October 2001: Arrow Trucking Co. President Jim Pielsticker is killed in a plane crash. His wife, Carol Pielsticker, inherits the company and becomes chairwoman; son James Douglas Pielsticker assumes a leadership role in the company.
April 2008: Arrow enters into a financing agreement with Daimler-Chrysler Truck Financial of Lisle, Ill., under which it is to replace its 1,400-truck fleet over five years.
February 2009: Arrow suffers significant cash flow difficulties and inability to pay bills.
July 2009: Arrow begins submitting inflated invoices to Transportation Alliance Bank.
July 2009: Transportation Alliance Bank officials notice "irregularities" in documents Arrow submitted in support of its requests for payment of invoices.
Sept. 1, 2009: Transportation Alliance Bank finance manager visits Arrow offices to discuss "invoice-billing discrepancies" with Chief Financial Officer Jonathan Moore and General Counsel Joseph Mowry.
Sept. 15, 2009: Transportation Alliance Bank finance manager makes second visit to Arrow to call Arrow customers to verify accounts receivable balances.
November 2009: Arrow nears its bank-imposed credit limit of $28 million.
Dec. 11, 2009: Transportation Alliance Bank demands that Arrow permit the bank to verify accounts receivable data provided by Arrow.
Dec. 21, 2009: Arrow exceeds bank-imposed $28 million credit limit. Transportation Alliance Bank advises Arrow that no further purchases of invoices will be made.
Dec. 22, 2009: Arrow suspends operations indefinitely, laying off employees and stranding scores of drivers around the country by canceling fuel credit cards. Doug Pielsticker says in a statement that Arrow has been in negotiations with its principal lender.
Dec. 23, 2009: The Tulsa World reports that stranded Arrow drivers are leaving trucks at dealerships and making their way home any way possible. Some hitch rides, others rent vehicles or scrape together money for a plane or bus ticket after their Arrow gasoline credit cards are canceled.
Jan. 8, 2010: Transportation Alliance Bank files a lawsuit in U.S. District Court in Tulsa against Arrow Trucking Co., its affiliated companies, former Arrow Chairwoman Carol Pielsticker Bump, former CEO James Douglas Pielsticker, former Chief Financial Officer Jonathan Moore and former General Counsel Joseph Mowry. The suit alleges fraud and conspiracy in a scheme that cost the bank more than $15.1 million, court documents show.
Jan. 8, 2010: Hours after the Utah bank files lawsuit against Arrow, Arrow executives file a Chapter 7 bankruptcy liquidation petition in U.S. Bankruptcy Court in Tulsa. Patrick J. Malloy III is appointed Arrow Trucking bankruptcy trustee.
Jan. 13, 2010: Arrow bankruptcy trustee Patrick J. Malloy III tells the Tulsa World that Arrow executives have not filed schedules of assets and liabilities or a statement of financial affairs. "I have never seen anything like this," Malloy says. "We're going to have to reconstruct everything. It could take weeks."
March 18, 2010: Public auction at Fair Meadows Race Track of more than 330 Arrow trucks and trailers owned by Daimler Truck Financial.
Oct. 31, Nov. 1, 2010: Former Arrow CEO James Douglas Pielsticker arrested over speeding in Bryan County, jailed for 31 hours on an outstanding warrant.
Feb. 14, 2011: Former Arrow CEO James Douglas Pielsticker files personal bankruptcy petition in U.S. Bankruptcy Court, Dallas. His petition lists his assets at $2.54 million and liabilities at $24.03 million.
Dec. 12, 2011: Former Arrow General Counsel Joseph Mowry found dead in his home in Houston. Cause of death still under investigation, says investigator for Harris County Institute of Forensic Sciences.
December 2011: Arrow bankruptcy trustee Patrick J. Malloy's motion is approved to distribute $2.05 million in estate assets to 640 former employees who had filed wage claims against the estate. A year earlier, $1.97 million was distributed to former employees, bringing the total to $4.02 million, paying wage claims in full, Malloy said.
Sources: U.S. Bankruptcy Court, U.S. District Court documents; news reports, interviews.
Original Print Headline: Arrow Timeline
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