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Trucking startup Convoy closes operations with no buyer

bloomberg.com

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Re: Trucking startup Convoy closes operations with no buyer

#41

Post by f6v »

wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

I hope everyone saw the writing on the wall and started looking for job 3 month ago.

Re: Trucking startup Convoy closes operations with no buyer

#42

Post by bradleybuda »

bloopernova wrote: post #16
wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

> CEO said there'll be no severance or healthcare. That should be illegal. How much are the executives making from this? I'm really sorry you're in the middle of this. I hope you can find a better job soon.

What makes you think the executives are making anything from this? It's a startup, it ran out of money, it failed, there is nothing left. Joining a startup is risky.

Re: Trucking startup Convoy closes operations with no buyer

#43

Post by xxpor »

wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

How can there be no healthcare without a bankruptcy filing? Isn't COBRA mandatory?

Re: Trucking startup Convoy closes operations with no buyer

#44

Post by renewiltord »

bloopernova wrote: post #16
wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

> CEO said there'll be no severance or healthcare. That should be illegal. How much are the executives making from this? I'm really sorry you're in the middle of this. I hope you can find a better job soon.

How much are the executives making from a shutdown? They're probably losing all the value of their options. If they're founders they're losing everything they didn't sell in secondary which means they're taking the biggest hit to their net worth.

Re: Trucking startup Convoy closes operations with no buyer

#45

Post by fourseventy »

faefox wrote: post #40
wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

"As I just shared on our call, I think the world of you." Just not enough to offer any severance or healthcare. #TruckYeah!

The company is shutting down because they ran out of money... where do you think this magical severance pay is going to come from?

Re: Trucking startup Convoy closes operations with no buyer

#46

Post by nevir »

xxpor wrote: post #43
wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

How can there be no healthcare without a bankruptcy filing? Isn't COBRA mandatory?

C̶O̶B̶R̶A̶ ̶i̶s̶ ̶m̶a̶n̶d̶a̶t̶o̶r̶y̶,̶ ̶b̶u̶t̶ ̶t̶h̶e̶ ̶p̶e̶r̶s̶o̶n̶ ̶l̶a̶i̶d̶ ̶o̶f̶f̶ ̶h̶a̶s̶ ̶t̶o̶ ̶p̶a̶y̶ ̶f̶o̶r̶ ̶i̶t̶

…if the company still exists (see comments above and below)

Re: Trucking startup Convoy closes operations with no buyer

#47

Post by dragonwriter »

xxpor wrote: post #43
wooly_bully wrote: post #11

(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…

How can there be no healthcare without a bankruptcy filing? Isn't COBRA mandatory?

COBRA isn't employer-paid healthcare, its an ex-employee option to pay for the previously-employer-offered plan, while the employer offers a plan to current employees.

If there are no more company operations and no current employees, there is also no plan and no COBRA.

This could also be an issue if a company restructured so it didn't have to offer employees health care because of size or everyone being part time or whatever: COBRA doesn't guarantee that there is a plan from your former employer, it just gives you a right to pay for it yourself if there is, for a certain period of time.

Re: Trucking startup Convoy closes operations with no buyer

#48

Post by ctvo »

bradleybuda wrote: post #42
bloopernova wrote: post #16

Earlier quoted context omitted.

> CEO said there'll be no severance or healthcare. That should be illegal. How much are the executives making from this? I'm really sorry you're in the middle of this. I hope you can find a better job soon.

What makes you think the executives are making anything from this? It's a startup, it ran out of money, it failed, there is nothing left. Joining a startup is risky.

Shutting down 3 months earlier, but everyone getting severance is an option. Let's not pretend it had to happen this way because it's a startup. They made the decision, if true, to use up every cent clinging on trying to find an exit or more runway.

Re: Trucking startup Convoy closes operations with no buyer

#49

Post by escaper »

bradleybuda wrote: post #42
bloopernova wrote: post #16

Earlier quoted context omitted.

> CEO said there'll be no severance or healthcare. That should be illegal. How much are the executives making from this? I'm really sorry you're in the middle of this. I hope you can find a better job soon.

What makes you think the executives are making anything from this? It's a startup, it ran out of money, it failed, there is nothing left. Joining a startup is risky.

Can we stop calling companies with 1,500+ employees and millions in revenue "startups". At what point does the shine wear off and they just become medium-sized companies like any other?

Re: Trucking startup Convoy closes operations with no buyer

#50

Post by TylerE »

dieselgate wrote: post #10
sputknick wrote: post #6

start-up idea if anyone is bored: disrupt car shipping. When I moved from Seattle to Raleigh shipping my car was BY FAR the biggest headache. It's a 20th century business where you have to call people, who will bid for you, and you have no idea if your bid is accepted. Agents will promise a low price to get your business, then tell you a week later that bid was too low, you need to double it. I eventually just gave u…

Don't have experience with trans-continental vehicle transport but as part of an old job one task I had was "drive this truck from Utah to North Carolina.. work there for a few weeks then drive this van back to Utah". Certainly cheaper than designated shippers for a company... As a consumer I'd assume there are hotshot truckers/services that would be used for this? People have mentioned similar "agent oriented" exper…

sometimes, but they mostly get put on a transporter like any new car. If it’s something valid able (claaaic car, race car, etc) they’ll usually sprint for an enclosed hauler, which is am several times more expensive
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