look at his Resume.
Way too much talk on this forum about how,why,where, end of the day, they Mismanaged their Money/Business and left way too many people hanging.
Fortunalty for us we have a lot of good clients and we will survive, but a guy called me yesterday and he had started a company with 2 trucks and he did a lot of work for Schroeder and now he has to explain to his kids why this Christmas wont be a happy one.
PS-Brain had told us on Wednesday he was coming to visit us, he has not showed up yet, I am guessing he changed his mind!!! GOOD MOVE BRIAN!!!


Again not true- I never said I would come and see CADFLATBED- Harry wanted me to come and fight him and I told him to grow up.
 
They story I am hearing is the brokerage division was making it and the trucking side was pissing it away.


I have also heard the brokerage division is going to another company lock stock and customers.

Rob your spot on- my office made money and what Schroeder did with it is a question that Rob S should answer as I never controlled the money or chq.... I wish I did!!!
 
Great news!!! So i am going to make a proposal to my Fuel and Insurance supplier and tell them i can only pay them 20% of my bill lets see what they say.
Let me get this right...Schroeder made us work, got paid, spent our money Foolishly and now they are proposing to pay me half??????
I will go after Schroeder Owners, Shippers, Receivers and their Dogs and i will get paid!!!
Message to the owners of Schroeder- This year when you put gifts under the tree for your kids let them know these are not from Santa, they are from the trucking companies we ROBBED!!!!!!!!!!!!

Harry- I really hope they pay your 1700.00 in full, again I never controlled the money.
 
NO WAS I EVER FIRED- GET YOUR FACTS STRAIGHT
We were owed, over 19k for the loads to Texas from London, we had to threaten your customer to get paid and we got paid, $1700 is still our hard earned money, you don't think that is a lot, that is because you are a low level scum!!!!
have fun with my $1700. Over and out.
 
Brian. Some of these people care less what they say as long as it is hurtful. They don't care about facts. many don't care about facts. If you were simply an employee, no one should bother you.....It is our responsibility to very ppsa, secured creditors, etc , and is an easy process. You are smarter not to reply, best of luck!
 
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htcollections - I'm pretty sure you are saying what the rest of us thought this morning when we read the string of posts below and just didn't take the time to respond. Holding a front line employee responsible for decisions made by upper management is inverse logic. That being said, people will judge the intentions of someone that they are working with, how they kept to their word on things like service, if freight was on the equipment requested, etc and decide to work or not work with those individuals in the future.

For the record, we always received a high level of service (right up to the last order we tendered) to Schroeder Freight. No complaints on the service side, and it's the only side I've seen.

Keep well,
Mike
 
I currently have a truck booked with Schroeder for SD to AB today -- they assure me this will be a Schroeder truck for pickup

Should be worried ???!!!!! >>>??????????????
 
I currently have a truck booked with Schroeder for SD to AB today -- they assure me this will be a Schroeder truck for pickup

Should be worried ???!!!!! >>>??????????????


I would be worried with dealing with any company that is going into an NOI. They may pull through but most don't in the long run . Besides they probably screwed most of your other carrier partners so why would you bother with an outfit like that. Just my 2 cents and I am known to be a little bitter about things like this. and the fact the burned me on the deal won't help the matter.
 
Companies DO successfully restructure and subsequently thrive, but not without burning creditors in the process. The "once bitten, twice shy" reaction of affected creditors is understandable, especially if there are indications that directors and shareholders somehow benefited from the whole process. Hard to feel sorry for the people that run and hide from creditors because it seems as though they're afraid to be exposed.

Not to offend anyone affected by this news, but for what it's worth, Brian is not hiding, does not appear to be a director or shareholder and may not have financially benefited in any way. What then would have been his interest in brokering loads to carriers he knew would not be paid?
 
I'm sure it's their truck too. My feeling is that they are most likely to be bought by a stalking horse buyer than to simply emerge from bankruptcy and carry on.
 
Best to stay away from the company.

In terms of issues with the company, no on here can assume it was incompetence by the owners without looking at their balance sheets. It sucks for all stakeholders, but this is unfortunately a risk you take with issuing credit.
 
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My theory is if they go through it and make it out to continue operating then in 3 to 5 years from now when they are in the same position there will be a meeting in the boardroom 1 day and the question will be asked "Hey what was that trick we used the last time that we couldn't pay anyone?" just my 2 cents worth.
 
have yet to see someone come out of the NOI and pay out. unfortunately for them, the truckers can easily seek payment in full from shippers, hence, what clientele will be left for them to survive from?
 
have yet to see someone come out of the NOI and pay out. unfortunately for them, the truckers can easily seek payment in full from shippers, hence, what clientele will be left for them to survive from?
Yes, they can "easily seek" payment from shippers, but collecting may not be so easy.
 
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Yes, they can "easily seek" payment from shippers, but collecting may not be so easy.
yes agree 100%. I was getting more at that once these shippers get a few calls, they wont be calling Shroeder to move their freight anymore.
so what customer will stay with this transport /broker knowing that they are in this state.
this doesn't help matters and likely contributes to further issues as clients run away.