Financially troubled Georgia carrier Trism announced that it has terminated the employment of treasurer/controller Gerald Hendren after it discovered that company assets had been overstated.

The company has advised its revolving credit lenders, The CIT Group/Business Credit, Inc. and Fleet Capital Corporation, that the “collateral borrowing base certificates” that are prepared and sent daily to CIT and Fleet have overstated collateral assets by an estimated $4.4 million.
When it discovered the problem, Trism pledged more assets as collateral to make up for the difference.
“An investigation is under way to understand the reason for the misstatement, and to assure that future borrowing base certificates are accurately prepared,” according to a company statement. There is no effect on the company's financial statements.
Trism has downsized significantly this year, dropping its oversize/specialty hauling business and selling its Logistics Division. It has been struggling since it emerged from Chapter 11 bankruptcy reorganization in early 2000.