Originally published at: Florida-based AGX Freight halts operations amid lender dispute - FreightWaves
Jacksonville-based AGX Freight Group has suspended operations after a lender dispute restricted access to working capital.
A lot here that doesn’t add up. But considering STGs Billion Dollar Bailout, I’m certain we can expect more scrutiny incoming from the finance partners of debt laden customers. Being a profitable piece of an underperforming, debt laden partner does not make you the victim of the bank’s call. The idea that the bank would let the profitable piece “AGX” slip away is lunacy. The only victims here are those that ■■■■■■■■ the movement of freight for a partner that ran out of money. AGX had to have seen this coming. Actually, they said as much. Continuing to book loads and bring on business knowing that their ability to pay was in jeopardy is the real scam in this story.