Bankruptcy Filings Continue Downward Trend
October 16, 2014 - Total bankruptcy filings reached 705,452 nationwide during the first nine months of 2014 (Jan. 1-Sept. 30), a 12 percent decrease from the 801,989 total filings during the same period a year ago, according to data provided by Epiq Systems, Inc.Total commercial filings (Chapter 7 & 11) during the first nine months of the year were 26,767, representing a 22 percent decrease from the 34,479 filings during the same period in 2013.
Truland Press Release
Approximately 300 vehicles to sell in online auctions as part of Truland liquidation
August 25, 2014 - ASHBURN, Va. – The liquidation of assets owned by bankrupt electrical contractor Truland Systems is under way with the first online auction of trucks, trailers, vans, bucket trucks and other vehicles. Online bidding began Aug. 23 for 37 of the vehicles, with more auctions planned in the coming weeks, according to David Fiegel, President of Buffalo, NY based Blackbird Asset Services, LLC who is selling the assets for the estate with their partner Auction Markets, LLC.
But first, the auction company faces the challenge of getting possession of more than half of the vehicles, according to Fiegel.
“Truland had more than 250 active construction projects at the time of their filing, and approximately 300 vehicles were allocated to those projects and assigned to various offices and employees. With the employees now terminated, there was no provision for turning these vehicles in, so we have to locate them and prepare them for auction,” said Fiegel. “We'll be selling vehicles in groups as we recover them and are able to get them ready for sale,” he said.
Fiegel said they are contacting former employees to locate and recover vehicles. “We don't anticipate major problems, but it's a significant administrative task with so many vehicles. We expect that everyone will cooperate. After all, the company's creditors include employees, contractors and others, so recovering and selling these vehicles will help get them paid,” he said.
Bidding on the first group of vehicles is scheduled to end on Friday, Sept. 5, at 3 p.m. Eastern (subject to a court hearing to approve this and future sales, which will be held three days earlier on September 2). Individuals seeking to bid may view the inventory, register and bid online at auctionmarkets.com.
Vehicles in this first sale include vans, trucks and bucket trucks. “We have quite a few Chevy G3500 vans, several Silverado pickups, some Chevy Colorado pickups and various other pieces, most of which are 2008 models or newer,” said Fiegel.
“A bankruptcy like Truland is so unfortunate to those affected, and our group is focused on helping the estate recover as much as possible for creditors,” he said.
Prior to filing bankruptcy on July 23, the Reston, VA based Truland Group of companies was one of the largest electrical contractors in the United States. At the time of their filing, they were working on high-profile construction projects such as buildings for Marriott, NASA and George Washington University.
Individuals seeking additional information please click this LINK.
LEGO Technic Volvo L350F
August 19, 2014 - In an effort to move slightly away from equipment blogs I would like to discuss the new LEGO Technic Volvo L350F wheel loader. Not only is this going to be a LEGO masterpiece but it will be remote controlled and have the capacity to drive, steer, lift, load, and convert into an articulated A25F Volvo Hauler. For all those other parents out there of boys who cannot get enough construction equipment toys, this one is for you.
More About Ford F-150's New Aluminum Body
August 8, 2014 - In April, we blogged about the new aluminum body that the future Ford F-150’s will be sporting. We discussed how the new body will have better fuel economy because it will be approximately 700 pounds lighter and that aluminum wont rust (this is big for us here in Buffalo where it seems to always be raining or snowing). It seems that critics have been asking a few questions that really got me thinking…
Construction Equipment Exports Effect on Auctions
July 15, 2014 - According to the Association of Equipment Manufacturers (AEM), total U.S. construction machinery exports dropped to $4.292 billion in the first quarter of 2014 from $5.287 billion in the first quarter of 2013. The drop of about 18.8 percent is in conformance with global construction equipment demand.
No Machinery Sales Tax in Florida
June 17, 2014 - Part of my job at Blackbird Asset Services is making sure that proper tax is collected for each state and that tax forms are completed properly- some call me “the tax guru”. As such, a recent article jumped out at me- “Gov. Scott Highlights Elimination of Machinery and Equipment Sales Tax”.
Bankruptcy Filings Drop Another 24 Percent in 2013
June 3, 2014 - We reported last year that throughout the 2012 fiscal year bankruptcy filings had dropped 22 percent from the previous year. According to the Wall Street Journal, U.S. commercial bankruptcy cases filed in the 2013 fiscal year have dropped an additional 24 percent. Commercial bankruptcy filings are down to their lowest since before the financial crisis.
Blackbird Performs Appraisals?
April 29, 2014 - We know that Blackbird specializes in the liquidation of machinery and equipment but did you know that we also perform appraisals? Blackbird conducts appraisals in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) and within the guidelines established by the Association of Machinery and Equipment Appraisers (AMEA) and/or the American Society of Appraisers (ASA).
One Man's Trash...
April 22, 2014 - While routinely browsing through Construction and Equipment news I came across an article that jumped out at me (http://www.equipmentworld.com/construction-worker-coffee-house/). Wayne Grayson from Equipment World reported on a group of construction workers in Brooklyn, NY who came together and opened their own coffee shop called Kava Shteeble (Yiddish for coffee house).
New Aluminum Body for the Ford F-150
April 8, 2014 - Blackbird Asset Services deals with a wide range of industries with our appraisals and auctions. In the past we have worked with heavy equipment, manufacturing, transportation fleets… but a common trend is the appraisal and auctioning of pickup trucks. It has been said that pickup trucks are the workhorses of the U.S. economy (businessinsider.com).