Financial problems follow former Arrow Trucking CEO

| Thursday, July 14, 2011

Although it’s been more than a year and a half since Arrow Trucking’s closure, many former drivers admit they are still closely following the ongoing litigation stemming from the financial unraveling of the Tulsa-based flatbed carrier and its former executives.

Many drivers were stranded all over the country with no fuel cards and bounced paychecks three days before Christmas 2009 after former Arrow Trucking President and CEO James Douglas Pielsticker apparently shut down the company after the bank suspended their line of credit.

Creditors have until Sept. 20 to file a proof of claim with the U.S. Bankruptcy Court in Dallas in the Chapter 7 personal bankruptcy liquidation petition filed by Pielsticker, who has moved to the Dallas area. According to his LinkedIn profile, Pielsticker is now the executive vice president of sales and marketing at True Point Logistics in Dallas.

According to court documents, a letter was sent by the court to Pielsticker on June 22, stating that the “debtor is granted a discharge” because there were no apparent assets. However, a day later, a second notice was sent out by the court stating that “assets have now been recovered from which it appears that payments to creditors may be possible.”

In his bankruptcy petition, Pielsticker lists his assets as $2.54 million and his liabilities as more than $24 million.

Among the unsecured claims filed in the Pielsticker bankruptcy case is one for $8 million by Patrick J. Malloy III on behalf of the claimants in the Arrow Trucking’s bankruptcy case.

He alleges that Pielsticker used company funds for his own personal use over a four-year period.

The Transportation Alliance Bank, Ogden, UT, also has an unsecured claim against Pielsticker for $12 million. TAB was Arrow Trucking’s primary lender, which factored the company’s invoices. TAB alleges that there was an elaborate system in place at Arrow Trucking to send TAB inflated invoices.

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