The feud between Cleveland Browns owner Jimmy Haslam and Warren Buffett over the financials of Pilot Travel Centers, a truck stop chain, has escalated into a legal battle with federal prosecutors in Manhattan now involved.
The dispute stems from Berkshire Hathaway’s purchase of a stake in the company, with accusations of devaluation and accounting manipulation from both sides.
Allegations include Haslam’s involvement in illicit payments to boost short-term profits, prompting an investigation by prosecutors. (Trending: Devastating News For Hunter Biden After Defying Subpoena)
“Given the impeccable reputation of Warren Buffett’s Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” Haslam said previously.
“Berkshire acquired another 41.4 percent stake in Pilot for $8.2 billion, nearly six years after spending $2.8 billion to acquire the first 38.6 percent,” the report noted.
Berkshire accused Haslam of offering “payments to influence Pilot Travel executives’ short-term business decisions in hopes of juicing quarterly earnings and pumping up his 20% stake’s value,” the report added.
“Haslam, whose family owned Pilot Travel until selling it a controlling stake, launched an ‘illicit scheme’ involving secret pledges of bonuses to be paid out of his own pocket to 15 senior executives and other managers,” Berkshire’s legal team said.
A civil trial is scheduled for January in Delaware.
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