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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. 27), Heartland Express (No. Pennsylvania. at 699. You will speak with recruiters today. of Spang Indus., 498 A.2d 895, 898-900 (Pa.Sup.Ct. There are a few reasons this might happen: To regain access, please make sure that cookies and JavaScript are enabled before reloading the page. Defendant, whose only participation in this matter has been to waive service (Document No. 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. - Valued Customer, 153 Smith Transport Rd, Roaring Spring PA 16673. 4), was not represented at the hearing. As you were browsing something about your browser made us think you were a bot. 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. 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. Have at least 1 - Year Recent OTR Experience. ATACS, 155 F.3d at 669 (citation omitted). Gerdin said Heartlands cash position had risen to roughly $300 million before the acquisition of Smith Transport. Plaintiff includes under each theory the money paid for additional attendants and third-party truck washing. 35) and Smith Transport (No. Required fields are marked *. 95). It certainly adds to the density of what weve already got out there, he added. These guys put up $200 million in gross revenue last year.. 10, pp. Smith is expected to be immediately accretive to Heartland earnings. appoints lindy keilar jarvis pascoe maree 7) and the Court granted Smith Transport, Inc.'s (hereinafter "Smith" or "Plaintiff") Motion for Default Judgment on January 30, 2007 (Document No. The companys primary activity is east of the Mississippi, with a lot of business on 95, 70, 81, up and down the East Coast, Gerdin said. Its industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. 26-29. ATACS, 155 F.3d at 669. 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. 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. Smith Transport will continue to operate as a separate business within Heartland, and the name will not change. 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. 201 to 300 miles $.05 additional pay per mile. The calculation includes the $156,310.78 it would cost to have Niagara install a functioning wash system, $50,128.00 paid to the additional wash-bay attendants that the malfunctioning TBW system necessitated, and $85,065.76 spent on Blue Beacon's fees in the same time period. . Document No. 9). See also Penneys v. Pennsylvania R. Co., 183 A.2d 544, 546 (Pa. 1962) (following 337). See also Restatement (Second) of Contracts 347 cmt. (citations omitted). Vanalt Elec. If you have a down month for one reason or another; you can recover and make a bonus the very next month. 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." The Court therefore holds that Plaintiff is entitled to "the losses caused and gains prevented by" TBW's failure to perform. of Copper Range Co. v. Lectromelt Furnace Div., McGraw Edison Co., 417 F. Supp. Corp., No. June 08, 2022 08:30 ET Document No. a basis for the assessment of damages." Home Daily, Must live within 25 miles of Chicago, IL. Smith Transport, Inc. v. Truck Bus Wash, Inc. CIVIL ACTION NO. Heartland, in its SEC filing, said it had entered into a two-year lease agreement to continue using the facility. 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." Gerdin said Heartland still has more freight than we can haul. It includes the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants. Mass. horse trailer race antique history horses trucks trailers transportation truck transport bit fascinating facts van wheeler luxurious stable way semi In addition, it reported having a debt-free balance sheet. Thats our promise to you. We, the employees of Smith Transport, are totally committed not only to meeting but exceeding customer requirements. What role can driver-facing cameras play in reducing litigation against truckers and carriers? Smith continues to make these monthly payments. Heartland, in a Securities and Exchange Commission filing on the sale, said it netted a pretax gain on the sale of about $73 million. Bonding Ins. After completing the CAPTCHA below, you will immediately regain access to the site again. "); Mace v. Atl. ATACS, 155 F.3d at 669 ("The preferred basis of contract damages seeks to protect an injured party's `expectation interest.'"). Roaring Spring, Pa.-based Smith Transport is an asset-based truckload carrier with terminals in Pennsylvania, Georgia, and Indiana. v. Selco Manufacturing Corp. 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." Air Filter Co. v. McNichol, 527 F.2d 1297, 199 (3d Cir. 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. 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. 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 multiplies this average by eighteen, representing the time between August 2005 through the entry of judgment on January 30, 2007. We wanted somebody with decent size, he said. 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. 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. Smith primarily provides dry van transportation and other specialized services in the eastern United States. 