Quote:
Originally Posted by CARLnJANIS
What I heard from someone I would consider reliable and had contacts with PI, was that PI's financial backer that PI had done business for years was bought out by a big financial corporation.
In 2007 before the crash, PI was in a good financial position. Like a lot of companies PI was able to hang on for a few years. But the extent of the Great Recession took its toll. A lot of the key people at PI infused their own money into PI to try and keep the company going. They worked with a longtime financial backer for a while. The new financial corporation came in and didn't work with PI to try and keep the company going. Basically, they tossed PI out in the rain. PI tried to obtain other backing and tried to find someone to buy the company, but failed.
When PI closed their doors, business was good and they had orders lined up. They just didn't have the cash or capital to continue operations. They just didn't have the funds to purchase raw materials to build the trailers.
The story I was told was not in great detail and I haven't confirmed what I was told. I don't usually comment on something I am not sure of. If I'm wrong, please correct me.
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Update
What I was told has been mostly confirmed. Bryan sent me a PM confirming the majority of the post. However, the bank didn't toss them out in the rain. The bank did work with them. They were somewhat cordial, especially during the shutdown.
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