Another bankruptcy in the car hauling industry.

Blue Thunder Auto Transport has filed for bankruptcy. For a list of creditors, you can go to:

Called over here the other day to see how Leonard was doing, and was told he no longer was employed there.

BBC NEWS | Business | DaimlerChrysler cuts 13,000 jobs

BBC NEWS | Business | DaimlerChrysler cuts 13,000 jobs: "DaimlerChrysler is to cut 13,000 jobs at its loss-making US unit Chrysler."

I wonder if anyone has compared the job loss with job creation over time. Seems like there must have been numerous studies on this, since the auto industry supports so many other jobs in the economy.

Performance Transportation Services, Inc. :: Performance Transportation Services, Inc. Emerges from Chapter 11

Thomas Becker, who helps PTS with their publicity directed me to the latest article which should clarify where PTS is at with respect to the reorganization:
Performance Transportation Services, Inc. :: Performance Transportation Services, Inc. Emerges from Chapter 11: "Performance Transportation Services, Inc. Emerges from Chapter 11
Reorganization Plan Becomes Effective

DETROIT, Jan. 29 /PRNewswire/ -- Performance Transportation Services Inc., ('PTS') the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, announced that its Plan of Reorganization became effective today, marking the Company's emergence from its voluntary Chapter 11 proceeding. The Company's Plan of Reorganization was confirmed on December 21, 2006 less than a year after PTS and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of New York.

PTS has met all requirements to emerge from bankruptcy and the implementation of the court approved Plan of Reorganization brings to a conclusion the company's financial restructuring process. 'Since commencing our voluntary reorganization, we have successfully restructured our financial position,' said Jeffrey L. Cornish, chief executive officer and president of PTS. 'Through this restructuring we have effectively put many challenges of our past behind us, permitting the company to emerge from Chapter 11 with a significantly less leveraged balance sheet, cash to fund operations and a financial structure that will allow us"

Allied Transport Bankruptcy Updeate

Guess while we're updating all of our favorite stories, we should post the latest happenings at Allied!
Allied Bankruptcy Report

Performance Transportation Services, Inc. Receives Court Approval on First-Day Motions in its Voluntary Chapter 11 Filing

This company is also known as PTS group. They own E&L Transport, Hadley, just to name a few. The following link goes to an article related to their Chapter 11 filing.
Performance Transportation Services, Inc. Receives Court Approval on First-Day Motions in its Voluntary Chapter 11 Filing

Received a call last week from someone from US Business Review on this very subject. Supposedly, PTS is emerging from bankruptcy. It looks like they have gotten to the point where they can control their destiny, so to speak, but I didn't see anything in this particular news story that says they are "definitively" out, and that the BK has been discharged. But perhaps I am missing something.

According to Wikipedia, this is the definition of "Debtor in Possession":

debtor in possession

A debtor in possession, in United States bankruptcy law, is a person who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. This is often the case where the property is a personal vehicle which has depreciated in value since the time of the purpose, and which the debtor needs in order to be able to find or continue employment to pay off his debts.

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

Cottrell Lawsuit Update

Madison County Record | Attorneys want records in unrelated case to keep class action moving

Too bad there wasn't a button on your computer: "No lawyers today, please." They're like a force of nature!

Depressing, sort of.

This is depressing. This week I was planning a trip, and the only Ford available at the particular airport I was flying into was a Taurus through Hertz rental. Since it cost about double what it should have been, I rented a Chrysler Something-or-other. I'd hoped to find someone with the new Mustang GT, because I wanted to try it out. I couldn't even find a Taurus or one of the new 500 (which is actually a pretty sweet ride).

Today, I got this in my email inbox from Light and Medium Truckmagazine:
GM, Ford Sales Drop; Toyota up 9.5%

General Motors Corp. said last Thursday its January U.S. auto sales dropped 16.6%, and Ford Motor Co. saw its sales drop 19%, with both citing lower sales to rental-car companies, The Associated Press reported.

But Toyota Motor Corp.'s sales rose 9.5% to again surpass Ford's monthly sales, while DaimlerChrysler AG's sales rose 3.2% compared with January 2006, also topping Ford's sales for the month, AP said. American Honda Motor Co.'s sales rose 2.5%.

GM's light truck sales were down 11.5% to 140,458, AP said. Toyota's truck sales rose 5% and Ford sold 110,035 light trucks, down 9.8%, AP said. L&MT

The real irony in all this? The purpose of my trip was to visit a new Toyota distribution facility.