January 18, 2010

Brundage Bone Concrete Pumping, Inc (BBCP), and its wholly owned subsidiary, JLS Concrete Pumping, Inc. (JLS), are pleased to announce that we have reached an agreement in principle with Aurora Resurgence Management Partners LLC (Aurora Resurgence), an affiliate of Aurora Capital Group, to recapitalize our company.

BBCP/JLS has been pursuing this recapitalization and restructuring effort since the major down turn of the economy and construction industry as a whole. BBCP/JLS is taking this action to reduce its debt service burden and to strengthen its balance sheet given the substantial decline of the construction industry.

This recapitalization will be completed through a proceeding under Chapter 11 of the Bankruptcy Code, which BBCP/JLS filed today in the Bankruptcy Court in Denver, Colorado. To supplement its liquidity, BBCP/JLS has arranged for debtor-in-possession (DIP) financing during the Chapter 11 process from an affiliate of Aurora Resurgence. The recapitalization will also provide the company with significant capital and allow BBCP/JLS to resume its track record of continued growth and expansion. BBCP/JLS expects that there will be no disruption to payroll, licensing, permitting or other facets of day-to-day operations. In short, BBCP/JLS will be operating as usual and continue to meet its ongoing obligations to stakeholders.

The current management team of BBCP/JLS, which is led by Bruce Young, President and CEO of BBCP and Jeffrey L. Switzer, President of JLS, will stay intact once the recapitalization closes. The team will continue to bring its extensive years of experience in the concrete pumping industry to BBCP/JLS, ensuring the company’s continued leadership within the industry.

Young states “Our entire management team is excited and supportive of the opportunity to team with Aurora Resurgence to strengthen our business during these challenging economic times. Through this relationship, we will be able to continue to provide the superior service and versatility that our customers have always expected from us. The strength of Aurora Resurgence will allow BBCP/JLS the resources necessary to continue to grow. The management of BBCP/JLS is committed to ensure that our customers, suppliers and employees will have no disruption to their respective projects and working conditions throughout this transition”. Switzer states “the infusion of capital through Aurora Resurgence will assure our commitment to our customers and employees that we will continue to lead the industry in all areas, emphasizing the importance of new technology and safety.”

BBCP/JLS wants to reassure ALL of our loyal customers, employees and suppliers that they can rest assured knowing that we can and will meet all of our ongoing commitments and obligations.

Young further states “The vision of BBCP/JLS has always been to provide the best possible service and the widest range of services to all contractors - large and small. We have succeeded in realizing this vision over the past 27 years by building a team of employees who believe in and live up to the standards that BBCP is known for. We believe that the relationship with Aurora Resurgence will provide the BBCP/JLS team with the resources and time to continue to realize this vision through improved services and growth opportunities”.

Aurora Capital Group

Aurora Capital Group is a Los Angeles-based private equity firm managing over $2.0 billion that utilizes two distinct investment strategies. Aurora Equity focuses principally on control-investments in middle-market industrial, manufacturing and selected service oriented businesses, each with a leading position in sustainable niches, a strong cash flow profile, and actionable opportunities for both operational and strategic enhancement. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations that are created by operational or financial challenges either within a company or a broader industry. For more information about Aurora Capital Group, visit www.auroracap.com or www.aurorares.com.

Additional inquires may be directed to the following:

______________________________

Epiq Bankruptcy Solutions, LLC. 646 282 2400

Bruce F. Young

Brundage Bone Concrete Pumping.

Times are tough, Schwing, Brundage, Luchts and many others to follow I am sure of it. Pumpco gone everything sold off, have we hit bottom yet? I think we might be getting close. I hope so anyway. The concrete pumping industry has been hit hard and if you were expanding just a few short years ago there is a good chance your looking at going chapter 11 now.

In the next year or so I think the list of companies that file for chapter 11 will surprise nobody. I think it will be a large list and give advantage to those companies who do file over those who do not file when this economy starts to recover.

I wish Brundage Bone and JLS Concrete Pumping my best.

Please Todd!!! You can't be serious!!!  Some people and/or companies take pride in managing their business in the good times and through the bad by being honest, having integritiy and work hard!  We pay our bills on time as promised, treat employees as Human Beings not numbers, and adjust to the times as they come!  If a company, big or small,  doesn't adjust or make good decisions on pricing,  purchasing equipment, selling equipment, taking care of employees etc. then they are forced into bankruptcy.  I think it's quite insulting for you to say that those who chose to do it the right way through these tough times are going to be at a disadvantage!!!  That 's exactly what's wrong with this country today!!!  The companies that continued to think of "Cash Flow" as "Profit" need to be closed, not helped by the government!!!  Chapter 11 is a second chance for an organization to regroup to survive,  not to expand and grow!!!  We'll see what the future holds.

