Trucking Company Seeks $1.7 Million

by Arkansas Business staff  on Monday, Nov. 25, 2002 12:00 am  

It looks like it might be a rough ride for Atco Services Inc. of Searcy.

Paccar Inc. of Bellevue, Wash., said the trucking company and its owner Larry Megel of Searcy owe $1.7 million for defaulting on loans, according to a lawsuit filed in U.S. District Court.

Paccar said it leased trucking equipment to Atlas Carriers Inc., a related company to Atco that Megel owns.

Both Megel and Atco agreed to pay the bills if Atlas couldn't, Paccar said.

Atlas defaulted on the loans and returned all the leased equipment to Paccar.

Paccar sold all the equipment, then the proceeds went to Atlas Carriers' debt, but a $1.7 million balance remains.

Paccar wants the $1.7 million plus interest, court costs and attorneys fees.

Megel didn't return a call for comment.

 

 

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