Daily News: February 9, 2012

Arrow Trucking Trustee ‘Closes the Book’ on 25-Month Long Saga

Tulsa World reported Arrow Trucking’s Trustee, Patrick J. Mallory III filed his final report in the U.S. Bankruptcy Court in Tulsa 25 months and one day after the company filed its Chapter 7 liquidation petition.

“We’re paying some wage claims, administrative claims and closing the case,” Malloy said.

His final report listed “realized gross receipts” of $6.28 million from identified company assets and through lawsuits filed against creditors and insiders by the trustee.

Even though millions of dollars of unpaid taxes owed by Arrow to the state of Oklahoma and the Internal Revenue Service, Malloy said no distributions made to government tax officials.

Arrow’s bankruptcy petition, filed on January 8, 2010, listed both assets and liabilities between $100 million and $500 million.

Arrow’s financial records and its corporate offices were in apparent disarray after company executives closed the doors December 22, 2009.

Arrow’s lender, Transportation Alliance Bank of Ogden, UT, had canceled the company’s fuel credit cards the previous day. Hundreds of Arrow drivers and their freight were stranded around the country three days before Christmas.

Malloy eventually determined Arrow’s assets to be $8.55 million and liabilities at $98.97 million.

“I’ve never been involved in a case — particularly one of this sizes — where you had nothing to go on,” Malloy said. “It took us four months to file schedules of assets and liabilities … It’s one of the hardest, if not the hardest, case I’ve been involved with.”

Previously on abfjournal.com:

Ex-CEO of Arrow Trucking Settles With TAB Bank, December 15, 2011

Former Arrow Trucking Chairwoman, Trustee Reach Agreement, October 3, 2011

Judge Dismisses Lender’s Claims Against Arrow Trucking Owner, January 26, 2011