Dear Wizzard I did not mean to insult you. I agree everyone should always do things the right way. The right way is always the best way but few companies are debt free and if you have lots of debt and you have little work its hard to stay alive. I understand what your saying and for those companies in our industry that are doing well right now I applaud you, and i know a few of those companies and proud to be working with them.

Again did not mean to insult you. Sorry about that.

Lets get one thing straight,Todd made an honest evaluation.Another thing,there employees are hard working people,the company took care of them.Granted this Aurora company may be smart but they still have to get it past the judge.There's only so much work out there,should be interesting to see the results.

And for the back stabbers there,your day shall come.

Shoot, I guess YellowstoneMan was right all along....

Please lets not start bashing them. I know our industry is messed up. On a bright note Aurora Resurgence is a great group. This is a very successful, high end group. Maybe Aurora can set a new tone for our industry.

Not bashing them, just an observation...

look on the bight side "pa shook", now that you have a disability you can never be discriminated against due to our govt making it illigal to discriminate against disabled people !! Plus you get the best parking spots !!HaHa (just kidding) sorry you got hurt ,hope you get some better luck in the future.

About the BBCP chapter 11, I guess some of those rumors we all been hearing about had some truth to them ? Its better they are "reorganizing" than just shutting there doors, we dont need another pumpco firesale to even bring used pump prices lower than what they are today.

Good luck to all the wonderful people I have met thru this company I really wish the best for all of you in the future and also our industry as a hole

I know that many of you want to poke at BB, please do not do it on this message board. I did not allow it for any of the other companies that filed or went out of biz. I know many of you are hurting myself including but lets keep it clean.

   Does this mean Aurora now owns BBCP/JLS?  If so that scares the hell out of me.  When this recession hit a wise man told me after pumpco's auctions, that lending institutions would hang on to bad debt and start looking for areas in the world that are booming.  They would then  start calling in their loans on equipment to sell them where they could recoup their money.  I don't see a guarantee that equipment is not going down the road, I hope not and if I,m misreading this I apologise and feel free to educate me in these matters, after all I,m just a dumb farmer who pumps concrete.

Before you start bad mouthing someone you might want to read Roman's Chapter 2, verse 1-11

That is some good stuff Matt. I am with you on this one.

Here is a report from the Dever Post.

Brundage-Bone Concrete Pumping Inc., and its subsidiary JLS Concrete Pumping, this week filed for Chapter 11 bankruptcy protection.

The metro-area company, with 50 locations and nearly 1,000 employees, is the largest concrete-pumping firm in the nation, according to Bloomberg.

Concrete pump trucks pour concrete in hard-to-reach places such as bridge decks and high-rise buildings. Among the company's local projects were the Northwest Parkway and the Portofino Condo Towers in Denver.

Brundage-Bone said in a separate release that Aurora Resurgence Management Partners in Los Angeles would finance the company's restructuring and day-to-day operations would continue without interruption.

"In short, BBCP/JLS will be operating as usual and continue to meet its ongoing obligations to stakeholders," the company said.

In bankruptcy documents filed in Denver on Monday, the company listed assets of $325.7 million and liabilities of $230.3 million. More than 4,000 creditors across the country are listed.

The largest secured creditors are leasing companies, including Key Bank in Denver, which is owed $23.9 million; Key Equipment Financing in Superior, $9.9 million; RBS Business Capital, $8.5 million; and Comerica Leasing, $6.2 million, according to the filing.

Brundage-Bone is located at 6461 Downing St. in Adams County. Denver bankruptcy firm Sender & Wasserman is representing the company.

By Aldo Svaldi

Are you serious Todd?

Im really surprised that Many hasn't said much. I would have to agree with The wizzard. I personally think its wrong to say: "Young states “Our entire management team is excited and supportive of the opportunity to team with Aurora Resurgence to strengthen our business during these challenging economic times. Through this relationship, we will be able to continue to provide the superior service and versatility that our customers have always expected from us. The strength of Aurora Resurgence will allow BBCP/JLS the resources necessary to continue to grow." Why would they use words like excited and grow when it comes to bankruptcy? There's nothing that good about bankruptcy and i think that they got themselves in this situation because of growth. Im not sure to many people would use the word excited when going into bankruptcy. Bankruptcy means you messed up along the way and you need help. Right? Im not here to bash BBCP/JLS, because I have a lot of friends there but they are what they are. I believe our industry has to change and i hate seeing guys standing on the unemployment line and pumps on the auction block. We as a group need to come up with ideas to change all the BS and make our industry a better place for the owners and operators. We need to stop the bashing and make a change.

