A very keen eye for the obvious

I know,check your mail "grins"

It’s a smart business decision to do whatever you can to try to succeed. With the banking system today no matter how big you are as a company or individual if you don’t fit into the assets and liabilities score card that the bank has at any given time; especially in bad times they take the liquidation approach and write off the losses.

To bad for everyone in Pumping that they the banks are no longer human because it hurts the whole industry when something like this happens.

considering it was his partner (The Bank) that caved he may verywell do just that

maybe thats why they are still answering the phones pumpco, I know I got parts from them after the doors were supposedly shut , I hope he does comeback he should be held to no higher standard than the rest of us , times are hard and they do not look to be getting any better any time soon , he wasnt the first and he will not be the last we are all on borrowed time , if something doesnt change big and small companies will be feeling it , we are just starting to feel the effects down here , big jobs shutting down leaving the smaller jobs to be scavenged and buzzards getting nothing for there troubles, 20 + years and I have never seen it like this in April usually a strong month for pumps with the rains that hit the southeast but it is terribly slow , good luck to you all

Sometimes when a business buys another, the seller agrees and signs a 'non compete' agreement.  So, factor that in...

I don't think this is Brundage-Bone's first rodeo...

Puge thats the change we can all believe in..

 reading these reminds me of a guy i once knew who built up  a fleet of  17 pumps from nothing, got caught by several bankrupt contractors along with bank charges on bank charges  etc etc,  decided not to go down the bankruptcy route, so sold it all for a pound, so ensuring that all would have jobs. The company he sold to went bust within 6 months then started again the very next day, The operators all lost their jobs, the finance was never paid on the trucks,and when they were undersold at auction this guy was left holding the can. Finance companies were still chasin him 5 years later when he died from a stroke. (maybe its was that, may be not). The company he sold too recently ceased and the owner retired on the profits .

sorry ,not meaning to be depressive,Contracts arent worth a toss and if this guy from pumpco can still be held in high regard by all , and buy HIS pumps back for sod all ,then fair play to him, because if you try to do the right thing somebody somewhere will s... on you.

take your pick

Smart money would run away, don't look back.

mmmm

Lets look at auctions,plain and simple.Whatever the reasons the bank held the trump card.Now an owner says watch this.There are many senerios that could play out.

If I was an entertaining soul,yes he could buy back selected pieces of equipment,very basic principle.My bookie would be betting my last nickel that some manufacturers are looking this over as well.Imagine how many companies are wanting a market share willing to support said people.I would be paying real attention to the street about there involvement and risk.

I personally have went nail to nail with said person as far as non-compete.I won he lost,lets not confuse the issues.This guy whatever his choices are is a master,keep a keen ear open.It may shock some of you.

This was NOT a buy out. There was no money exchanged as neither BB or Pumpco had the hands on cash at this time to have a dollar or paper exchange even.

This was an agreement for BB to take over certain areas or branches of Pumpco. Not all either.

Les is not stupid. I believe with strong confidence that Les will be back in it really soon.

I heard Les is gone, not in the USA any more, I guess that means I will not get paid what is owned me but oh well.

Sorry Todd,the list grows.Not a small faterinity after all.

I do believe that what you are all missing is, that if you are an operator, thank the good lord for your opportunity. If you are an owner, you just bought the farm because your assets are worth,?????????????????

 I hope he does, more power to him and to anyone else who is losing this battle! No one deserves to lose it all, why would'nt anyone restructure and start over? I'd bet a paycheck that one of his other companies will soon be providing "all of your concrete pumping needs" along with parts and equip?  

No RUMOR,I was told to hang loose and check in.when they told me I wasnt one of few to go to BB.

I know a story of a guy here in Canada who bought some machines when the USA dollar and Canadian dollar were pretty much the same amount exchange wise.

Then the Canadian dollar started to go south of the USD dollar and because all the machines were financed in USD all of a sudden after about 8-9 months the machines that were say $400,000.00 USD were in debt to the tune of over $600,000.00 CND: Also for this guy the monthly lease payments were now 60% more than the year before so for a small boom this guys lease payment was almost $15,000.00 per month add in the taxes of GST and PST each at the time 7% and the guy at no fault of his own was outside the reality of what the pump could earn and pay for itself in a normal strong market.

I’m not blaming the banks for anything but you can be the best business guy in the world or the worst and still things (shit) can happen at the banking level that you wouldn’t be able to predict with the best crystal ball in the world, and once you move past the comfort level with the banks underwriters then it’s all about assets recovery,  curbing losses, write downs and loan insurance.

Good luck to Les and good luck to anybody that worked at PumpCo it’s always bad for everybody when the job you have, maybe the only one you have is all of a sudden without warning gone for good. No planning the no income, no saving a few bucks till the next opportunity comes along; it’s all bad:

Who knows maybe they, PumpCo will come back:

It would be better for every one of us in the industry including every single pump manufacture if one big company just came in and bought all the pumps at once because all of our working machines right now will be forever devalued in the secondary market due to this auction approach.

That’s a fact; it’s bad for everyone and the next time you try to buy a used machine at a good fair rate, that same bank or network of banks will be comparing your purchase price to the sale price of the auctioned off units and the end result will be more money down.

It’s all bad.

Les will be back next week.

I guess I will never get my money back either Todd.  O'well we were not the first but with a little luck and some prayers hopefully we will be the last.

1) Ritchie Bros. does not allow buy-backs.  If you are discovered buying your own items or 'bidding them up', the items will be re-sold, (likely at a fire-sale rate) the reason announced publicly at the sale, you will be removed from the site, and banned from all RB Auctions.

2) How old is Les?  Why would he want back in this game?  Recovery is going to take YEARS!!!   

Pump Jock. You are pretty much right. He will be back in the country next week. We will see how the auctions end up.

Again. They sat with BB and agreed to take over certain locations. One for BB to put some idle iron to work in Pumpco sites and the other to keep as many Pumpco operators in work as possible.