smith transport trailers for sale

10), the Court shall award Smith $286,423.64. Corp., 661 F.2d 287, 293 (3d Cir. After considering the presentation made at that hearing, as well as Plaintiff's memorandum of law regarding damages (Document No. England (No. Founded in 1982, Smith primarily provides dry van transportation and other specialized services in the eastern United States. Smith is expected to be immediately accretive to Heartland earnings. Since its initial public offering in 1986, Heartland has grown from approximately $20 million in revenue to one of North Americas largest, most profitable, and best capitalized truckload carriers. 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. Gulf Coast port activity is boosting rates, though. The Court multiplies this average by eighteen, representing the time between August 2005 through the entry of judgment on January 30, 2007. 10, pp. Id. 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. Whether youre seeking truckload, flatbed, or warehousing solutions, we can help. Heartland Express has returned to the acquisition market with the purchase of a dry van truckload company, Smith Transport. 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. We specialize in transporting fresh meat, temperature controlled vaccines, produce, packaged candy products, non-perishable and manufactured goods over varying lengths of hauls. Citing the Pennsylvania Supreme Court's adoption of the Restatement of Contracts, Smith argues that. Restatement (Second) of Contracts 354(1). Make your practice more effective and efficient with Casetexts legal research suite. Smith Transport will continue to operate as a separate business within Heartland, and the name will not change. 25, 2007). of Ft. Pitt Div. 85-2052, 1986 U.S. Dist. Air Filter Co. v. McNichol, 527 F.2d 1297, 199 (3d Cir. Document No. Home weekends, and 1-2 nights per week, Must live within 40 miles of Bedford, PA. Platinum Award for 99.99% On-time Service, Left lane rules on the front burner in four states, Annual Road Warrior contest makes history with $30K in prizes, MembersEdge load posts fell 16% last week; load-to-truck ratios declined, Research group seeks input from truckers on driver-facing cameras, New diesel fuels, tech cut emissions faster than electric trucks, study says, Factoring case an example of what can go wrong. 7) and the Court granted Smith Transport, Inc.'s (hereinafter "Smith" or "Plaintiff") Motion for Default Judgment on January 30, 2007 (Document No. Pa. Aug. 12, 1986))). He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. No More Than 3 Tickets in the Last 3 Years. While operating his own unit, Mr. Smith also managed a fleet of five trucks for his father. Id. 27), Heartland Express (No. Smith's losses also include the amount it will cost to replace the System with a similar washing mechanism from Niagara. The founder and owner of Smith Transport, Mr. Barry F. Smith, at age 16, began his own business by contracting the hauling of milk and cream from dairies in the region. The deal also includes a five-year renewable option. No more waiting on quarterly bonuses. 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. 2018 Herald International Research Journals. Document No. 51-100 miles $.40 additional pay per mile. 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.

Document No. Becoming A Truck Driver is a dream we've all pondered at some point in our lives. 03-6741, 2005 U.S. Dist. The transaction closed in June of 2022. ATACS, 155 F.3d at 669 (citation omitted). 202. According to a financing agreement with Siemens Financial Services, Inc. (hereinafter "Siemens"), Smith was to pay $7,3873.73 per month for thirty-six months, a total of $265,985.28.

. . Frank B. Bozzo, Inc. v. Elec. Your email address will not be published. Because of this additional cost and the need for further financing, Smith has not procured the additional truck wash. Having obtained a default judgment, Plaintiff now seeks damages under several different theories. 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. Whittling away: Indicted Nikola founder dumps 7M more shares, Breakthroughs and misconceptions: 9 questions with ChargePoints Rich Mohr, Cold one: Manhattan Beer Distributors all in on electrifying beverage trucks, Struggling battery startup Romeo Power taps veteran executive for CEO. Because Plaintiff does not offer any other method for calculating that value, the Court has no mathematical equation, contractual provision, or established market price that would bring this case within one of Black Gold's four scenarios and trigger a right to prejudgment interest. 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." No More Than 1 Ticket in the Past 12 Months. Cf. They offer us long-term stability and the opportunity to grow as part of an industry leader, while retaining our own culture and identity. 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. Smith first calculates its expectation interest, or, in other words, its interest in having the benefit of the agreement with Defendant. Sign up today for your free Reader Account. The calculation of damages in this case is not clouded by any great degree of uncertainty. Plaintiff therefore maintains that its reliance damages total $401,179.04 Id. The enterprise value for the transaction, including the real estate, reflected approximately five times the estimated run rate adjusted earnings before interest, taxes, depreciation, and amortization and eight times the estimated run rate adjusted operating income. You can join Smith Transport as a Southeast, Northeast, Midwest, Single or Team driver. 10, pp. 10, pp. England customer information may have been compromised in October data breach. We wanted somebody with decent size, he said. 10-2, pp. Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet. The Court therefore holds that Plaintiff is entitled to "the losses caused and gains prevented by" TBW's failure to perform. During the pandemic, it was a barren wasteland for mergers and acquisitions, Heartland Chairman, President and CEO Michael Gerdin said. 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." 9-10. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville. at 7-8. 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. Smith does not offer tuition reimbursement. 10, p. 9 (quoting Restatement of Contracts 337(a)). Our fleet is comprised of Kenworth and Freightliner, including 125 tractors and 150 refrigerated trailers. Mktg. Prior to May 13, 2005, Smith washed its tractor-trailers at an on-site truck wash using six wash-bay attendants. Our amazing customer base consists of the worlds largest retailers, e-commerce giants, and our local manufacturing plants. Heartland Express Inc. is an irregular route truckload carrier that focuses on medium to short haul regional freight. at 969. Shortly after installation, the System failed to perform at the levels expected or warrantied and Defendant's attempts to cure the defect were unsuccessful. 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. This was the beginning of the transportation element of the business. We'll help you make the right choices and prepare for a great start to your trucking career. 10, p. 9-10. 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."