Im really surprised that Many hasn't said much.

Just got home,like wow.For the people that know bbcp was a great company for the operators.My heart goes out to most of the employees,the backstabbers "oh well",I was waiting for karma to kick in.Maybe now those can understand being on your knees bobing for apples isn't a promissing carrer.

Folks this will have a tremendence affect on so many.The financial instatutions bare the blunt of the blame.If I was a pump equipment appraiser I would go burry my head in the sand and hope someone with a high hard one doesn't come along.

There's allot of finger pointing going on all through this,so be it.Daryl got his just reward,hope his chief apple bobber gets his "you know who you are".Lets not focus on the company,but the lenders,they are the culprits.Personally I hope they take it in the ass.

If I needed a boom pump tomorrow I would call bbcp,they have great operators and equipment.Most talk about pricing,I could care less,I pass it along,so what.I know of several companies that are in deep trouble,some already gone.Guys,we are taking hatred to a new level here,I agree with the pricing issue but they are still good.

They have a safety dept that is second to none,made great contributions in there effort to the industry.I know what heart and soul is,do you?

Just some idle thoughts

ps:there is only one person from there that has had the balls to call me (you know who you are) and that makes my day.

Objection has been filed and the case is continued at 9 a.m. tomorrow in Judge Campbell's Courtroom.

Not to impose my faith on the open forum but i am a 3rd generation concrete guy who happens to work in the pumping side of the business. My fathers company is coincidentally in the middle of this economic melt down as we all are. My fathers company is called GALEED concrete construction "building concrete relationships" it is from the old testament Genesis 31:35/55. In short two people are in disagreement and are imposing hurtful slander on one another, soon a covenant was reached between the two called GALEED meaning i wont talk bad about you if you don't talk bad about me. My point being there has to be more in life than bashing others. Bashing BBCP helps nothing proves nothing and if it satisfies your ego to say i told you so well then you can have your day. Its sad that you get personal satisfaction from hurting families that believe in BBCP goal. Why cant we all just get along without wishing for a company to fail that employees over 500+ already struggling families.

Well put, and I agree with you fully. I feel the same way if it was any other company. I love the name of your dads company, very cool.

Banks fault, BB fault, appraisers fault, equip manufacturers fault, economy's fault, or FILL IN THE BLANK fault.  Doesn't matter.  This is just part of business.  When it goes through the employees will benefit.  Having gone through this with Pumpco (they filed chapter 7 remember?) and seeing the damage to the employees first hand.  I am happy to see that BB is fighting.  For those of you who want to get on your morale high horse, have at it.  Just remember at the end of the day, if a rich person loses a job he is still rich, (ask the Ainsworths) if a poor person loses a job, not only is he still poor, he may not eat!  GO BRUNDAGE!

LONG LIVE THE ORANGE!!!

AMEN BROTHER!!!

THE BIG ORANGE MACHINE

Gene1, Pumpco was closed by the order of the owner/investor!  Les made his money by selling 80% in 2005!  He's fine and doesn't need a job!  The Ainsworth Family is set for the rest of their lives, don't kid yourself!  That was in know way a bankruptcy but had to file chapter 7 after the auctions so they wouldn't have to pay any vendor!  People who haven't been around for 25+ years have no idea what the company's who have worked to become "the largest in the nation" and/or "the only guys in town" caused.  When 30 years ago, 72 ft booms (23M) would pump 75 yard house slabs for $650.  Now 36M will do 100+ yard slabs for as low as $350!  Why?  because somebody "wanted all the work"  and volume along with equipment improvements have allowed some success but this is the fallout when the economy cycles as it always has and will.  Too bad we didn't let the equipment improvements and volume benefit the concrete pumpers pockets and just gave it to all the contractors.  Imagine taking a $25,000 tractor and making more money prepping a lot for a house than using a $400,000 machine to place $10,000 worth of a perishable product that in many cases have no other option!   Maybe these times will teach us ALL a lesson of the value of our services and what not to do!!!

LET THE CONCRETE FLOW!!!!!!!

with my outrigger's down I WILL PROUDLY RAISE MY ORANGE BOOM!!!!!!!!!!!!!!!!!!!.

