Hundreds of thousands of dollars are owed to several trucking companies after a Texas motor carrier filed for Chapter 11 bankruptcy protection.
FALC Enterprises of El Paso, Texas filed its petition in the US Bankruptcy Court for the Western District of Texas on Friday, September 11th, according to Freightwaves.
In the bankruptcy filing, FALC states its assets and liabilities as somewhere between $1 and $10 million. The filing also states that FALC may have as many as 99 creditors, listing several small trucking companies among its unsecured creditors, making them last on the list for payment in a Chapter 11 case.
Additionally, FALC Enterprises has filed a cause of action against FALC’s co-founder, Cesar Arturo Lopez of El Paso. The allegations made against Lopez include breach of fiduciary duty, Texas Theft Liability Act violations, embezzlement, usurpation of corporate opportunities, and fraud. Lopez’s El Paso trucking company, Major Motion Logistics, was also named, listing “fraud, usurpation of corporate opportunities and constructive trust,” among the allegations.
Lopez also owns several other El Paso trucking companies, including MPG Transport Inc, and Tulone Trucking Services Inc., and just registered a new business, Azteca Investment Company LLC, on August 11th, also in El Paso.
FALC is leaving behind several unfinished projects, called executory contracts, including construction and road projects throughout Texas and even has three pending lawsuits, including two injury cases filed in El Paso and a truck accident suit in Arizona.