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KNOXVILLE, Tenn. (AP) — Warren Buffett’s Berkshire Hathaway is buying the remaining 20% of the Pilot truck stop business it does not already own from the Haslam family, the two announced on Tuesday. Berkshire confirmed it now owns all of Pilot Travel Centers. The sale follows the settlement of a lawsuit earlier this month that pitted Cleveland Browns owner Jimmy Haslam against Buffett’s Berkshire over the Pilot stake's value. The 2017 agreements also gave Pilot Corp. an annual 60-day opportunity, beginning Jan. 1 this year, to sell its remaining 20% interest in PTC to Berkshire. The sale price would be calculated using PTC’s earnings in the prior year.

Persons: — Warren, Berkshire Hathaway, Haslam, Jimmy Haslam, Jim Haslam II Organizations: . Berkshire, Travel Centers, Cleveland Browns, Buffett’s Berkshire, Berkshire, PTC, Pilot Corp, Wilco Locations: KNOXVILLE, Tenn, Berkshire, Knoxville , Tennessee, U.S, Gate City , Virginia

☆ Haslam family sells Berkshire Hathaway remaining 20% share of Pilot Travel Centers
▼ + stars: | 2024-01-16 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Jimmy Haslam, CEO of Pilot Flying J. and Warren Buffett, Chairman and CEO of Berkshire Hathaway. The Haslam family on Tuesday said its Pilot Corporation had closed the sale of its remaining 20% ownership interest in truck-stop giant Pilot Travel Centers to Berkshire Hathaway . That settlement avoided what was scheduled to be a two-day trial beginning Jan. 8, with testimony from Berkshire Hathaway executive Greg Abel, the designated successor to company CEO Warren Buffett. CNBC has requested comment from Berkshire Hathaway, which in a regulatory filing last year listed the Haslams' noncontrolling interest in Pilot Travel Centers at a value of around $3.2 billion. PTC is the largest operator of travel centers in North America, with more than 750 locations under the Pilot and Flying J brands.

Persons: Jimmy Haslam, Warren Buffett, Berkshire Hathaway, Haslam, Greg Abel Organizations: Berkshire, Pilot Corporation, Centers, Travel Centers, CNBC, Travel, PTC Locations: Berkshire, North America

Berkshire Hathaway settled a billion-dollar lawsuit with the Haslam family over how Berkshire accounted for the value of Pilot Travel Centers, which would affect the price paid in a forced buyout of the family's remaining stake in that truck-stop giant, both sides said Sunday night. The Haslam family and its Pilot Corp. in the suit filed this fall alleged that Berkshire Hathaway improperly adopted a form of accounting of the value of Pilot Travel Centers that would have led to a sharply lower price Berkshire would pay to acquire the family's remaining 20% stake in PTC. Berkshire in turn had accused Cleveland Browns owner Jimmy Haslam of offering payments to PTC executives to boost the value of the company so that his family would get a bigger buyout from Berkshire, which controls PTC. The Haslam family and Pilot Corp. strongly denied those claims. Berkshire and Pilot Corp. in similar press statements Sunday night said that they had reached an agreement to fully settle the Delaware Chancery case.

Persons: Berkshire Hathaway, Haslam, Greg Abel, Warren Buffett, Jimmy Haslam Organizations: Berkshire, Travel Centers, Pilot Corp, PTC, Cleveland Browns Locations: Berkshire, Delaware Chancery, New York, Delaware

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Jimmy Haslam, Chancellor Morgan Zurn, Haslam, Zurn, Berkshire, Berkshire countersued, Tom Hals, David Holmes Organizations: Berkshire Hathaway, REUTERS, Rights, Travel Centers, Cleveland Browns, Berkshire, Pilot, Thomson Locations: Omaha , Nebraska, U.S, Rights WILMINGTON , Delaware, Delaware, Delaware's, Berkshire, Knoxville , Tennessee, Wilmington , Delaware

(AP) — An attorney for the billionaire Haslam family called bribery allegations leveled by Warren Buffett's company a “wild invention” Thursday. The Haslam family — which includes Cleveland Browns owner Jimmy Haslam and former Tennessee governor Bill Haslam — accused Berkshire last month of trying to understate Pilot’s earnings this year by changing its accounting practices. A senior executive who had been promised a bonus revealed that to the current Pilot CEO, according to Berkshire. Haslam’s side promises have forced the company to investigate and interrogate many of the key employees it relies on today to operate the company,” Lavoie said. In addition to Pilot, Berkshire owns an eclectic assortment of other businesses including Geico insurance, BNSF railroad and several major utilities along with a number of smaller manufacturing and retail businesses.

