Swift Trucking going private

[Sleek316]

Per the Riverside Press Enterprise,
Swift Trucking a 3 Billion $ Publicly Traded Company has an offer from the from Moyes Family backed by Morgan Stanley to go private. Seems the incredible revenues from Sleek/Magic has afforded the cash for this deal. Nice to know a west coast boat company has plenty of economic resources.

[Jordy]

Seems the incredible revenues from Sleek/Magic has afforded the cash for this deal.
I'm going to go out on a limb and suggest that you have that backwards. The boat company is a product of the trucking and aviations success.
If you look at the volume of trucking business that Swift does versus the number of boats that Sleek/Magic turn out in a year, the boats don't hold a candle to the freight side of things. Jerry has done right well and the company is very well managed when it comes to overhead on the trucks.

[stoker]

I'm going to go out on a limb and suggest that you have that backwards. The boat company is a product of the trucking and aviations success.
If you look at the volume of trucking business that Swift does versus the number of boats that Sleek/Magic turn out in a year, the boats don't hold a candle to the freight side of things. Jerry has done right well and the company is very well managed when it comes to overhead on the trucks.
You are correct

[jbtrailerjim]

Per the Riverside Press Enterprise,
Seems the incredible revenues from Sleek/Magic has afforded the cash for this deal. Nice to know a west coast boat company has plenty of economic resources.
LOL...Thats funny. I read the article and it said nothing about Magic/Sleek. The amount of business Magic/Sleek does is a drop in the bucket compared to the revenue Swift does in a year.
The article does say that Ron Moyes owns 12% of the shares in Swift. Jerry still has a 26% share.
My guess is Jerry Moyes is pissed off since he got fired last year from his CEO position from the company he founded. So, he'll just buy the mother f*cker back and make it a privately held corporation.

[Jordy]

My guess is Jerry Moyes is pissed off since he got fired last year from his CEO position from the company he founded.
I believe he actually stepped down in some kind of move to get back in as some type of big corporate officer of Cunningham, which is the local Frieghtliner dealer. Just so happens that Swift runs x number of thousands of Series 60 powered Freightliners in their fleet and as I recall, some people, including Detroit Diesel Corp (now owned by Dahmler Chrysler) didn't see it as a good thing, so it never happened, more of a conflict of interest. At least that was the version I heard.
Here:
http://www.landlinemag.com/todays_ne...v04/110904.htm

[jbtrailerjim]

I believe he actually stepped down in some kind of move to get back in as some type of big corporate officer of Cunningham, which is the local Frieghtliner dealer. Just so happens that Swift runs x number of thousands of Series 60 powered Freightliners in their fleet and as I recall, some people, including Detroit Diesel Corp (now owned by Dahmler Chrysler) didn't see it as a good thing, so it never happened, more of a conflict of interest. At least that was the version I heard.
Here:
http://www.landlinemag.com/todays_ne...v04/110904.htm
I dunno. A customer of mine today told me Moyes was forced to resign and security escorted him out. Not sure if it's true or not. You know how rumors are.
I have done business with Swift in the past and it definitely wasn't one of the most pleasurable experiences I've had.

[Jordy]

I have done business with Swift in the past and it definitely wasn't one of the most pleasurable experiences I've had.
Yeah, like I said, they definately are on top of their book keeping and like to nickel and dime ya to death on some things. Other things they'll open up the checkbook for. If the trucks aren't moving, they're not making money.
Can't be doing too bad as they just gave a driver $1,000,000 a few months back. Think it was a drawing based upon safety records.

[jbtrailerjim]

Yeah, like I said, they definately are on top of their book keeping and like to nickel and dime ya to death on some things. Other things they'll open up the checkbook for. If the trucks aren't moving, they're not making money.
Can't be doing too bad as they just gave a driver $1,000,000 a few months back. Think it was a drawing based upon safety records.
Yeah, they are some cheap mofo's for sure when it comes to vendors.
They don't farm a lot of trailer work. But last year that got really backed up with red tagged trailers and I've known there Fontana shop manager for years. He called me up and said come on down I got some work for you. While I was there, one of the other shop supervisors wished me luck and said I'll be amazed if you stick around for long. He said we're a real f*cked up company and a lot of vendors don't stick around for long. :jawdrop:
Turned out he was right. I threw in the towell after a few months of dealing with them. :messedup:

[roln 20s]

I think Magic/Sleek is financially doing better now than ever. Ron Moyes has really make some great moves to built Magic/Sleek to where they are today.
Swift is huge and Jerry seems to make great financial moves, so this doesn't surprise me. What ever happen to the deal where Walmart was going to buy Swift for a $Bill + ????
Roln 20s

[Jordy]

Turned out he was right. I threw in the towell after a few months of dealing with them. :messedup:
It's all about covering your bases with them, keeping thorough records with approvals, and only doing, to the letter, what they want done. As soon as you do that little bit extra and expect to get paid for it, no matter how obvious it is, then the pound sand responses come out, of course there is a learning curve before you figure all this out.