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Pa. 1976). See also Restatement (Second) of Contracts 347 cmt. No More Than 1 Preventable Accident in the Last Year. Such damages in this case include the $135,193.76 Plaintiff reportedly paid to Blue Beacon and the additional wash-bay attendants, as well as the $265,985.28 Smith owes Siemens under the financing agreement for the System. Legal spouse - If your spouse works (regardless of the amount of hours) and coverage is offered by the employer (regardless of the type or price of the coverage) they cannot be on the Medical/Prescription plan. 1 to 50 miles $.60 additional pay per mile. There is no obligation whatsoever. Co. v. Johnston Harder, Inc., 22 A.2d 709, 714 (Pa. 1941). England customer information may have been compromised in October data breach. 1983). Smith operates a fleet of about 850 company tractors, with an average age of less than three years, and approximately 2,000 dry van trailers. . We had long thought Heartland was a great fit because of their regional presence, respect for professional drivers, and unsurpassed customer service that mirrors our own philosophies. Because Smith has presumably derived some benefit from its contract with Defendant, the contract price does not help the Court appraise the value of TBW's nonperformance. Such damages will also have a less severe effect on a Defendant who has been almost entirely absent from this litigation. Gerdin said M&A activity began to pick up at the end of 2021 and that is when Heartland began discussions with Pennsylvania-based Smith Transport. ButcherJoseph & Co. Heartland earned $16.8 million in the first quarter, or 21 cents per share, up 25.3% from the first quarter of 2021.

Citing the Pennsylvania Supreme Court's adoption of the Restatement of Contracts, Smith argues that. Morgan, Lewis & Bockius LLPserved as transaction counsel andMcGuireWoodsserved as special counsel to Smith. The factual information recounted in this Memorandum Opinion is taken from Plaintiff's Complaint and the Pre-hearing Brief on Damages; Defendant has made no filings. Litigants under Pennsylvania law need only provide evidence that establishes "with a fair degree of probability . (citing Marazzo v. Scranton Nehi Bottling Co., Inc., 263 A.2d 336, 337 (Pa. 1970))). The modern fleet is not expected to require any out of cycle investment, Heartland Express reported in the news release. Plaintiff's Complaint, filed on July 20, 2006, stated claims for breach of contract, unjust enrichment, fraudulent inducement, and breach of various warranties stemming from agreements between the Parties concerning the purchase of a vehicle washing system. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. Such damages are typically measured "by the losses caused and gains prevented by defendant's breach, to the extent they are in excess of any savings made possible by nonperformance." He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the talking head for Platts on numerous media outlets, including CNBC, Fox Business and Canadas BNN. You can choose to operate in the weekly fleet and be home every week or choose to be a part of the over-the-road fleet and work for 12 days and go home for the weekend. ATACS, 155 F.3d at 669. United States District Court, W.D. A gain of that size would be close to all of the companys net income for 2021, which came in at $79.3 million. North Liberty, Iowa-based Heartland reported in a news release that it had acquired 100% of the equity of Smith and related companies for a cash-free, debt-free enterprise value of about $170 million. ButcherJoseph & Co. ST. LOUIS, June 08, 2022 (GLOBE NEWSWIRE) --. Heartland has terminals in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Mississippi, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington. horse trailer race antique history horses trucks trailers transportation truck transport bit fascinating facts van wheeler luxurious stable way semi This is in the event of a sickness, surgery, injury (non-work related) or maternity leave extending past the unpaid 8-day waiting period. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville. It certainly adds to the density of what weve already got out there, he added. The company reported first-quarter 2022 income of $16.8 million. 1998) (citation omitted), and, according to Smith, total $291,504.54. (citations omitted)). They offer us long-term stability and the opportunity to grow as part of an industry leader, while retaining our own culture and identity. Shortly after installation, the System failed to perform at the levels expected or warrantied and Defendant's attempts to cure the defect were unsuccessful. Our plan is to keep Smith the same company that is attractive to customers, drivers and other personnel while using our scale to offer better purchasing, more depth and advantageous cost savings, Michael Gerdin, chairman, president, and CEO of Heartland Express, said in the news release. 51-100 miles $.40 additional pay per mile. The calculation of damages in this case is not clouded by any great degree of uncertainty. With this experience in hand, Mr. Smith set out on a new entrepreneurial endeavor by purchasing and refurbishing long-haul tractors. at 699. 