Legal, Financial Troubles Continue to Hit Arrow CEO

January 08, 2010

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Arrow Trucking CEO Doug Pielsticker now faces two lawsuits filed against him in Tulsa County District Court Thursday by Summit Bank and the Bank of Oklahoma
, according to reports by Tulsa World.

Financial and legal problems have been escalating for Pielsticker and Arrow Trucking, which suddenly ceased operations on Dec. 21, laying off all 1,400 employees without notice, after its main creditor froze the company's fuel credit cards and operating capital. Many drivers were left stranded, and a class action lawsuit has been filed on their behalf.

Now, Pielsticker faces a lawsuit from Summit Bank, which alleges that he has defaulted on monthly payments on his house since Dec. 27, the World says. The 6,800-square-foot house went up for sale recently for a listed price of $3.9 million.

According to the publication, Summit Bank seeks judgment of $103,151.66, as well as compensation for abstract and title expenses, attorney fees and court costs.

In addition, the Bank of Oklahoma sued Pielsticker, saying that he is in breach of a nearly $296,920 promissory note. The bank claims he owes about $96,350, in addition to interest of about $1,000, the World says.

In another suit filed at the end of December, Peoples Bank claims that Pielsticker is in breach of a $270,175 promissory note, the World says. Peoples Bank has filed suit against Arrow Trucking, alleging that the carrier failed to pay back a $1.4 million loan from 2006. The bank wants the company to repay the balance of the loan, which is nearly $810,055, according to the World.

Separately, Arrow driver Tony Elkey and his wife Gertrude were able to get home to their kids in Cincinnati, thanks to the help of Women In Trucking and Schneider National.

While the two were stranded in El Paso, Texas, and not able to return home by Christmas, WIT President Ellen Voie helped out by getting in touch with Schneider. Schneider National provided the couple with bus tickets home. Schneider also offered Tony a job with the carrier.

"I really appreciate Schneider doing this for us," said Gertrude.

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