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Stock Market & Financial Investment News

News Breaks
July 28, 2014
15:00 EDTLQDTIronPlanet awarded contract for DoD rolling stock surplus
IronPlanet announced that it was awarded the U.S. Defense Logistics Agency contract to manage and sell rolling stock surplus assets of the U.S. Department of Defense. The DLA issued the final contract award to IronPlanet on July 25, pursuant to a competitive bid process that was held on April 1. Bids for the Surplus Contract were based on a percentage of the sales price of the items that bidders will share with the DLA. IronPlanet estimates $50M-$70M of rolling stock annually, and its bid was equal to 75.29% revenue share to the DLA. The Surplus Contract has a base term of two years with four one-year renewal options. Following the bid process, Liquidity Services (LQDT) filed a bid protest with the Government Accountability Office. This protest and supplemental protests filed were denied by the GAO on July 23. Rolling stock includes surplus trucks, trailers, generators, wheel loaders, cranes, crawler tractors, and other equipment. While Surplus Contract volume will begin to flow to IronPlanet in the third quarter of 2014, the contract is scheduled to fully commence late 2014 into 2015. “We are very pleased and excited to be officially awarded this contract, and to partner with the Defense Logistics Agency. We have already begun moving forward leveraging our existing infrastructure and resources to build the dedicated capabilities necessary to maximize the returns for the U.S. Department of Defense, and ultimately the U.S. taxpayer, in selling their surplus rolling stock assets,” said Greg Owens, CEO, IronPlanet.
News For LQDT From The Last 14 Days
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October 1, 2014
16:34 EDTLQDTLiquidity Services announces business realignment, new senior leadership
Liquidity announced it has realigned its workforce in response to the new terms and scope of its DoD Surplus Contract, competitively bid in April, and to adjust for the efficiencies realized in its commercial business through ongoing integration efforts to support the future vision and growth of the company. The realignment includes the reduction of approximately 130 full-time and temporary employees across the organization over the course of FY15. Employee reductions span the organization and include positions related to the support of the DoD surplus business, capital asset and retail supply chain operations, and corporate functions and will result in one-time severance related expenses of approximately $1.2M which will be a further adjustment to Q4 adjusted earnings results. The company also announced that Tom Burton is appointed to EVP, Federal Sector, Gardner Dudley is appointed as the new president, Capital Assets Group, and Roger Gravley is appointed as the new president, GovDeals, succeeding Bob Debardelaben.

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