Persons: Haslam, Warren Buffett's, Berkshire Hathaway, Jimmy Haslam, Bill Haslam —, ”, Anitha Reddy, Craig Lavoie, Berkshire, Jim Haslam — Jimmy, Bill Haslam’s, —, Lavoie, it's, Mr, Haslam’s, ” Lavoie, Buffett Organizations: Berkshire, Cleveland Browns, BNSF, Apple, American Express, Bank of America Locations: OMAHA, Neb, Berkshire, Tennessee, United States, Canada

The Haslams' lawyers and a representative for the family didn't immediately respond to requests for comment. A senior executive who had been promised a bonus revealed that to the current Pilot CEO, who Berkshire appointed after it took over, according to the filing. Berkshire initially bought 38.6% of Pilot back then for $2.758 billion before more than doubling that to 80% this year for an additional $8.2 billion. Pilot is the nation’s largest network of truck stops with more than 850 locations and roughly 30,000 employees in the United States and Canada. Berkshire said it's impossible to calculate how much Pilot's profits may have been inflated this year because of decisions executives who were promised bonuses made.

Persons: — Warren, Berkshire Hathaway, Haslam, Jimmy Haslam, Bill Haslam —, Berkshire, Jim Haslam — Jimmy, Bill Haslam's, —, Buffett Organizations: Cleveland Browns, Berkshire, BNSF, Apple, American Express, Bank of America Locations: OMAHA, Neb, Berkshire, Tennessee, Knoxville , Tennessee, United States, Canada

Berkshire changed the accounting practices at Pilot this year after it acquired control of the company. “Berkshire is intent on using the accounting change to justify grossly underpaying Pilot (the Haslam family) for its 20% interest," the lawsuit said. The Haslam family, which includes Cleveland Browns owner Jimmy Haslam and former Tennessee Gov. But the family did say Berkshire estimated its stake would be worth $3.2 billion without the accounting change. “This legal dispute is limited to a narrow issue between owners and is in no way related to the management or day-to-day operations of Pilot Company," Seabrook said.

Persons: Haslam, Warren Buffett, Berkshire Hathaway, Jim Haslam, Jimmy Haslam, Bill Haslam, Buffett, Kristin Seabrook, Seabrook, Haslams, “ Organizations: Travel Centers, Berkshire, Cleveland Browns, Tennessee Gov, Pilot Company Locations: OMAHA, Neb, Pilot, Berkshire, “ Berkshire, United States, Canada

“It is with profound sadness that I announce the passing of my husband, Jim Brown,” Monique Brown wrote on Instagram. Our hearts are broken…”The sole team Brown played for, the Cleveland Browns, tweeted, “Jim Brown Forever. Jim Brown, led the league in rushing in eight of his nine seasons with the Cleveland Browns and set the all-time record for rushing yards. Brown also made his mark as a civil rights activist, working with inner-city gang members and prison inmates. Jim Brown’s legacy will live on forever,” the NFL tweeted.

☆ A New Year’s Resolution for Stemming Retail’s Returns Tsunami
▼ + stars: | 2022-12-26 | by ( Alan Amling | Thomas Golds | ) www.wsj.com time to read: +6 min

So why haven’t retailers taken significant steps to improve the returns process and stop it from imploding their profitability? Photo illustration: Laura KammermannThe first step in solving the problem is to appoint an executive responsible for the end-to-end returns process. Researchers at the University of Tennessee have broken the returns process into five “pathways” to help returns executives better understand improvement opportunities. The best way to mitigate returns costs, of course, is to find ways to limit returns before they happen, in the pre-sale process. As goods move through the returns process, costs and waste increase dramatically.

☆ Deshaun Watson returned in Cleveland Browns game against Houston. 10 of the women who accused him of sexual misconduct were expected to attend, lawyer says
▼ + stars: | 2022-12-04 | by ( Alaa Elassar | ) edition.cnn.com time to read: +10 min

CNN —Around 10 of the more than two dozen women who accused Cleveland Browns quarterback Deshaun Watson of sexual misconduct were expected to attend his game in Houston on Sunday, according to their attorney. I was proud of them for that,” Tony Buzbee, the lawyer representing the accusers attending the game, told CNN in a statement. Makes me proud they want to stand up and be counted rather than quietly go away.”The NFL and the Cleveland Browns did not respond to CNN’s request for comment regarding the accusers’ attendance. We’re a huge football town, folks here have been lifelong fans of the Cleveland Browns,” Greene said. We believe that Deshaun Watson deserves a second chance.”The team’s “refusal to prioritize protecting women sends a disgusting message” to survivors of sexual assault, Nunes said.

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