Browns owner Jimmy Haslam being investigated over Berkshire Hathaway bribery claims
NY Post
Browns owner Jimmy Haslam is being investigated over claims from Warren Buffett’s Berkshire Hathaway that he attempted to bribe employees of Pilot Travel Center to boost profits this year with the intent of reaching a greater sale price of the business.
A lawyer for Pilot revealed that Haslam is being probed by federal prosecutors during a hearing in a civil suit between Haslam and Berkshire, Bloomberg reported earlier this week.
Berkshire began acquiring Pilot, a chain of truck stops and gas stations, in 2017, and currently owns 80 percent of the company.
The Haslam family has an annual option to sell the remaining 20 percent of Pilot based on a valuation of 10 times the previous year’s EBIT (Earnings Before Interest and Taxes), a common measure of profit.
While this would seem to be pretty straightforward, the sides are at odds based on accounting methods and different incentives.
In the short run, Berkshire would prefer the profits and thus the required purchase price to be lower, whereas the Haslam family would want the opposite.
Oil went on an unprecedented roller coaster ride at the start of the week, with the price surging more than 30% to near $120 a barrel late Sunday – only to erase all of those gains just hours later.
President Trump signaled on Wednesday that he plans to tap into the US Strategic Petroleum Reserve in an effort to bring down rising gas prices.
Zero Bond – the exclusive New York City club beloved by the likes of Jay-Z, Gigi Hadid and former Mayor Eric Adams – is opening a Las Vegas outpost this week.
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.
Southern California’s luxury shopping landscape is shrinking as three high-end department store locations prepare to shut their doors.
Stocks went on a rollercoaster ride Monday — with the Dow finishing in positive territory on upbeat comments from President Trump after plunging nearly 900 points on simmering stagflation fears.
Private equity firm KKR is working with advisers on a sale of data center cooling company CoolIT Systems for a price tag potentially exceeding $3 billion, the Financial Times reported on Sunday, citing people familiar with the matter.
John Tatum is one of the most plugged-in businessmen I know, and yet when the bombs started flying over his hotel room in downtown Doha — just a few minutes from the embattled US military facility in Qatar — he was stranded and helpless.
Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
Bars and eateries are adapting to the Ozempic era by offering mini cocktails.
Six Flags Entertainment will sell off seven of its amusement parks in the United States and Canada to EPR Properties, the company announced Thursday.