Dan Bewley, News On 6
TULSA, Oklahoma -- Arrow Trucking is on the verge of losing one of it's last remaining possessions. The property where the company's headquarters is located was auctioned off Tuesday.
The Tulsa company, located at 42nd and Elwood, shut its doors three days before Christmas 2009 leaving nearly 1,500 people without a job.
On Tuesday, the property that held Arrow's headquarters was up for sale.
The property went up for auction by the Tulsa County Sheriff's Office. There was only one bid and it was from the company that owns the mortgage.
City National bought the property for $2.8 million. That money will now go as a credit to Arrow Trucking which means Arrow Trucking can strike $2.8 million off the money it owes the mortgage company.
Besides losing control of their property, Arrow's former owners face several lawsuits.
The most recent is asking for the court to take back nearly $8 million from Doug Pielsticker and $4 million from his mother Carol. The lawsuits claim both fraudulently received the money around the time Arrow filed bankruptcy.
There was some good news recently. Last fall the bankruptcy court distributed close to $2 million to more than 400 former employees.
As for what's next for the property, City National will become the official owners in about three weeks and, their attorney says, the company will most likely put it up for sale.
The bankruptcy trustee has also filed a lawsuit against the bank that loaned Arrow Trucking millions of dollars prior to the company closing down. The trustee says any money the Transportation Alliance Bank receives from Arrow should go to creditors.