No matter the color of the BOOM Its the man that runs it. I wish all the operators at BBCP/JLS the best. We do what we do because we love it. Lets talk more about why we do this and stop with all the bashing. We've all worked for shitty company's. How many of you guys notice a boom a mile away? I do. How many have taken their own time (off the clock) to polish their wheels? I have. My point is that we are all proud to be pump operators. I know i catch myself telling my daughter that I had a part in building that house or hotel. As much as i dislike some of my former employers I know that i wouldnt be here without guys like Jeff sharp, b salomon, s luchts, b smith. So as you fly colors proud, I'll fly mine with pride. "pump on"

Gene1 i couldn't have said it better myself.  I've been trying to think of the right words and what you posted hit the nail on the head!  Good job my friend!  Oh to whom ever said that they couldn't believe that more of us wernt speaking up about the situation, believe you me all of us here @ bb across the nation are listening to whats going on, but in times like these i'm more interested in looking at the posotive outlook instead of the negative.  I still have a job, therefore i still have a place to live and gas to put in my truck to get work.  It also means that my son will be able to eat and have the important things that a 7 year old requires, also means i can have insurance to take care of me and my family....Get the point.  To all you ney sayers out there if you put half the energy into doing somthing posotive as you do puting out  negative coments this whole ordeal with the crappy economy and no work ect.  may just be a little easier to get thru, Because in the end what and who do we really have????  Eachother.  Just a thought.  Also to all my brothers and sisters out ther @ bb and jls, keep your head up.  

A picture of the machine that put food on my table.

 My 2 cents it doesnt matter if your union or not that doesnt make agood operatoer it doesnt make a good company either the times are bad you seem to have all the answers so tell us how to fix this problem

THIS ONE FOR  B..

WE DONT JUST PUMP!!!WE PLACE

We Will. I met you many moon ago you just would have to be there. Back when pump magic was coming off the ground. Could not tell you how much I helped you sell, but the pictures have definetly changed.

ok, sleep well. I just deleted 30 or so post of all this fighting. 

Good Night, Just to bad you were not here for the fight. The last part really pissed me off.

Its funny todd, you started this mess by starting the topic. Did you really not expect this? Im going to light the fire but i don't want it to get to big. It got big and nasty real fast. You really need to be fare across the board and not only when you want to. You should just delete the whole topic and let guys read about it in the paper.

And kill the biggest traffic generator the site has had in a long time?  Not bloody likley!!

If he did, people would go to get their news from some other website then.

TODD I NEW YOU WOULD TAKE DOWN ALL OF THESE POST THAT WHERE PUT UP!!! THERE IS ALOT OF US THAT ARE TIRED OF THESE GUYS THAT ATACK BBCP AND WE WONT STAND FOR IT!!! BBCP HAS BEEN A GREAT PLACE TO WORK FOR MANY YRS.. AND THEY WILL BE AROUND FOR MANY MORE YRS... THEY GOT TO BE THE BIGGEST FOR A REASON.. THEY HAVE MADE ALOT OF JOBS FOR MANY MANY FAMILIES AND I THANK THEM FOR THAT.. THEY ARE A INDUSTRY LEADER ON MANY TOPICS( SAFTEY)..I WOULD LIKE TO SEE THIS POST LEFT UP IF YOU WOULD ..SO WE CAN SAY THANK YOU TO JACK BRUNDAGE AND DALE BONE FOR ALL OF YOUR HARD WORK YOU HAVE DONE OVER THE YRS TO MAKE BBCP WHAT IT IS.. ALSO THAT YOU TO BRUCE YOUNG YOU HAVE DONE A GREAT JOB IN HELPING US GET TROUGH THIS AND MARK MY WORDS WE WILL GET THROUGH THIS.. ONCE AGAIN THANK YOU BBCP FOR BEING A GREAT COMPANY TO WORK FOR...ANYONE AGREE?? CAN WE KEEP IT POSITIVE?? 

  I Personally appoligize for taking it a little to far last night.  Sorry todd.  Postotivity is the key.

Now Todd,deleted 30 or so posts? Your taking away all my late nite fun,geez.

and right you are

I know several concrete contractors out,excavators out,truckers out and the list grows daily.Fundimentaly bbcp is a great company with great people,exceptions are the back stabbers/apple bobbers.They are like most,unaware of what upper management is doing.There are only a few people privy in that little world.

Like enron,it was the bosses fault.Was I dumb enough to lose there,mmm,yeah.Life goes on,people get stronger,few learn from there mistakes.Should they fail,they are in good company,MW,circut city

http://www.dirjournal.com/business-journal/some-major-us-companies-that-went-bankrupt/

I don't blame the bbcp operators for takeing an offensive stand and showing support,good for them.

short version

BB - What happens next?

Bankruptcy comes in different flavors.

Chapter 7 is a close-the-doors and sell everything event.  It means that they gave up and will not re-open.  This is not the route that BB chose.

Chapter 11 - the route they did choose - offers the possibility of a way to survive.  Creditors are prevented from filing lawsuits, doing equipment repo's, etc.

