The freight carrier filed for Chapter 11 on Oct. 14 in the
U.S. Bankruptcy Court for the Western District of Michigan in Grand
Rapids, where it's based, in order to avoid the liquidation that its
lender, Wachovia Bank NA, was pressing for. Wachovia sued Gainey in the
Circuit Court for the County of Kent in Michigan on Sept. 30, alleging
Gainey had defaulted on some $238 million in secured debt and sought a
receiver to liquidate the firm.
According to the Grand Rapids Press,
Oosterhouse was an attorney first at Dickinson Wright in Detroit and
then at Varnum, Riddeering, Schmidt & Howlett in Grand Rapids and
had been a "friend and adviser" to Gainey for 20 years or so. And of
the $40,000 he misused, $25,000 of it was Gainey's. Some friend.
Oosterhouse blamed "mental disabilities" on why he was misusing his clients' funds, according to the newspaper.
We
wonder if he got some miracle cure for that malady, because while
Oosterhouse has been awaiting the appeal of his license revocation, he
has been working as a special assistant to the president of Gainey. The
president decided that he was ready to operate the day-to-day
operations of the trucking giant. And we're not talking about a
forklift here. Gainey ships goods throughout the U.S. and parts of
Canada, has
more than 5,000 trucks and trailers, and employs more than 2,300 workers.
Talk about second chances. - Jamie Mason
Bankrupt trucking company Gainey Corp. has hired ex-attorney Carl Oosterhouse as its new chief operating officer,
a curious choice given that he was disbarred for intentional dishonesty
and improper use of client funds. And one of those clients was Gainey. 
