The Tulsa World newspaper reported Judge Dana Rasure approved the amended distribution Dec. 8.
Malloy’s Dec. 2 pleading also requested $105,262 in trustee fees, for a total interim distribution of nearly $2.8 million. That payout, together with court-approved administrative claims, will leave more than $1.52 million for future administrative claims, additional payments to priority wage claimants filed and those yet to be filed.
The court had ordered that New Jersey attorney Charles Ercole is entitled to one-third of the distribution paid to 232 former employees he represented. Ercole’s clients will receive their payments, less income tax withholdings and Ercole’s fees.
The Tulsa-based flatbed carrier petitioned for Chapter 7 bankruptcy Jan. 8, 2010, while faced with lawsuits from unpaid employees and creditors. The consolidated bankruptcy includes Arrow Truck Leasing and Arrow Truck Real Estate companies.
The company abruptly closed Dec. 21, 2009, leaving a recorded phone message telling drivers to drop off trucks at dealerships.
– Jill Dunn
DESPITE PROTESTS by truckers, New York has closed the last four of the six rest stops slated for temporary closure to cope with budget cuts. The rest areas on I-87 and on I-88 closed Dec. 2. Previously, rest areas on I-81 and I-90 were closed. Opponents have expressed concern that DOT will not reopen the locations in 17 months as planned.
A NEW YORK law authorizes trucks equipped with auxiliary power units to weigh up to an additional 400 pounds. According to the U.S. Department of Energy, 25 states have laws that permit the weight exemption.
Survey: Carriers optimistic
Two-thirds of carriers expect freight volumes to increase this year, according to Transport Capital Partners’ Business Expectation Survey for the fourth quarter of 2010.
Last year, about the same share of carriers expected volumes to increase, but a peak of almost 90 percent was hit in the second quarter of 2010. Richard Mikes, TCP partner, says the hopefulness that characterized the spring has waned in recent quarters as economic growth has slowed.
Still, this was the second-highest level in two years, and with over three-quarters of carriers expecting rate increases in the next year, optimism remains high.
One insurance rep cites a likely 25 percent increase in premiums for ...