They have a period of time (30 days?) to present to the Court how they think they can change things and continue as a going business.

If the Court accepts their plan, the Court has huge latitude to void contracts, leases, and other things they have committed to.

The problem this industry is facing is too many pumps and too little work.  BB obviously owns more equipment than they can keep busy.

I think the outcome of this will be that the Court will allow them to walk away from some of their rigs and give them back to whomever holds the paper.

If this happens, I believe it is logical to expect a lot more pumps on the used-pump market.

Bankruptcy is hugely expensive - lots of $350/hour guys wearing suits.  If you were having trouble paying the bills before, it's going to be even harder when paying all of the legal bills.

I would not expect to see an answer on how this will play out for a year or so.

Good luck to all.  This is 1929 all over again.  I don't think anyone expected to see it happen.

If things keep going the way they are with these elected officials, 1929 will seem like a picnic in the park.  I cant be too political on here, Todd asked me not to.  But I tried to warn everybody of anyone yelling FREE ice cream.  Just remember, elections have consiquences.  And this one turned out really bad.

deadpumper, chapter 11 is what they've filed for, it hasn't been granted by the court.  They've gone a different angle with involving Aurora.  The major creditors at present will be cut out of a good deal of the monies owed to them.  They will strenuously object to this turn of events.  In fact with Brundage trying this lind of back-room deal, they may be even less inclined to cut BB any slack and play hardball all the way.

Well...I just don't know what will happen.

Clearly, if there was no blood in the water, then why would they file BK?

One of their spokesmen said something like "We assure our suppliers that we will meet all of our commitments".

C'mon now...if you could meet your commitments (pay all of your bills), then you would not be declaring BK.  If BB owed money to me, I would be sweating bullets and finding the nearest welfare line.  This is not a believeable statement to hear from these folks. 

And they are good folks...just caught on the wrong side of a tsunami that they did not create.

Calling in the outside financier as they did?  I dunno...  They must be looking for something they don't have in-house.  Experience in BK Court?  Access to cash when their well has run dry?  I have been a creditor in other firm's BKs, but have never done it myself....I just don't know the answer.

I do know that lawyers will feed on the carcass of the firm to the point where there is nothing left for either the creditors or the owners to walk away with.

Every motion that gets filed with the BK court costs from $2,000 - $3,000 in lawyer time.

Most motions generate a response from the other party - again, in the $2,000 - $3,000 range.

Do this ten or twenty times a month and you are talking real money.

The fight is about to begin.  I'll put my bet on the lawyers being the winners.

pumpjockey and deadpumper both have good points.!!Sad for the operators that have to go through this i will add.Also sad for the creditors ,shareholders and vendors.Wells fargo made a strong argument re: the D.I.P financing and other issues in their motion,228 pages long i might add.Everyone should take a look at that one it is a VERY good read.Will be interesting to watch this one work its way though the courts.W.F wins round one

Good luck operators!!!!!

Guy I want say much but if the owner didn't cause this mess who did, you can buy and buy and not pay your bills I can't and neither can you, wake up credit cost

Big Papa Pump,

I personally would like to apologize to you and others I have offended. Times are tough for all, I just believe we should all learn from our mistakes. That means all, because if we keep making them, Will it ever get better?

DSAWYER,

Did Wells Fargo get any of the TARP FUNDS. Not sure but I believe they did and at the same time squeezed every Customer of their credit lines. I believe they are the ones that put Schwing into chapter 11. Watch out for them bankers, they're getting bonuses and I don't see anyone in this Industry doing the same!

Wells Fargo and other financial institutions were complicit in all aspects of the melt-down.   Don't forget that the good times of the last number of years had to be financed from somewhere, and if they didn't roll out the dough, it would come from a banker down the street.  Everything was on a ROLL!!! How could it ever stop?

The housing crisis built slowly, with the sub-prime thing eventually rearing it's ugly head.  The banks scrambled to bundle up the risky loans into 'investments', and pawn them off.  Interest rates went up when the terms of those risky mortgages came due, if the client couldn't pay, foreclosure happened, and the home got sold again.

At some point the housing collapse happened, because home values dropped because of a glut of them on the market, then energy prices got out of hand, suddenly everybody's wallet got too thin and consumers stopped buying, and the friggin' thing imploded.

That bankers are merely doing what they should have done sooner, minding the fort.  they whored out their money, just like the big pumping companies did their iron.  Maintaining marketshare and cash flow hurt the banks too.  don't forget, they were borrowing to fund the loans they wer giving out too, just like the pump companies borrowed to top up their fleets.  Same shit, different pile.

