Flying J...

[TLightning]

...files for bankruptcy:

http://www.ksl.com/?nid=148&sid=5145149

[richfaa]

Holy Moley...What next???

[Bill-N-Donna]

Are they going to be next to ask for a bail out?
I certainly wouldn’t want to see them go under!
Have a Merry Christmas!

[Trailer Trash 2]

Let them go down the dran, or restructure, get rid of all the overpaid brass, stockholders,and CEO's that get to much for what they do for themselves.

[HamRad]

Wow! What next? This is getting to be ridiculous. I am beginning to get a real feeling of complete helplessness.

When will it end?

HamRad

[exav8tr]

I think we'll see more of this as companies try to lighten their load by paying creditors a few cents on the dollar to restructure. I think our bankruptcy laws need changing. Seems to me a company is either bankrupt or not. Chapter 11 just allows companies to restructure their debt. Maybe an interim name change is in order. I've only used Flying J twice and was put off by clerks that cater to truckers and seem to think RV'ers are a pain, perhaps this is why they are in trouble. I also pulled into one one time and could barely navigate out of the RV lanes......Just my opinion, no need to scold me for my thoughts.....

[jretz]

Lets not be so quick in this case. In reading the article it was not just the economy that caused this situation but poor judgment, buying long at a high rate per barrel. It shows greed that backfired. If oil prices had kept increasing they would have made large profits but the price fell and they lost. This is they type of business speculation that either drives up what the consumer pays and higher profits or results in consequences for the business. Even Flying J says they are not lying off or closing down, they are biting the bullet for their poor decision and utilizing a legal oppitions, as many individuals do, and filling bankruptcy to get through this.

A couple of years ago we would have blamed Flying J for its poor practices. I agree with Don, let some of these companies deal with THEIR business decisions and management; just as we have to deal with financial decisons we make in our own lives.

[richfaa]

.. Flying J is a good guy'' No foreign oil except for Canada. As jretz observed poor judgment,,Same as the money manager who managed our 401K fund into oblivion.


Big West Oil LLC
http://www.bigwestoil.com/

Located in North Salt Lake City, Utah, is a complex high conversion refinery operated by Big West Oil LLC, a wholly owned subsidiary of Flying J Inc. The facility employs about 130 people and supplies fuel products to many Flying J travel plazas and select customers in seven western states. This sophisticated facility has a total capacity of 35,000 barrels per day (over one million gallons) and refines a combination of Utah, Wyoming and Canadian crude oils into high-quality motor fuels and other specialty chemicals, including superior wax products. Flying J products meet or exceed government standards for clean transportation fuels, as well as customer needs for engine performance and cold flow qualities.

Big West Oil LLC is also responsible for the purchasing and transportation of crude oil in parts of Utah, Wyoming, and Colorado. With current processing activities, the North Salt Lake refinery is well prepared to provide qualified clean fuel products to Big West Oil LLC and Flying J customers in the time frames required by the clean fuels regulations

[Glenn and Lorraine]

Flying J is doing nothing different than all those of you investors that bought low in hopes of selling high. Flying J took a chance just like so many individuals out there and are now regretting that decision.
What about the people that bought stock as the prices first started to drop only to find it dropping further and further everyday. To day they are crying because they are losing their butts.
Just like the individuals that bought into real estate when property prices first started to drop thinking it would rebound. Now those same individuals are crying because the housing market plummeted to all time lows.

I feel each and everyone of these investors are no different that Flying J.

People living in glass houses should not throw stones.

[Andy]

Amen, brother Glen

[DarMar]

quote:Originally posted by richfaa

Holy Moley...What next???

Just wait till the 1st quarter of 2009! Sorry to be so glum but I just can't ignore the obvious.

[DarMar]

Glen, we have a Prime Minister that suggested in October to the people of Canada that it may be a good time to buy while the market was what he called low at that point. This was in response to questions about the poor state of the economy. Duh?, I think he and everybody regrets almost every prediction that was made. Just who would have thought it could get to this point, well except the generation before us that has repeatedly warned us that someday we would see a crash! Once again, I just didn't listen to the elders.

[richfaa]

And just a few months ago I was chastised on this very forum for "Doom and Gloom" predictions. Well welcome to reality. Even I who pays much attention to things financial never thought it could get this bad. We will recover. I hear rumblings from the incoming administration on programs that can help. Remember the CCC and WPA? The ordinary folk needs a job. It will get worse in the first quarter and so many folks have been hurt so very bad

[Mrs. CountryGuy]

I'm not worried, who me?? Nope, head going back in snow bank, lots of them around to bury myself in.

(You should read: voice dripping with sacarsm here! )