Gainey still trucking after interim decision

Full story: WOOD-TV Grand Rapids and Michigan

The Gainey Corporation was ordered to put $1 million per month into an account in an effort to make good on $238 million in defaulted loans.
Comments
1 - 20 of 34 Comments Last updated Jan 11, 2010
First Prev
of 2
Next Last
Paul

Traverse City, MI

|
Report Abuse
|
Judge it!
|
#1
Oct 10, 2008
 

Judged:

1

Chop it up and let the sharks have the pieces. Ole Harvey boy treats his people terrible
Insider

Wyoming, MI

|
Report Abuse
|
Judge it!
|
#2
Oct 10, 2008
 

Judged:

1

So this give Gainey just over a month to try and sell or merge with another company. There is no way they can come up with the 22 million to get out of default by Nov. 20th.
msmooth

Detroit, MI

|
Report Abuse
|
Judge it!
|
#3
Oct 10, 2008
 

Judged:

1

So the fat cats keep getting fatter. So I guess we can add Gainey Corporation to our bail out list. Looks like ole Harv gets to keep flying his private jets and keep broke back mountain ranch.
OPS

Grand Rapids, MI

|
Report Abuse
|
Judge it!
|
#4
Oct 10, 2008
 
Insider wrote:
So this give Gainey just over a month to try and sell or merge with another company. There is no way they can come up with the 22 million to get out of default by Nov. 20th.
Ummmm, hmmmm. let me see. NO, I don't think that's what it said. 1 mil./mo. into an acct....
GrDriver

Grand Rapids, MI

|
Report Abuse
|
Judge it!
|
#5
Oct 10, 2008
 

Judged:

2

1

They do not have to come up with the 20 Million anymore. They have to pay 1 million a month.
KCC

Englewood, CO

|
Report Abuse
|
Judge it!
|
#6
Oct 10, 2008
 
Paul wrote:
Chop it up and let the sharks have the pieces. Ole Harvey boy treats his people terrible
AMEN to that.
No Matter

West Bloomfield, MI

|
Report Abuse
|
Judge it!
|
#7
Oct 10, 2008
 

Judged:

1

People honestly think that this makes ANY difference? The company hasn't paid the loan since April....over 7 MILLION dollars behind. They have 6 million in cash available right now? What a joke. The company is going down, it's just a matter of 4-5 months.
KCC

Englewood, CO

|
Report Abuse
|
Judge it!
|
#8
Oct 10, 2008
 

Judged:

1

msmooth wrote:
So the fat cats keep getting fatter. So I guess we can add Gainey Corporation to our bail out list. Looks like ole Harv gets to keep flying his private jets and keep broke back mountain ranch.
HA! True true true...

Now come on...Jerry Falwell is spinning in his grave just hearing that. Yknow Harv and Jerry were "close". VERY close.
truck driver JOE

Washington, MI

|
Report Abuse
|
Judge it!
|
#9
Oct 10, 2008
 

Judged:

1

I've seen it happen all year long, here's another trucking company that has bit off more then it can chew. Gainey will be out of business by ,,,,oh lets say April of next year,if not sooner,just long enough for Harvey to silently sell off a bunch of assets and pocket as much money as he can
names sake

Grand Rapids, MI

|
Report Abuse
|
Judge it!
|
#11
Oct 10, 2008
 

Judged:

2

2

1

If you drive through the G.R. area and see Wachovia Sports Complex or the Angle Tree underwritten by Wachovia don't be surprised. This WAS their money and not Mr. Gainey's. They should also take back his Philanthropy award he received.

“WINGS....ROCK The Ice YEAH!”

Since: Mar 08

Big Rapids, MI

|
Report Abuse
|
Judge it!
|
#12
Oct 10, 2008
 
One would think if he really wanted to save his Business... that he would liquidate some of his personal assets to offset the loan?????

Considering that his assets (personal) are not part of the Corp..Considering that he reaps the profits from the seperate inity..(which is how corps work).

Considering that he was aware of what was to come when the payments quit to the bank...

Hopefully the employees can aquire other means of employment, when other trucking firms are going under..

Gotta just love that Judge!!Love his comments!!
Opinion

Maumee, OH

|
Report Abuse
|
Judge it!
|
#13
Oct 10, 2008
 
estimate their fleet is depreciating 1.4 mil month but allows him to put only 1 mil into an account as an "effort" to pay back 238 mil. Where the hell did this judge come from - broke back ranch. Gainey: "more value hauling freight" - probably so until on-road repairs catches up! Think he has already sucked the blood out & without reinvestment, your done sooner or later.
Insider

Detroit, MI

|
Report Abuse
|
Judge it!
|
#14
Oct 10, 2008
 
GrDriver wrote:
They do not have to come up with the 20 Million anymore. They have to pay 1 million a month.
Actually this 1 million per month is just to cover the amount of depreciation that Wachovia is losing by not liquidating today. The arrearages of 22.6 million is still there and accumulating 1.7 million per month. Thats why the judge set another court date on Nov. 20th to hear how Gainey is going to pay off this debt, otherwise they will put it into receivership on that day.