Pumpjockey,

Some right some wrong. They were taking taxpayer dollars and Invester dollars that they were basically getting for nothing and Investing in very risky schemes and when they statrtwed running out of them schemes, they bundled motgages and tried to use them to. The bankers imploded the majority of it and the sad part is when they knew it they kept paying their outrageous bonuses, never told us as consumers of what they knew, lowered everyones credit lines which in turn shut them down good credit or bad and started charging outrageous interest rates that they were paying next to nothing for, then raised all the banking fees on you and me to recoup what they knew what they were going to lose.

Then in turn every piece of real estate or piece of equipment lost value because they no longer would lend money out of fear of their future loses to those that even had the best of credit, and BAM, their went all the JOBS!

When in hindsight, If we all knew what they knew when they knew, we would have sold out and put the cash in our pockets and not their soon to be bonuses.

How many people do you directly know, mostly retired good folks that never in there lifetime ever lost so much, so quick without the possibility of ever getting it back?

There is a lot more to this than business as usual. Wells Fargo has been one of the best examples of what I just said, and they are going to squeeze everyone they think they can collect on and collect what they can from them, because they can (It was in there contracts), and put many out of business because the bankers are not renegotiating many notes. They are putting many out of business for there own gain. I can't believe they all didn't go to jail.

If your friends ever get their job's back, I currently would,nt be thanking a banker, or Uncle Sam. For the amount of interest the bank's are paying the consumer for money today, you might as well buy gold or just bury it!

For all those that lost so much in real estate or other Investments, how many years will it take them to just break even? Doubt they ever will!

Don't invest money you can't afford to lose.

People that invested in the stockmarket with all their retirement money, either legitimately or with one of the ponzi guys, they should have known full well that there was a risk.

I lost money as well, (in some investments) but for the most part, I came out even money, woulda been better off sitting in a federally insured bank account or GIC gaining the pitance of interest back then that is well above today's rates, than coming out with just my principal investment, basically.

In the market, there are buyers and there are sellers, and in each transaction, somebody was wrong!!

And in my eyes it was the bankers. The stock market was not the biggest loser, it was every homeowner and honest business owner that had not a clue what the bankers were doig.

Is everyday business making money today? Yet the bankers are still just giving it away, to themselves. I went into the wrong business.

Just my thoughts!

And just to add one more thing, Have you had your property appraised lately, or any equipment, or an automobile? If not, I bet you will be suprised to see if you broke even with your investments.

Heck,find a pump appraiser and just dial in a number that looks good.

Funny thing is we have guys who are not appraisers, appraising concrete pumps, if you want a real appraisal you have to go to someone like Taylor & Martin http://www.taylorandmartin.com/appraisals.aspx they have a guy who appraises concrete pumps. They actually have to be trained and use market data to appraise each unity. Give them a call if you want to really know what your equipments value is.

Hi Todd,my your after things early "grin".You are 100% on target with your thoughts,glad you read into what I said.I have side by side with certain appraisers over the years,like wow.

Real estate,equipment,business,know where your at honestly.

My 2 cents, apology accepted.  Thank you.

My2Cents

Not saying that ANY bank did not play some role in the finincial melt down.However everyone that borrows money has to take some ownership in the loans they sign,of any kind.In the current chapter 11 case that we are talking about wells claims the founders took over 48 million in compensation in a short few years According to wells.The current propossed plan also lets aurora own 50% ownership of the new company and the current managers the other 50%.Also relief of the personel guarentees of the founders!All the other shareholders lose.Even alot of the secured creditors will lose millions .Under the current propossed plan BBCP and aurora would come out of this stronger than ever.(if approved of course).In a filing of chapter 11 one of the important things the court looks at is the protection of the creditors equity.This is all public record info and filed by Wells F.You obv did not read the Wells motion .I do not want to see any pump co fail.And i will not bash any of them.But any reorganization from any company has to be done fairly and through the courts.

Banks, in case anybody did not know make thier living from loaning money.  They take certain risks.  Years ago if you borrowed money from a bank or anyone for that matter, you were expected to pay it back. 

For some reason in recient years it has become acceptable not to be responsible for your debts or actions.  This is why we are in the disasterous mess we are in now.  Banks loaned money to people because they were pressured into it because of equality, racism or what ever you want to call it.

Its time in this country to take responsibility for your own actions.  If you or your business owes someone money, then you are responsible to pay it back period.  Lets stop the bulls**it and Man-up, go to work and do the work.

Thank god for adblock!

