William Moran’s Golden Parachute: United Fleet Director To Get Pay Day While Workers Get Stiffed

It looks like William Moran, the comptroller for United Fleet will be walking away from his company’s bankruptcy $150,000 richer – while employees are left high and dry.

In the latest news concerning the Coney Island bus company, Northeast Transit, Inc. – which includes Northeast Buses Inc. and Northern Transit, Inc. – has also declared bankruptcy, filing a Chapter 7.

This firm, which had a previous relationship renting United Fleet’s buses to fulfill city contracts, has assets which may be bought up, along with United Fleet’s, by potential buyer MV Transit.

According to the trustee’s proposed auctioneers MYC & Associates and proposed accountants EisnerAmper, LLP, there are three other potential buyers. However none are mentioned by name in the motion except MV Transit.

Why is this important? According to the motion to sell property brought on by chapter 7 trustee Richard McCord, Director William Moran is set to receive a severance of $150,000 from the asset sale’s proceeds – to be made in three payments.  At the same time, company employees, a number of whom have filed proof of claims as creditors, have apparently not been paid in months.

Bensonhurst Bean spoke with employee Carl Lahens, who confirmed that his last four paychecks have bounced.

According to public records, Amalgamated Transit Local 1181, the union representing the stiffed workers, has enlisted three law firms in an attempt to secure some final payments for their members.

Anyone seeking additional information on this case can access case records at Eastern District of New York Bankruptcy Court (271 Cadman Plaza East) in Downtown Brooklyn, or by setting up a PACER account.