Lending to the Energy Industry
May 26, 2015 - The Wall Street Journal recently reported that tens of millions of dollars have “gone up in smoke” on loans made to the energy industry by Citigroup, Goldman Sachs, and UBS. Loans issued to oil and gas companies have looked increasingly unappetizing, making it difficult for the banks to sell them on the market.
Cycling is the New Golf?
May 14, 2015 - We recently posted a blog discussing the downward trend in people playing golf in today’s economy. In that blog we mentioned that The New York Times claimed that high-end business deals are trending away from being made on the golf, and toward being on high-end bicycles.
Golf Course Closures
April 30, 2015 - On April 16th, Blackbird Asset Services completed an auction in Buffalo, New York for the maintenance and other turf equipment of Westwood Country Club. Westwood was founded in 1921 and closed to make way for a new planned community development.
March 31, 2015 - Yesterday we tried valiantly to begin the set up process for our auction sale of golf course maintenance equipment at Westwood Country Club in Buffalo NY. OK, we know that Buffalo has a bad rap for weather, and whether or not you like winter weather this one has been brutal.
Unclaimed Baggage Auctions
March 19, 2015 - According to the National Air Traffic Controllers Association on any given day, more than 87,000 flights are in the skies in the United States. In 2014 there were 1.8 million lost luggage incidents which factors out to be 3.09 bags per 1,000 passengers. Although only 2% of luggage mishandled by airlines is forever lost or unclaimed, what happens to these bags once they are finally recovered?
More Construction Employment Leads to Equipment Sales
February 26, 2015 - Between October 2013 and October 2014 construction jobs increased in 37 states while construction employment increased in 28 states from just September – October 2014 alone. Officials from the Associated General Contractors of America (AGC) noted that “the sectors recovery is erratic and remains vulnerable to factors like growing labor shortages, new regulatory burdens and stagnant public sector demand… these year-over-year changes show that construction is doing well in most of the country”.
More About Drones
November 25, 2014 - On March 3rd, we blogged about drones and how they could potentially be used to transport materials to and from jobsites in the future. A recent article on the Equipment World website discusses how drones are ALREADY impacting the industry. http://www.equipmentworld.com/drones/
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.
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