Tulsa, Oklahoma, Trucking Firm Files for Bankruptcy

January 11, 2010

A trucking firm that shut down three days before Christmas, stranding drivers around the country, has filed for bankruptcy liquidation.

The filing by Arrow Trucking Co. followed by hours the filing of a suit by Alliance Bank Inc. of Ogden, Utah, that accused Arrow of fraud and racketeering.

The Utah bank’s suit joins six others against Arrow, filed earlier, including one by Arrow employees seeking unpaid wages and benefits, and another by a different trucking company

In filing the petition, Arrow chairwoman Carol Pielsticker – sole remaining director on the company’s board – said her son Douglas Pielsticker had resigned as president, CEO and a member of the board. Efforts to contact Doug Pielsticker since the company shut down have not been successful.

The bankruptcy petition listed the company’s assets at between $100 million and $500 million and debts in the same range.

Former Arrow CEO Doug Pielsticker is also facing two lawsuits by separate Oklahoma banks.

Summit Bank alleges Pielsticker is in default of monthly house payments and is asking for a judgment of $103,151.66 with 7.5 percent interest from Nov. 27.

Bank of Oklahoma claims Pielsticker is in breach of a nearly $297,000 promissory note and owes $96,350.89 plus interest of $1,062.88.

The Associated Press reported that the family of an Arrow Trucking Co. driver who was stranded when the Tulsa-based company suspended operations Dec. 22 has filed a missing persons report.

Police in Anna, Texas, say the family of 34-year-old John Eischens of Mabank, Texas, filed the report. Eischens was last seen Christmas Day in Butte, Mont., where he cleaned out his truck at a Pilot Truck Stop.

Eischens had no money because his previous Arrow paychecks had bounced, his family said.

Steve Williams, a detective with the Anna Police Department, 30 miles north of Dallas, said the missing persons report on Eischens was filed by Christopher Eischens, the driver’s brother, who lives in Anna.

Neither Christopher Eischens nor his mother, Connie Salik, could be reached for comment.

Information from: Tulsa World, http://www.tulsaworld.com

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