10), the Court shall award Smith $286,423.64. Plaintiff therefore maintains that its reliance damages total $401,179.04 Id. He created the Dated Brent benchmark, now the worlds most important crude oil marker. Where the Court need not award mandatory prejudgment interest under Black Gold, however, Pennsylvania law allows for the recovery of discretionary interest. of Ft. Pitt Div. LEXIS 21740, at *12 (E.D. The Third Circuit has set out four factors to guide this discretion: "(1) whether the claimant has been less than diligent in prosecuting the action; (2) whether the defendant has been unjustly enriched; (3) whether an award would be compensatory; and (4) whether countervailing equitable considerations militate against a surcharge." Heartland, in a Securities and Exchange Commission filing on the sale, said it netted a pretax gain on the sale of about $73 million. June 08, 2022 08:30 ET As a transportation and logistics company, we strive to be the most proactive and dependable shipping, warehousing, and logistics partner you have ever used. Ref. Around that time, a representative of TBW initiated negotiations for the sale of an independent truck-washing system, the TBW 5399 Horizon Combo Brush and High-Pressure Vehicle Washing System (hereinafter "the System"), which Defendant represented would reduce Smith's truck-washing costs in several respects. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our, Heartland acquires dry van truckload carrier Smith Transport. A hearing was held before the Court on March 15, 2007, to address all issues of damages, costs, and expenses. Total prizes this year top all previous years. Use left/right arrows to navigate the slideshow or swipe left/right if using a mobile device. 97-6331, 2001 U.S. Dist. "At a minimum, reasonable certainty embraces a rough calculation that is not too speculative, vague or contingent upon some unknown factor." About Heartland ExpressHeartland Express, Inc. is an irregular route truckload carrier based in North Liberty, Iowa, serving customers with shipping lanes throughout the United States. at 671. ), a 15 year truck driving veteran, in January 2007. The price quote given Plaintiff indicates the overall cost of that replacement to be $156,310.78. Could pay the employee up to $250 per week (pre-tax) for up to 26 weeks. According to the Restatement, "If the breach consists of a failure to pay a definite sum in money or to render a performance with fixed or ascertainable monetary value, interest is recoverable from the time for performance on the amount due less all deductions to which the party in breach is entitled." 9-10. We'll help you make the right choices and prepare for a great start to your trucking career. ATACS, 155 F.3d at 669. In 1977 Joe passed away, just a year before Smith Trucking obtained its own authority and began hauling boxed meat and general commodities in 48 states. Weld Div. These guys put up $200 million in gross revenue last year.. Document No. Im excited to work with Mike Gerdin and the Heartland team to make this a success for everyone., ButcherJoseph Managing PartnerJoe Strycharzcommented, Were delighted to have been able to advise Smith Transport in a transaction that met the Companys strategic objective to remain an independent brand operated by the same people who helped build the company and its culture. Document No. **Please note: We do not offer additional coverage.**. You are eligible to enroll in the 401(k) plan on the first of the month following your 6 months of employment. Specifically, TBW claimed the System would require only two wash-bay attendants and could wash thirty trucks per day at a rate of fifteen minutes per truck. Pilot Flying J brings back its Road Warrior contest to recognize role models in the trucking industry. You cant build this again. The broker described the price as top dollar.. 03-6741, 2005 U.S. Dist. But in the telephone call with FreightWaves, Gerdin and CFO Chris Strain said the cash outlay from Heartland was about $155 million, with the $170 million enterprise value put on Smith Transport being a function of both debt and cash Smith held as well as a separate real estate transaction valued at $14 million. With the ability to pay cash and invest in our headquarters, and the desire for Smith to remain an independent brand operated by the same people, the choice was clear. All Rights Reserved. Heartland Express has returned to the acquisition market with the purchase of a dry van truckload company, Smith Transport. - Valued Customer, 153 Smith Transport Rd, Roaring Spring PA 16673. . Home weekends, and 1-2 nights per week, Must live within 40 miles of Bedford, PA. Alternatively, Plaintiff asks for reliance or restitution damages. AdvisorsScudder Law Firm, P.C., L.L.O. of Copper Range Co. v. Lectromelt Furnace Div., McGraw Edison Co., 417 F. Supp. 7) and the Court granted Smith Transport, Inc.'s (hereinafter "Smith" or "Plaintiff") Motion for Default Judgment on January 30, 2007 (Document No. Plaintiff employed additional wash-bay attendants, paid for trucks to be washed at Blue Beacon Truck Wash (hereinafter "Blue Beacon"), a third-party washing service, and hired another third party, Niagara National Corporation (hereinafter "Niagara"), to inspect and evaluate the System. Subscribe Now, Download the FreightWaves app for unlimited access to news and insights (Android & iOS Available), Copyright 2022, All Rights Reserved, FreightWaves, Inc, FreightWaves needs the contact information you provide to us to contact you about our products and services. Smith claims that such an amount also represents its restitution damages, which would "require the party in breach to disgorge the benefit received by returning it to the party who conferred it." Musselman also confirmed that between July 2005 and December 2006, the period during which the System should have been fully functioning, Smith has spent an average of $4,670.32 per month sending tractor-trailers to Blue Beacon for washing. The Court thus concludes that Smith has incurred the following damages as a result of Defendant's failure to perform according to the Parties' contract: 1) $53,076.78 in additional payroll expenses; 2) $88,736.08 in third-party truck-washing fees; and 3) the $144,610.78 necessary to replace the defective TBW system with a truck washer capable of performing at the levels specified in the original sale contract. ATACS, 155 F.3d at 669 (citation omitted).

