TULSA, OK - A former Arrow Trucking Co. executive has been forced to give back a luxury automobile after he failed to make timely payments on the car, court records show, according to Tulsa World News.
Doug Pielsticker, the former CEO of Arrow Trucking, has returned a used Bentley valued at $101,000, according to a suit filed in Tulsa County District Court.
Before he turned in the 2006 Bentley, Pielsticker was facing a hearing that would have forced him to produce the car, records show.
JP Morgan Chase Bank N.A. filed a lawsuit against Pielsticker last week, seeking to repossess the automobile.
There is a discrepancy over when the vehicle was surrendered.
Pielsticker said he gave the car back soon after Arrow shut its doors Dec. 22.
However, on March 15, District Judge Jefferson D. Sellers set an April 28 hearing to have Pielsticker produce the car for the bank, records show. That hearing was canceled Friday.
"This was a company car that was given back immediately after (Arrow) shut down," Pielsticker told the Tulsa World on Monday.
"I drove the car, but it was a company car."
Built in England, Bentley automobiles are recognized as one of the world's leading luxury cars.
Pielsticker reportedly purchased the Bentley in January 2008 for $129,325, records show. The bank alleges that Pielsticker has defaulted on the balance of the car loan, which is $90,850, records show.
JP Morgan, through its Oklahoma City law firm, declined to comment.
Court records show that Pielsticker was terminated as Arrow's CEO Dec. 20, two days before the company shut down.
He had assumed oversight of Arrow in 2001 after the death of his father, Jim Pielsticker, who helped build the company from a half-dozen trucks to more than 1,300 trucks and 2,500 trailers.
Arrow Trucking filed for Chapter 7 bankruptcy liquidation Jan. 8.
Originally posted on Automotive Fleet