202. Pa. 1976). No More Than 1 Ticket in the Past 12 Months. Home Daily, Must live within 30 miles of Delmar, NY. 51-100 miles $.40 additional pay per mile. Additional information is available in this. The Roaring Spring property was acquired from its owners in a separate transaction for $14 million in cash. Combined with the payments to additional wash-bay attendants and Blue Beacon, Smith's total losses equal $286,423.64. The acquisition price is slightly below the $187 million in cash that Heartland (NASDAQ: HTLD) had on its books at the end of the first quarter. Heartland has terminals in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Mississippi, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington. As a transportation and logistics company, we strive to be the most proactive and dependable shipping, warehousing, and logistics partner you have ever used. Additionally, the cash position of Heartland at the end of the first quarter has changed significantly, in part because of a sale announced last week of a California terminal the company owned in the Inland Empire. Total prizes this year top all previous years. Like Heartland, Smith is a dynamic company driven by a commitment to excellence. Our amazing customer base consists of the worlds largest retailers, e-commerce giants, and our local manufacturing plants. Generally, the law of contracts expresses a preference for expectation damages. However, that quote apparently does not include the $11,700 worth of equipment that Niagara proposes to salvage from the truck wash that Defendant installed. At Smith Transport, our core values of teamwork, integrity, innovative solutions, accountability, and family speak volumes about who we are. We turn down thousands of loads every week. With the sale and the leaseback, Commercial Observer put the value of the deal at $95.5 million. Document No. 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. 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. At age eighteen, he began his long-haul career in trucking as an Independent Contractor. You cant build this again. The broker described the price as top dollar.. 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. Check back soon to see their comments. Email Updates When New Articles Are Posted. 1975) (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. TBW's breach has therefore caused Smith $53,076.78 in additional payroll expenses. Id. This is in the event of a sickness, surgery, injury (non-work related) or maternity leave extending past the unpaid 8-day waiting period. However, the full contract price is an inadequate measure of the value of partial performance. They offer us long-term stability and the opportunity to grow as part of an industry leader, while retaining our own culture and identity. England customer information may have been compromised in October data breach. FedEx Express awarded Heartland Express a Platinum Award for 99.99% On-time Service and Core Carrier of the Year, Heartland announced in August. 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. at 968. Mktg. 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. In the announcement of the Smith Transport deal, Heartland said the company had approximately 850 tractors and 2,000 dry van trailers. The FREIGHTWAVES TOP 500 For-Hire Carriers list includes C.R. Alternatively, Plaintiff asks for reliance or restitution damages. Pa. Apr. As the evidence demonstrates, those losses include money spent covering the System's inability to achieve the contract specifications. 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. The Parties subsequently executed a sales contract and the System was installed at Smith's facility in Roaring Springs, Pennsylvania, in May 2005. 10, p. 7. The price quote given Plaintiff indicates the overall cost of that replacement to be $156,310.78. Heartland has received Carrier of the Year award from FedEx 14 times in the past 15 years. ), a 15 year truck driving veteran, in January 2007. All Rights Reserved. Restatement (Second) of Contracts 354(1). 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. 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. 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. 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'll help you make the right choices and prepare for a great start to your trucking career. 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." Id. ATACS, 155 F.3d at 669. 1998) (citation omitted), and, according to Smith, total $291,504.54. Pilot Flying J brings back its Road Warrior contest to recognize role models in the trucking industry. of Ft. Pitt Div. Am. 25, 2007). Smith's losses also include the amount it will cost to replace the System with a similar washing mechanism from Niagara. 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. a (1981) ("Contract damages are ordinarily based on the injured party's expectation interest. Document No. LEXIS 8737, at ** 15-16 (E.D. . . About Smith TransportFounded in 1982,Smith Transport, Inc. is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminal locations in Pennsylvania, Georgia, and Indiana. kildare served as merger and acquisition transaction and legal advisor to Heartland, whileUtz & Lattan, LLCserved as Heartlands special ESOP counsel. $16.00/hour (Paid in 15 minute increments after 1 hours; $84.00 maximum). No More Than 3 Tickets in the Last 3 Years. 