"); Mace v. Atl. 1 to 50 miles $.60 additional pay per mile. 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. Hussey Metals Div. 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. served as merger and acquisition transaction and legal advisor to Heartland, whileUtz & Lattan, LLCserved as Heartlands special ESOP counsel. Pennsylvania. **Please note: We do not offer additional coverage.**. 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.'" You've disabled JavaScript in your web browser. No Chargeable Accidents/Incidents - $.50/hour, Life Insurance (including Accidental Death & Dismemberment), Full-time students can be covered up to age 25 for the Medical & Vision plans and up to age 23 for the Dental plans - with proof of full-time enrollment in a high school, trade school or college, Dependents ages 19-26 can be covered under the medical/prescription plan if they do not have coverage available through an employer - with Dependent Employment Verification Form completed. (quoting Krain Outdoor Displays, Inc. v. Tenn. Cont'l Corp., No. Bonding Ins. Our clients love us! The Clerk of Court entered default against Defendant Truck and Bus Wash, Inc. (hereinafter "TBW" or "Defendant") on October 25, 2006, (Document No. In addition, it reported having a debt-free balance sheet. Where "unknown variables cloud a reasonably certain calculation of lost profits stemming from the breach," courts may also turn to the equitable principle of restitution.

Theyre more than just words--to us, theyre a way of life. Candidate will deliver freight to Harrisburg Pa, Philadelphia, Pa and Baltimore, MD. As the evidence demonstrates, those losses include money spent covering the System's inability to achieve the contract specifications. Smith Transport, Inc. v. Truck Bus Wash, Inc. CIVIL ACTION NO. ButcherJoseph & Co. ST. LOUIS, June 08, 2022 (GLOBE NEWSWIRE) --. Combined with the payments to additional wash-bay attendants and Blue Beacon, Smith's total losses equal $286,423.64. Required fields are marked *. 201 to 300 miles $.05 additional pay per mile. 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. This incentive is payable on total number of hours worked in the previous 30-day payroll period up to $500 maximum per month or $2.00 per hour. 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. Feather v. United Mine Workers, 711 F.2d 530, 540 (3d Cir. Such damages seek to "to place the aggrieved in as good a position as would have occurred had the contract been performed," ATACS Corp. v. Trans World Commc'ns., 155 F.3d 659, 669 (3d Cir. Copyright 2022 Land Line Magazine & Land Line Now. Your benefits (Life/Accidental Death & Dismemberment Insurance, Short Term Disability, Medical/Prescription, Dental & Vision) will become effective the first of the month following your 90th day of employment. Pennsylvania. The timing of the Smith Transport deal and the sale of the warehouse was coincidental, according to Strain. 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. 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." 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.

We couldnt be happier with the outcome and look forward to the continued growth and future success of both Smith and Heartland.. Gerdin said Heartlands cash position had risen to roughly $300 million before the acquisition of Smith Transport.

This incentive will take effect after the 30-day probationary period. "Pennsylvania courts will look to traditional principles of equity, such as unjust enrichment or forfeiture, in considering the propriety of restitution damages." Alternatively, Plaintiff asks for reliance or restitution damages. Accordingly, Smith rejected the System under the terms of the sales contract as noncompliant and began taking measures to mitigate its losses. a basis for the assessment of damages." You cant build this again. The broker described the price as top dollar..

The modern fleet is not expected to require any out of cycle investment, Heartland Express reported in the news release. Gerdin said Heartland still has more freight than we can haul. ), Better pay along doesnt retain drivers, Heartland finds, Highly profitable Heartland draws concerns about its revenue from Barclays, C.R. a (1981) ("Contract damages are ordinarily based on the injured party's expectation interest. 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. The price quote given Plaintiff indicates the overall cost of that replacement to be $156,310.78. 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. Contact us today to find out more about our nationally-trusted transportation and logistics company. ), a 15 year truck driving veteran, in January 2007. He created the Dated Brent benchmark, now the worlds most important crude oil marker. 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. It includes the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants. Vanalt Electrical Constr. See also Restatement (Second) of Contracts 347 cmt. at 968. Id. Corp., No. Total prizes this year top all previous years. . 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.

Co. v. Johnston Harder, Inc., 22 A.2d 709, 714 (Pa. 1941).