The problem with bbcp was they pumped at too low of a price for too long. No question they were a big company but they were not profitable. The really sad part is they drove the price down where the smaller companies were not able to make a profit. Some one above made the statement that cash flow does not mean profit. That is so right. I wish bbcp had understood that. We have a great industry but we have to many that don't understand that profit can not be eliminated form the formula. Many say they were a great company but I think most of those are former employees or current employees. No matter how you slice it bbcp has not lived up to their commitments because there are over 4000 creditors that extended to them credit and that are about to be not paid. That is the real shame. It places a terrible burden on our industry and the reputation of all those pumpers that paid their bills. I am sure that Wells Fargo and the other creditors can take care of them selves in court. I am sure that banks like Wells Fargo are worried that the company will be gutted and they will lose all of their security before bbcp files chapter 7. It will take years before we can get the prices back up to where they are again profitable.

I'm not trying to make waves again, but easy money how do you know for a fact that we wern't a profitable company?  How do you know that we went out and pumped for next to nothing?  Is this hear say or are you jumping on the bandwagon like so many others and attempting to know the truth?  Everyone gives someone a deal @ sometime or another but man cummon.  We wern't going out for peanuts.  I Know what are prices are and i have lost alot of jobs due to the fact that many contractors say they are way to high.  I can't speak for all other branches, but for me personally i do my part to make sure there is a profit coming in on every job that i sell and/or pump.  Otherwise why even leave the yard??  We haven't been in biz since 83 because we give it all away for free.  Oh and i'm sure someone will say that the reason they know is look where were @ now.  Well i guess if that's your point drive to any town and look how many buisnises are out of buisines, it's not cause they were giving things away it's because people have no money to spend, and as we all know if you don't have money then how can you make money?  People always want to blame the big guy because there an eazy target.  I before i came here pumped for a small 2 pump company, and we had are good time's and our bad but when the tuff times came 10 years ago it took our little company and killed it.  I've been on both sides of the fence and from the big to the small there aint a whole lot of difference.  Everyones hurtin, now it's just a race to see who can hold on the longest.

BPP, you answered your own question there (look where we are now) The thing is; when times were going good, pump utilization allowed the paid for units to subsidize the bling. That and prices never went up throughout the heydays to allow for a return to more 'normal' utilization rates.

well put big papa pump .. you are right everone says that bbcp is the cheapest out there but i now for a fact that in the pnw that there are so many pump companys that under bid us its unreal..its a weekly fight to try to keep the prices up but when your competitor finds out your prices they go under it by $5 and take the job..its a sad time in the pumping industry i wish everyone the best...

I've seen the extreme waste of money first hand and have no idea how they ever got as big as they did, with that being said I hate to see this happen to any company in America it's bad for all of us.We're all in bad shape so watch what you say it may come back to bite ya.

FYI  I know of a recent job that went up for bid.  In great times the pump would of been quoted at $125.00 an hour.  The winning bid .........the contractor will get the pump for $60.00 and hour.  Guess what the winning pump company was NOT Brundage Bone!!!!!!!  And one other thing.  All of the jawing that has been going on, no one has mentioned the problem that I am sure that all pump companies are facing (if they are being honest).  Getting paid by the contractors..... how many pumping jobs have not been paid because the contractor closed the doors or simply does not have the monies to pay.   No matter how much you did the job for, if you don't get paid it doesn't matter.  So the company must choose.....write if off or pursue legal matters which only means more out of pocket expense.  There are many many more factors involved then cheap bids, overspending, and banks.  And for those of you hating on BB  think of this seniero......BB closes the doors.  That leaves some great operators, sales people, mechanics and office people looking for work.  Are you so sure that you will not be let go because your employer wants some one with more experience or maybe someone that they can hire for less money.  The fact is......love or hate BB this industry cannot afford to have 1000 more out of work people.  Most of which have had nothing to do with decisions made much much hire then them.

In the real world I ask,did everyone really believe this economic run would last forever? A fool and his $$$

Dear hmmmm i believe what your are saying is the truth, that is why i am staying out of the bickering. I know many companies and have seen and heard it all. I know there is enough fault to go around. I just hope that this industry does not eat its self up anymore than it already has.

I remember a company who had two branches in the same state about 4 hours apart from each other and they were bidding against each other to get the job cutting each others price so that branch could get the job.

This is the type of mindset that is taking the profit out of pumping concrete.

Again there is enough fault to go around but I see no need on picking on BB, Remember they had to compete with guys like Les.

I have to wonder why a company that is in financial difficulties would purchase a 1 or 2 million dollar piece of equipment. I would think the money spent added to the debts that can no longer be paid. Was the 70 meter the straw that broke the camels back?

Many, you can ask my wife if you ever get to meet her,  I sat out on my back porch drinking a beer on a Friday afternoon after working for another seventy-five hours that week.  I told her that this is not going to last. 

