The Port Authority of Toledo-Lucas County, Ohio voted recently to create a non profit company whose operations would be managed by the Port Authority and would handle freight shipments at the local Toledo Express Airport. The recent closure of BX Acquisitions has left three customers with no one to service their shipments in and out of Toledo.
BX Acquisitions, also known as BX Solutions, was the operator previously managing the shipments at Toledo Express Airport. BX Acquisitions filed for Chapter 11 bankruptcy on November 2 and ceased business on January 22, leaving three of its customers with no one to handle their shipments to and from Toledo. BX Acquisitions was formed by former employees of BAX Global after that company went out of business in 2011.
Under the plan, the board created ARG Services Inc., whose five board directors are staffers of the port authority. Port Authority President and Chief Executive Paul Toth Jr. framed the plan as a way to keep the business going at the port authority’s large cargo building. The cargo building is mostly unused and the Port Authority seeks to keep it open while it pursues new potential users for the space. In May of 2015, BX Acquisitions officials told the port authority the space at Toledo Express could be expected to be rented by the next year. The port board previously paid BX $350,000 in marketing fees on company executives’ confident predictions that it was poised to make a profit.
The plan was passed with a vote of 10-2, with board members Opie Rollison and Jerry Chabler dissenting. Mr. Rollison, who voted no on the plan, said the ongoing business detracts from and delays the effort to market the facility for other uses. Board members also raised the concern that the port authority would be losing money keeping the facility open. The cargo facility costs the port authority a respectable amount of money due to utility costs alone. The utility cost in 2015 totaled $240,000 and is projected at similar costs for 2016. BX acquisitions was paying $500,000to rent the facility at One Air Cargo Parkway for a single year.