Awarding Plaintiff the expense it will incur replacing the defective System better comports with the general interest in preserving the benefit of the bargain than would returning the Parties to their ex ante positions. The only difference between calculations is whether the Court should add to that amount the cost of Niagara's replacement washer or the amount of Smith's financing agreement with Siemens. Smith contends that the value of TBW's performance was set by the contract price of $229,861.00 and cites the legal interest rate of 6% set forth in 41 PA. C.S. Id. We've all wondered if the adventure and challenges of life on the open road would suit us better than the ordinary day to day lives we've always known. Bonding Ins. Herald Journal of Geography and Regional Planning, The Quest for Mainstreaming Climate Change Adaptation into Regional Planning of Least Developed Countries: Strategy Implications for Regions in Ethiopia, Women and development process in Nigeria: a case study of rural women organizations in Community development in Cross River State, Dimensions of water accessibility in Eastern Kogi State of Nigeria, Changes in land use and socio-ecological patterns: the case of tropical rainforests in West Africa, Environmental management: its health implications, Intra-urban pattern of cancer morbidity and the associated socio-environmental factors in Ile-Ife, South-western Nigeria, Production Performance of Fayoumi Chicken Breed Under Backyard Management Condition in Mid Rift Valley of Ethiopia, Geospatial analysis of end-of-life/used Vehicle dumps in Africa; Nigeria case study, Determination of optimal sowing date for cowpea (Vignaunguiculata) intercropped with maize (Zea mays L.) in Western Gojam, Ethiopia, Heavy metal Phytoremediation potentials of Lepidum sativum L., Lactuca sativa L., Spinacia oleracea L. and Raphanus sativus L, Socio-economic factors affecting household solid waste generation in selected wards in Ife central Local Government area, Nigeria, Termites impact on different age of Cocoa (Theobroma cocoa L.) plantations with different fertilizer treatments in semi- deciduous forest zone (Oume, Ivory Coast), Weak Notion of Animal Rights: A Critical Response to Feinberg and Warren Conceptions, Assessment of Environmental Health Conditions in Urban Squatters of Greater Khartoum, Mayo Area in the Southern Khartoum, Sudan: 1987 2011, Comparative analysis of the effects of annual flooding on the maternal health of women floodplain and non floodplain dwellers in Makurdi urban area, Benue state, Nigeria, Analysis of occupational and environmental hazards associated with cassava processing in Edo state Nigeria, Herald Journal of Petroleum and Mineral Research, Herald Journal Biochemistry and Bioinformatics, Herald Journal of Marketing and Business Management, Herald Journal of Pharmacy and Pharmacological Research, Herald Journal of Pure and Applied Physics, Herald Journal of Plant and Animal Sciences, Herald Journal of Microbiology and Biotechnology. We, the employees of Smith Transport, are totally committed not only to meeting but exceeding customer requirements. Our fleet is comprised of Kenworth and Freightliner, including 125 tractors and 150 refrigerated trailers. I look forward to being part of the team to ensure a smooth transition., Todd Smith, Smiths President, commented, As an employee-owned company, our goal was to find the best value and the best home for our people for years to come. The buyer of the California property was Realterm, a Maryland-based company that describes itself as an independent global investment manager focused on the transportation industry., An article in Commercial Observer, which covers commercial real estate in large cities, described the terminal sold by Heartland in Rancho Cucamonga as a rare asset trucking facility and quoted a broker involved in the deal as saying the property is irreplaceable with Class A improvements. 9-10. Accordingly, Smith rejected the System under the terms of the sales contract as noncompliant and began taking measures to mitigate its losses. Smiths customer base includes many Fortune 500 companies including expedited transportation integrators, retailers, beverage manufacturers, and home supply companies, several of whom have been customers for over 20 years. This was the beginning of the transportation element of the business. a (1981) ("Contract damages are ordinarily based on the injured party's expectation interest. TBW's breach has therefore caused Smith $53,076.78 in additional payroll expenses. Sign up today for your free Reader Account. 10, pp. There are a few reasons this might happen: To regain access, please make sure that cookies and JavaScript are enabled before reloading the page.