Especially with a changing of the guard, house and senate, in 2007.  I told her we needed to stop spending any excess money, pay off all of our debts and rat-hole as much money as possible.

It wasn't a year later the faucet was turned off and no one could buy a decent job. 

I dont think this is all the fault of Brundage management.  This passed December housing sales fell to the lowest level in FOURTY years.  If there ain't no work, then they cant make pump payments.

It sucks for everyone, but some of us prepared for this, but I dont think we are even close to being through with these tough economis times.  I think we are going to get alot worse before it gets better.

That 70 meter is a rental from Putz.  It sat idle after WOC, the original purchase deal fel through.  Puts wanted to get it earnign some cash flow.  Putz is hurting as are all the pump manufacturers.  I don't think they are completely upside down (YET).  And if they can hold on, it'll be by the tips of their fingernails, as anyh athers as well.

Thank you pump jockey!  You took the words out of my mouth.  We don't own it we did however have work for it for awhile as one can tell from the pics.  When The jobs are done it will go back.  No harm no foul.

Mr Todd how long of a page does this site have.

this post will keep going and get as long as people keep posting on it.

BPP, I thought i had that right.  I wonder right now how associated feels about having that other big boy in their yard?  As long as there are interchanges 3 and 4 deep it can work, and make the money it needs, but when it gets sent out to line pump, then look out!  LOL

(Damn, why didn't I proofread that other post??)

Ahh men my friend!

Uh Oh monkey wrench late yesterday?????? For thr BBCP Operators, I think most of the attacks were on the company not you guys......All though some definitely pushed the limits.....You guys should stand tall for your company just keep your eyes wide open and leave no stone unturned and have a back up plan......DO THE MATH, nothing has been rosie for quite some time, the debt didnt pile up over night and it unfortunately affects thise who bust their ass, it wont go away over night no matter which way it goes...Everyone has the heard facts, truths, lies and down right dishonest dealings....Not all are true obviously, but where there's smoke there is fire....Make sure to do your job to the best of your capabilities everyday to draw that check as long as possible....

Ah men joe, ah men.  Thanx brother.

It seems that 70 meter is a nail in the coffin.  So far no one can afford one

Well put Joe.

Big Papa Pump, It was not my intent to say some thing bad about the operators of bbpc but the fact of the matter is no company that is making a profit files for bankruptcy. I compete with them everyday and have a profit percentage of less than 6% and they would come in under my price by 30%. I know my costs and have capabilities that they don't have in order to keep my cost lower than theirs. BBPC's salesmen went to many of my customers and said what ever his price is we are $5 cheaper. Some times I lost the job and sometimes my customer stuck with me. But when they went foolishly low like less than a $100 per hr for a 47 meter boom with no yardage that was pretty hard for the customer to pass up. One of the big problems with our industry is most companies don't really know what it costs them to pump mud. Most are just trying to be a bit cheaper than the next guy. And the other problem many have is that most companies have no real equity in their equipment. The banks own it all. Many in our business have no backbone either in financial strength or ability to fight the price cutter. I have been pumping since 1985 and have been through the good and the bad. It is a lot different to be the owner than just an operator. We see things that the employees don't. Not trying to speak bad about operators because we need them but the perspective is different. I have carried my people for the last year in spite of slow work because I have the best employees out there and if things get better I want them. But it sure does make it hard when a company is just trying to keep cash flow going when they are upside down. It hurts everyone. The only ones who really do well is the contractors who just pit us against each other. I think the part that kind of ticked me off about bbpc was when they bid a job low and could not make the job they would call me to see if I would go do that job at the low price. May be just pride but I said no. I think we have some hard times ahead of us but the companies had better figure out their costs and make sure they have a profit or they will be following bbpc down the tube.

I find it so funny that everyone is accusing BB of the only company that under bids.  If you only knew how many jobs have been lost because other companies have severly under bid BB.  And I know this will shock you but BB refused to match that bid and lost the job.  It has happened with every single other pump company in our area. 

Hi Guys ,Its sad that things have gone this way for you over there, i hope your industry responds like ours here in Aus and gets back to business as usual we are very busy has been for last 3-4 months now and work still coming in so hopefully the states gets back there soon

Lets try to keep everything on this one post, please.

fr.pei canada would like to trade or purchase hat

another round of layofffs for the seattle branch.  Down to the bare bones at that branch.  it seems they have laid off all of the people that can actually pump and are relying on the ability of their salesmen and management to pump the few jobs that are left.....big mistake...anyway, just wonderin why they don't fet rid of the guys that are pulling down 120,000 a year to bankrupt the company.. not gonna be able to getout of debt by charging less than you owe and still paying your management to run a sinking ship..give that money to the operators who actually do the work...just a thought.