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. Heartland Express Inc. is an irregular route truckload carrier that focuses on medium to short haul regional freight. Pennsylvania. The Court therefore finds that any award of prejudgment interest would be inappropriate. 1. Id. Could pay the employee up to $250 per week (pre-tax) for up to 26 weeks. There is no obligation whatsoever. 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. The transaction closed in June of 2022. Every customer, regardless of size, is important to us. 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." Choosing a selection results in a full page refresh. Ref. We couldnt be happier with the outcome and look forward to the continued growth and future success of both Smith and Heartland.. 10, p. 9 (quoting Restatement of Contracts 337(a)). Youll be able to earn more money in the monthly bonus program. Moore & Van Allen PLLCserved as counsel to the ESOP trustee. 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."). at 7-8. It also reported operating revenue of $151.3 million and operating income of $22.4 million, a 22.5% increase from 2021. Heartland focuses on medium to short haul regional freight, offering shippers industry-leading on-time service so they can achieve their strategic goals for their customers. 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. 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. 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. Smith does not offer tuition reimbursement. 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. AdvisorsScudder Law Firm, P.C., L.L.O. Id. Heartland Express has returned to the acquisition market with the purchase of a dry van truckload company, Smith Transport. 10, p. 9-10. 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. 10-2, pp. . ButcherJoseph & Co. Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet. Morgan, Lewis & Bockius LLPserved as transaction counsel andMcGuireWoodsserved as special counsel to Smith. Document No. Barry also began to learn the planning, organizing, directing, and controlling a fleet of trucks. During the pandemic, it was a barren wasteland for mergers and acquisitions, Heartland Chairman, President and CEO Michael Gerdin said. In its prepared statement, Heartland said the acquisition was funded with existing cash. We just dont have as many to pick from., (This article has been updated with comments from Heartland management and additional financial information. ), Better pay along doesnt retain drivers, Heartland finds, Highly profitable Heartland draws concerns about its revenue from Barclays, C.R. The deal also includes a five-year renewable option. 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. We are totally driven and seek continuous improvement in everything we do. 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. This position is only available in the PA and WV areas at this time. 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. 10), the Court shall award Smith $286,423.64. The Smith companies will continue to operate from Roaring Spring under the leadership of Todd Smith, president, with ongoing support from founder Barry Smith. The purchase agreement contains customary terms and conditions. Smith has the following home time options available: Did you know you can fill out one quick form here on TruckingTruth and apply to several companies at once for paid CDL training? [["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]]. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville. 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. Contact us today to find out more about our nationally-trusted transportation and logistics company. 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. Reliance interest seeks "to achieve the position that [Smith] would have obtained had the contract never been made." It has been publicly traded since 1986. No More Than 1 Preventable Accident in the Last Year. One research institute is looking for the answer that question. 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. After considering the presentation made at that hearing, as well as Plaintiff's memorandum of law regarding damages (Document No. Saint Louis, MO, June 2022ButcherJoseph & Co.(ButcherJoseph) advisedSmith Transport, Inc. (Smith or the Company), an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, on its saletoHeartland Express, Inc. (NASDAQ: HTLD) (Heartland). Cf. A gain of that size would be close to all of the companys net income for 2021, which came in at $79.3 million. 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. 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. The company will match $0.25 per $1.00, up to 3% of your gross earnings. Such damages will also have a less severe effect on a Defendant who has been almost entirely absent from this litigation. While operating his own unit, Mr. Smith also managed a fleet of five trucks for his father. 3:06-160 (W.D. Smith was an S corporation for tax purposes, and the transaction included an election that results in tax deduction benefits over periods of one to 15 years.

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