We couldnt be happier with the outcome and look forward to the continued growth and future success of both Smith and Heartland.. Publicly traded Heartland Express has bought dry van truckload carrier Smith Transport Inc. and related entities. Additional information is available in this. Combined with the payments to additional wash-bay attendants and Blue Beacon, Smith's total losses equal $286,423.64. Choosing a selection results in a full page refresh. The modern fleet is not expected to require any out of cycle investment. Though the System was covered by a one-year warranty, which included the cost of necessary services, TBW eventually failed to even respond to Plaintiff's inquiries. Because there is no indication that TBW's breach prevented any gains, the remaining issue is whether the Court should also award Plaintiff prejudgment interest. Am. 10, pp. Smith Transport, Inc. v. Truck Bus Wash, Inc. CIVIL ACTION NO. Smith does not offer tuition reimbursement. Today we are a long-haul, refrigerated, truckload carrier providing time sensitive and temperature controlled services to over 250 customers throughout the 48 continental United States. Home Daily, Must live within 25 miles of Appleton, WI. Generally, the law of contracts expresses a preference for expectation damages. At age eighteen, he began his long-haul career in trucking as an Independent Contractor. Constr., Inc. v. Selco Mfg. The Court multiplies this average by eighteen, representing the time between August 2005 through the entry of judgment on January 30, 2007. Its industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. At TruckingTruth we'll help you decide if trucking is right for you and help you get your career off to a great start. The Parties subsequently executed a sales contract and the System was installed at Smith's facility in Roaring Springs, Pennsylvania, in May 2005. Corp., 661 F.2d 287, 293 (3d Cir. During the pandemic, it was a barren wasteland for mergers and acquisitions, Heartland Chairman, President and CEO Michael Gerdin said. If you have a down month for one reason or another; you can recover and make a bonus the very next month. In the announcement of the Smith Transport deal, Heartland said the company had approximately 850 tractors and 2,000 dry van trailers. The team conducted a thorough process to identify the right buyer and negotiate terms that met the needs of the employee stakeholders involved. 10, p. 9 (quoting Restatement of Contracts 337(a)). In its first acquisition since it bought Mills Transfer in August 2019, Heartland paid approximately $170 million for all of the equity in Smith and related companies. About ButcherJoseph & Co.ButcherJoseph & Co. is a boutique investment banking firm specializing inESOPs,mergers and acquisitions,private debt & capital sourcingandvaluation advisoryservices for middle market companies. Youll be able to earn more money in the monthly bonus program. England (No. We just dont have as many to pick from., (This article has been updated with comments from Heartland management and additional financial information. Your email address will not be published. The deal also includes a five-year renewable option. Pa. Aug. 12, 1986))). The Roaring Spring property was acquired from its owners in a separate transaction for $14 million in cash. All Rights Reserved. In its prepared statement, Heartland said the acquisition was funded with existing cash. The company will match $0.25 per $1.00, up to 3% of your gross earnings. Pa. Dec. 15, 2005) (refusing to award discretionary prejudgment interest where no argument was made in its favor); Montgomery County v. Microvote Corp., No. Gerdin said Heartland still has more freight than we can haul. Reliance interest seeks "to achieve the position that [Smith] would have obtained had the contract never been made." In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week. Barry also began to learn the planning, organizing, directing, and controlling a fleet of trucks. Copyright 2022 Land Line Magazine & Land Line Now. 35) and Smith Transport (No. Document No. You're a power user moving through this website with super-human speed. 95). Gulf Coast port activity is boosting rates, though. 