Pilot has just announced there is indeed a settlement with Berkshire Hathaway over their billion-dollar truck stop deal dispute.
Terms of the deal, however, were not included in the brief news release.
A settlement appeared to be the likely explanation after the sudden cancelation of tomorrow’s scheduled start of a Delaware trial to consider the Haslam family’s claim that Berkshire improperly moved to reduce what it would have to pay for the 20% of PTC still owned by the family.
Pilot says the agreement also dismisses Berkshire’s counterclaim that Jimmy Haslam III secretly tried to raise that price by making secret payments to executives at the truck stop chain.
In a statement attributable to a spokesperson, Pilot says that “on behalf of the Company and the Haslam family, [it] is pleased to announce that it has reached an agreement to fully settle the Delaware litigation between the Company and Berkshire Hathaway Inc., Pilot Travel Centers, LLC, and National Indemnity Company, including the dismissal of all claims and counterclaims against each other.”
(See Friday’s newsletter for the long version of the accusations by both sides.)