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. at 671. Morgan, Lewis & Bockius LLPserved as transaction counsel andMcGuireWoodsserved as special counsel to Smith. | Source: [["State","Hiring"],["US-IL",1],["US-WI",1],["US-IN",1],["US-MI",1],["US-OH",1],["US-KY",1],["US-TN",1],["US-GA",1],["US-NC",1],["US-SC",1],["US-VA",1],["US-WV",1],["US-RI",1],["US-MD",1],["US-NY",1],["US-NY",1],["US-MA",1],["US-ME",1],["US-NH",1],["US-DE",1]], [["State","Hiring"],["US-IL",1],["US-WI",1],["US-IN",1],["US-MI",1],["US-OH",1],["US-KY",1],["US-TN",1],["US-GA",1],["US-NC",1],["US-SC",1],["US-VA",1],["US-WV",1],["US-RI",1],["US-MD",1],["US-NY",1],["US-NY",1],["US-MA",1],["US-ME",1],["US-NH",1],["US-DE",1],["US-TX",1],["US-OK",1],["US-MO",1],["US-IA",1],["US-LA",1],["US-MS",1],["US-ALFL",1],["US-VT",1],["US-NH",1]]. Pa. Apr. Weld Div. The only thing missing in your inbox is FreightWaves. The total damages to which Plaintiff is entitled is therefore $286,423.64. Generally, the law of contracts expresses a preference for expectation damages. Document No. 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. Am. A hearing was held before the Court on March 15, 2007, to address all issues of damages, costs, and expenses. A gain of that size would be close to all of the companys net income for 2021, which came in at $79.3 million. United States District Court, W.D. Plaintiff's total purchase price was $229,861.00. Press the space key then arrow keys to make a selection. One research institute is looking for the answer that question. You may unsubscribe from these communications at any time. LEXIS 8737, at ** 15-16 (E.D. As you were browsing something about your browser made us think you were a bot. Roaring Spring, Pa.-based Smith Transport is an asset-based truckload carrier with terminals in Pennsylvania, Georgia, and Indiana. In the Third Circuit, the victims of breach are entitled to prejudgment interest in four scenarios: Smith requests interest on the System's contract price $229,861.00 which it contends represents the value of TBW's performance. Id. You will speak with recruiters today. 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. FedEx Express awarded Heartland Express a Platinum Award for 99.99% On-time Service and Core Carrier of the Year, Heartland announced in August. 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. 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.

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."). This position is only available in the PA and WV areas at this time. The company will match $0.25 per $1.00, up to 3% of your gross earnings. In its prepared statement, Heartland said the acquisition was funded with existing cash. This incentive will be paid as long as the driver is an active driver. We, the employees of Smith Transport, are totally committed not only to meeting but exceeding customer requirements. The burden to make this showing, however, remains Plaintiff's, and Smith has presented no argument on this point. At TruckingTruth we'll help you decide if trucking is right for you and help you get your career off to a great start. What role can driver-facing cameras play in reducing litigation against truckers and carriers? Defendant, whose only participation in this matter has been to waive service (Document No. A third-party browser plugin, such as Ghostery or NoScript, is preventing JavaScript from running. This amount represents the damages necessary to give Plaintiff what it bargained for: a fully functioning truck wash financed at a cost of $265,985.28. Every customer, regardless of size, is important to us. ButcherJoseph & Co. Casetext, Inc. and Casetext are not a law firm and do not provide legal advice. After completing the CAPTCHA below, you will immediately regain access to the site again. Id. Pilot Flying J brings back its Road Warrior contest to recognize role models in the trucking industry. At Smith Transport, our core values of teamwork, integrity, innovative solutions, accountability, and family speak volumes about who we are. 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. The court could not consider plaintiff's damages, which a jury had calculated to be $316,000, to represent a definite sum upon which interest could be calculated, in part because, "[w]hile the furnace unquestionably did not conform to the contract (as the jury so found), its use was without doubt of considerable benefit to plaintiff." at 699. There are a few reasons this might happen: To regain access, please make sure that cookies and JavaScript are enabled before reloading the page. Niagara reported that the System contained $11,700.00 in reusable parts and proposed the installation of a replacement truck wash that would perform at the original specifications at a cost of $156,310.78. Email Updates When New Articles Are Posted. "At a minimum, reasonable certainty embraces a rough calculation that is not too speculative, vague or contingent upon some unknown factor." In Hussey, the plaintiff purchased for $387,000 a copper furnace that was subsequently plagued with consistent malfunctions, creating various replacement and service costs. Comment *document.getElementById("comment").setAttribute( "id", "a8a192acc9a55e4dc95a1d2f60f2ea6b" );document.getElementById("c6ae5b620f").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. 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. 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. Our Story. 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. We just dont have as many to pick from., (This article has been updated with comments from Heartland management and additional financial information. Publicly traded Heartland Express has bought dry van truckload carrier Smith Transport Inc. and related entities. You've disabled cookies in your web browser. We are totally driven and seek continuous improvement in everything we do. After 15 years on the road I wanted to help people understand the trucking industry and everything that came with the career and lifestyle of an over the road trucker.

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smith transport trailers for sale