2018 Herald International Research Journals. We are totally driven and seek continuous improvement in everything we do. Home Daily, Must live within 25 miles of Chicago, IL. The transaction closed in June of 2022. The Roaring Spring, Pennsylvania property was acquired from its owners in a separate transaction for $14 million in cash and includes both the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants. 1985) ("[E]ven where the breach was not the failure to pay a fixed or ascertainable sum, still the buyer may be entitled to recover `compensation for delay.'" It has been publicly traded since 1986. Our clients love us! It is therefore reasonably certain that during the nineteen-month period from July 2005 to January 2007, Smith accrued approximately $88,736.08 in expenses with Blue Beacon. Id. As the Third Circuit has noted, "the general rule in Pennsylvania, as in most jurisdictions, is that if damages are difficult to establish, an injured party need only prove damages with reasonable certainty." Barry Smith, Smiths Founder and Chairman Emeritus, added, Building Smith Transport has been my lifes work, and I could not have found a better home than Heartland for the Smith family. Home Daily, Must live within 30 miles of Delmar, NY. of Spang Indus., 498 A.2d 895, 898-900 (Pa.Sup.Ct. Smith operates a fleet of approximately 850 company tractors, with an average age of less than three years, and approximately 2,000 dry van trailers. Founded in 1982, Smith primarily provides dry van transportation and other specialized services in the eastern United States. Make your practice more effective and efficient with Casetexts legal research suite. See also Penneys v. Pennsylvania R. Co., 183 A.2d 544, 546 (Pa. 1962) (following 337). Required fields are marked *. .

The purchase agreement contains customary terms and conditions. Your email address will not be published. Defendant, whose only participation in this matter has been to waive service (Document No. In Hussey, the plaintiff purchased for $387,000 a copper furnace that was subsequently plagued with consistent malfunctions, creating various replacement and service costs. Learn more and apply here: TruckingTruth was founded by Brett Aquila (that's me! After considering the presentation made at that hearing, as well as Plaintiff's memorandum of law regarding damages (Document No. No More Than 1 Ticket in the Past 12 Months. Id. "); Mace v. Atl. . Load posts on DAT MembersEdge have tumbled, freeing up trucks and depressing spot rates. Theyre more than just words--to us, theyre a way of life. Lawmakers in four states are working to address who can travel in the left-lane of multi-lane highways, all trying to tighten the rules. Our amazing customer base consists of the worlds largest retailers, e-commerce giants, and our local manufacturing plants. You may unsubscribe from these communications at any time. Like Heartland, Smith is a dynamic company driven by a commitment to excellence. As you were browsing something about your browser made us think you were a bot. While the System was probably not of considerable benefit to Smith, there is no evidence that it has completely failed to perform, and partial operation in this case frustrates the measure of damages just as it did in Hussey. This position is only available in the PA and WV areas at this time. The only thing missing in your inbox is FreightWaves. 201 to 300 miles $.05 additional pay per mile. This incentive will be paid as long as the driver is an active driver. Id. 5-7. You've disabled JavaScript in your web browser. Corp., 785 A.2d 491, 497 (Pa. 2000) (citing 347 for the proposition that "contract damages normally are based on party's expectation interest and put the injured party in a position as if the breaching party had performed as required."). 85-2052, 1986 U.S. Dist. Pennsylvania. In certain cases, however, where "recovery based on traditional notions of expectation damages is clouded because of the uncertainty in measuring the loss in value to the aggrieved contracting party," reliance damages can return the parties to the positions they enjoyed prior to contracting. ATACS, 155 F.3d at 669 (citation omitted). Heartland has been recognized 18 times by Forbes Magazine as one of the Top 200 Best Small Companies in America, 17 times as one of the Best Truckload Carriers in America by Logistics Management Magazine, and as one of Americas Most Trusted Companies by Newsweek Magazine in 2022. 1981) ("The court is thus obligated to award simple interest at the statutory legal rate only in those circumstances in which the plaintiff proves that the defendant breached a promise to pay a definite sum of money, or render a performance the value of which is ascertainable with exactitude."