Clock ticking for Haslam family to sell stake in Pilot truck stops to Berkshire Hathaway this year
The clock is ticking for Cleveland Browns owner Jimmy Haslam and his family to decide whether to sell their remaining stake in the Pilot truck stop chain to fellow billionaire Warren Buffet's Berkshire Hathaway company
DOVER, Del. — Following the settlement of a lawsuit pitting Cleveland Browns owner Jimmy Haslam against fellow billionaire Warren Buffett’s Berkshire Hathaway, the clock is ticking for the Haslam family to decide whether to sell its remaining stake in the Pilot truck stop chain to Berkshire.
Attorneys told a Delaware judge last week that they were prepared for a two-day trial starting Monday in a high-stakes dispute over accounting practices at Pilot Travel Centers LLC. Late Saturday, however, the judge entered an order indicating that the trial had been canceled.
On Sunday, Haslam’s Pilot Corp. announced that the case, including Berkshire’s counterclaims against Pilot Corp., had been fully settled. The terms of the settlement were not disclosed.
With the dispute resolved, the Haslams must now decide whether to sell their remaining 20% stake in Pilot Travel Centers to Berkshire in line with a 2017 business deal. PTC, headquartered in Knoxville, Tennessee, is a diversified fuel company that operates more than 650 travel centers, primarily under the names Pilot or Flying J, in 43 U.S. states and six Canadian provinces.
A spokeswoman for Pilot Corp. declined to comment Monday on whether the Haslam family, which includes former Tennessee Gov. Bill Haslam, will sell its remaining stake in PTC to Berkshire. A spokeswoman for Berkshire did not immediately respond to emails seeking comment.
Berkshire purchased an initial 38.6% stake in PTC in 2017 for $2.76 billion. The two sides agreed at that time that Berkshire
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