He screwed everybody when he was in business, now he is going to really screw the whole industry when he goes out of business.

How is he screwing over the entire industry?  By letting people purchase pumps for 30 cents on the dollar?  The only people who are getting screwed by the auctions are the other people playing the debt game and that are answering to the banks.  I'm certain that people who do business the old fashioned way, conservative way, and intelligent way, are excited about this.  Prices will come back sometime in the future, anyone with half a brain knows this.  So the only people worried are those who borrowed too much and think the banks will shut them down between now and then.  I say, the chickens have come home to roost.  All the hard working owner/operators these big companies ruined by price cutting and "free" equipment (essentially free) are seeing justice, and those who have survived are seeing the buying and expansion opportunity of a lifetime.

I never said I'm smarter, actually I'd love to hear the counterargument.  If you took a poll of the people who purchase those pumps (god only knows who has the money), but it must be good for them, right?  Actually, I'm probably the idiot because every on here, except me, knows how bad this is for the industry.  All I can see is, let's say I own 3 pumps and have done a great job, but couldn't expand because I didn't want to borrow 150k.  Why does this ruin my business?  Don't get mad at me, I honestly do not know.  Aside from the people looking to sell those pumps within a couple years as retirement, who obviously I sympathize with.

Hope the suppliers they owed money to can stand the hit.  Having been on the receiving end of bankrupcy a few times I always know some poor soul is takin it hard. Lawyers will make big bucks and the bankers just pass it on.  I will scratch my way back up but it's going to take time.  Keep the Faith. 

Also, Art, I can't go buy a pump, because I'm flat-ass broke.  I'm broke as a result of the economy though.  My point is that Les' unfortunate situation has absolutely no negative effect on me, or anyone else free of unsustainable debt.

Pumpco, bankrupt?  Where did that 'fact' come from?

Also on on of these forums, it was mentioned that RBA bought the pumps for $20 million?  Another 'fact'?

And that the financial institutions are owed $50 million?

Where is this BS coming from?

I'm of the opinion that they are beating a hasty exit from a lousy situation.  RBA simply makes the financial pain very short for the consignor.

Whatever happens to the industry as a result of the sale of a large quantity of pumps in a very short period of time remains to be seen, but it needs to be done, one way or another, if not Pumpco, some other company(s) then.

The best that can be hoped for, is that a large number of them get put on a boat, removed from the North American market FOREVER.

 FW WTF? Are you certain that you have never said that you were the smartest? It sure seems to be your opinion. OK lets say you did have 3 pumps and still wanted to expand but you did'nt want to borrow $140K. After all these pumps sell at auction and drive the resale value of your 3 pumps even lower than they were. Now you cannot borrow anything and will no longer have the option because you have no or very little equity in the pumps that you paid five times what they'll be worth tomorrow (or Monday).

 How about the people who purchased a new pumps in the past few years for a half million dollars that will soon be worth less than $200K. You really dont think that having dozens of the exact same pumps sold at auction prices will reduce their resale values? All the while they're still making payments on the original price tag plus interest... Nah they wont be effected at all by what's happening.   Yeah Right!!!

pimpjockey, all these 'facts' that you seek and reffer to as bs happen to be public information. If you care to take the time to dig deep enough in the right places you'll find the same info that other people have. It does'nt even require any pass codes or secret hand shakes, its out there for the world to read. Perhaps you may even come across some exact figures down to the red cent instead of ball park?

OOops, Sorry man! I meant to say "pumpjokey", my bad. I know you're not a "pimpjockey" but thats some funnyass $hit there. Pimp On!

Lets take for example one bought a chevy car and financed through GMAC.Now they fall behind on the payments and enter the dragon (repo man).Once that car is secured it goes to storage,GMAC will hold the car a short time and it goes straight to auction.

In the case of Pumpco,he was simply over extended when the economy splashed.They continued to take care of the employees without making the payments on equipment.When the end of the road arrived they had already milked the last cow and surrendered everything.

The difference in senerios is everybody would buy the chevy,pumps are specialized equipment.So the rbauction is a uneducated gamble in a specific industry.You might just see someone disigning new flower pots,word on the street is Martha Stewart wants nothing to do with it.

Holy boom pipe Robin,watch this.

I've never met people who get mad at you for agreeing with them.  We're saying the same thing here guys.  TooTall, if you read what I'm saying, I'm talking about guys who didn't get reckless with their money, and ran their business, in my opinion, the right way.  A guy with 5, 10 year old, paid off, single circuit schwings is glad that this is happening.  A guy who didn't get caught up in "irrational exuberance part 2", watched his money closely, is now seeing a once in a lifetime opportunity for future profits and expansion.  That's all I'm saying, although I'm a new member, I've read this message board for a long time now and thought I'd join so I could give a dissenting voice to the opinion that this is ruining the industry.  If you borrowed, or look to borrow too much, then sure this sucks.  I'm just sort of rooting for the underdog I suppose, because to me that is the base of the industry.

I think we should all watch the auction and see what the pumps go for, not sure if they will go as cheap as what RB paid for them. They are not in the business to lose money. Anyway there are only 35 going today and we may be surprised. Things will get better. I think this first auction is a test.

Then when rb says absolute auction it's not true?mmm I have personally sent equipment thru them and was not totally pleased with the outcome.

My bookie says there's not that much money out there for one.I think I will save my money and maybe buy a new pair of heels,cheaper and more fullfilling.

I was also surprised to hear that they purchased the equipment as I thought they worked on consignment. It will be interesting to see the outcome, any bets before they get to the pumps?

Yes Jr.  I will bet you that this is going to be a disaster and very devistating to our industry for many years to come.

and his whereabouts now,hehehe

I know

 I gotcha FrankieW, Yes there will be some huge oportunities for those on the buying end of things.

"I will bet you that this is going to be a disaster and very devastating to our industry for many years to come." BigStick, why the doom and gloom? This is just part of the shakeout that has been a long time coming. The concrete pumping industry that emerges from this economic downturn will be a stronger, leaner and meaner industry. But it will not be the same. One of the basic tenets of Business 101 is "Adapt to a Changing Market." The market has and is changing. The market determines pricing and what services are included in the price. Not pump companies. Right now, the market for pumps and pumping services is down. Pump companies and their staff will need to be flexible to survive and then prosper. Deregulation changed the face of the trucking industry. But there are still trucks on the road. The last economic downturn changed the face of the airline industry, but the airlines still fly. And the most profitable airline (Southwest), is also the lowest cost. So change? Yes. Devastation? No.