In October, the ATA's truck tonnage index – a number that measures the amount carried on trucks for a given month – fell slightly from a month earlier. This year, the industry has lost 1,255 firms through the third quarter, a pace which is a little better than in 2007.īut "the trucking industry is still in the worst slowdown since the Depression," writes Clayton Boyce, spokesman for the American Trucking Associations (ATA), in an e-mail.
#Arrow trucking drivers#
Socked by high fuel prices in 2008, a whopping 3,065 trucking companies with five or more drivers went under. In February, the company laid off 32 administrative workers, about 2 percent of its workforce, citing a soft economy.īecause trucking firms operate on low margins, several hundred exit the business each year. Information about the company's fate remains scarce. "A company this size would normally go into this bankruptcy in a little bit more orderly manner," Mr. The apparent failure of Arrow Trucking, with some 1,400 flatbed trucks and 2,600 trailers operating throughout the US, created much bigger ripples throughout the industry. The difference is that more than 95 percent of such failures involve companies with fewer than 20 trucks.
#Arrow trucking driver#
"I wouldn't say it's typical, but I wouldn't say it's unheard of" for a trucking company to lay off workers in such a fashion, says Alan Bristol, a truck driver in Fort Collins, Colo., who was laid off earlier this year. Drivers of the company's Navistar trucks were told to call back for more information. The only acknowledgement was a brief recorded message on the company's main phone number, asking drivers of its Freightliner and Kenworth trucks to turn their rigs in to the nearest dealer and to call a special hotline to arrange for a bus ticket home. The 200 or so employees at Arrow Trucking's headquarters were told to pack up their belongings and go home Tuesday morning, according to the Tulsa World. The Tulsa, Okla., trucking company stopped payment on the gas cards of its drivers, leaving some of them stranded Tuesday around the United States, miles from home. He owed $10.6 million to the IRS, according to court documents, partially due unreported income embezzled from Arrow.Layoffs are a fact of life in this economy, but there are humane ways to do it. In sum, he stole $15 million from Arrow over the course of his scheme. He also paid personal credit cards and deposited money into his wife’s personal account with company money. He also used company funds to pay for his wedding and three luxury cars - a Porsche, a Bentley and a Maserati. Pielsticker, as CEO of the company, created fraudulent invoices that he sent to a company creditor, Transportation Alliance Bank, and pocketed money from the fake invoices. He was sentenced in 2015 and faced up to $50 million in fines. However, the judge overseeing the case dismissed the motion, saying Pielsticker’s request “relies on a gross misreading” of a separate court decision that Pielsticker said was applicable to his case.
Pielsticker filed a motion in November to have his prison sentence reduced. Pielsticker’s gross abuse of company money contributed to the carrier’s demise in 2009, when the fleet abruptly shut down and left its trucks, drivers and freight stranded nationwide.
He pleaded guilty to charges of conspiracy and tax evasion in February 2015. James Douglas Pielsticker is serving a 7.5-year prison term for using company money for lavish personal purchases, embezzling millions from the company over a course of years. A motion made by the former CEO of the defunct Arrow Trucking to have his prison sentence reduced has been denied.
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