Years ago, when Pilot Freight Carriers filed for bankruptcy, they owed my company several thousand dollars in negotiated loading allowances. They were one of our major carriers and we owed them more than the owed us.
I refused the loading allowance checks and did an offset against the money we owed them.
According to our corporate attorney, any monies received from Pilot in the 90 days before they filed would have had to be returned for dispersal by the bankruptcy judge. However, by taking the offset, we were free and clear in that we had merely paid them less than they had invoiced.
Your comments about the $60K are consistent with what happened to my comapny.
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