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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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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