“Dude, Where's my car?”

Since: Jan 08

Location hidden

|
Report Abuse
|
Judge it!
|
#15
Oct 10, 2008
 
MistRIder wrote:
One would think if he really wanted to save his Business... that he would liquidate some of his personal assets to offset the loan?????
Considering that his assets (personal) are not part of the Corp..Considering that he reaps the profits from the seperate inity..(which is how corps work).
Considering that he was aware of what was to come when the payments quit to the bank...
Hopefully the employees can aquire other means of employment, when other trucking firms are going under..
Gotta just love that Judge!!Love his comments!!
That's ridiculous.(I'm being sarcastic). Why would a businessman keep his own personal assets tied to his company? That's what Incorporation is for. To keep your personal wealth when your company goes down the tubes.
msmooth

Detroit, MI

|
Report Abuse
|
Judge it!
|
#16
Oct 10, 2008
 
Insider wrote:
<quoted text>
Actually this 1 million per month is just to cover the amount of depreciation that Wachovia is losing by not liquidating today. The arrearages of 22.6 million is still there and accumulating 1.7 million per month. Thats why the judge set another court date on Nov. 20th to hear how Gainey is going to pay off this debt, otherwise they will put it into receivership on that day.
Now this makes so much more sense. I could not understand how paying 1 million a month would be right.

“ACLU--Jihad with a law degree”

Since: Sep 08

Knoxville, TN

|
Report Abuse
|
Judge it!
|
#17
Oct 10, 2008
 
MistRIder wrote:
Gotta just love that Judge!!Love his comments!!
Oh yeah, no sugar coating there.
kentwood

Washington, MI

|
Report Abuse
|
Judge it!
|
#18
Oct 10, 2008
 
wonder if the judge was impartial in this case or if he has some pressure from the big giver gainey? In this matter, Wachovias soundness should not even be an issue. A contract is a matter of law and if Gainey defaulted they defaulted. The condition of Wachovia or the current economy should not even come into play. Does this judge do the same for people loosing their homes in foreclosure???? Maybe the forclosure judges should look at the banks and tell them that they made a bad loan and a bad contract and they should let the people live in their houses..... I guess it's more about who you are than what the contract says. Anyways...The only way Gainey can come out of this is getting an Amway bailout...... Devos could start a FOX Motors used Semi-Truck lot... Just hope they don't hire Harvey to run it.
bob Meadows

Caledonia, MI

|
Report Abuse
|
Judge it!
|
#19
Oct 10, 2008
 
Here's an exapmle of a business way over its heads,the "Peter Principle",there is no bailout for a homowner and someone who loses there job.Seems to me vehicles lose value rather than gain value,maybe I was asleep in college?
bill

Detroit, MI

|
Report Abuse
|
Judge it!
|
#20
Oct 10, 2008
 
Harvey had a company called "Interstate" trucking that did the same thing 25 years ago, went belly up, he just started over again under the name "Gainey"
It's just sad for all the hard working people that work for Gainey, who will be out of work if they close it down!
If Gainey get's closed down, Harvey will still have his Million's of dollars!
But a lot of good people will be out of work.
I think that the bank, Wakovia, needs to let it try to stay alive, so that soo many people dont loose their job. But Wakovia is so bankrupt, they need there money now.
bill

Detroit, MI

|
Report Abuse
|
Judge it!
|
#21
Oct 10, 2008
 
kentwood wrote:
wonder if the judge was impartial in this case or if he has some pressure from the big giver gainey? In this matter, Wachovias soundness should not even be an issue. A contract is a matter of law and if Gainey defaulted they defaulted. The condition of Wachovia or the current economy should not even come into play. Does this judge do the same for people loosing their homes in foreclosure???? Maybe the forclosure judges should look at the banks and tell them that they made a bad loan and a bad contract and they should let the people live in their houses..... I guess it's more about who you are than what the contract says. Anyways...The only way Gainey can come out of this is getting an Amway bailout...... Devos could start a FOX Motors used Semi-Truck lot... Just hope they don't hire Harvey to run it.
I thought it was the Van Andel's that owend the Fox Motor group, not the DeVos family.
Are you shure of yourself?

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

First Prev
of 2
Next Last
Type in your comments below
Name
(appears on your post)
Comments
Characters left: 4000
Type the numbers you see in the image on the right:

Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Other Recent Trucking Discussions

Search the Trucking Forum:
Title Updated Last By Comments
Any Driving Jobs Paying $1000/wk or more? (Sep '10) Wed real 32
Wal-Mart Inventory Change Affects Trucking Freight (Apr '06) Wed hubertfields00 40
which truck stop chain do you miss? (Mar '08) Jul 28 George Caldwell 9
What companies will hire Felony Truck Drivers (Aug '10) Jul 27 soon to be driver 207
Truckers Report Forum (Jun '13) Jul 27 MDP 5
cr england total scam (Feb '10) Jul 26 Dwight 235
schneider national sucks (Jun '10) Jul 26 Mark 125
•••
•••