Explosive Allegations: Billionaire Family, Tennessee Governor, and Browns Owner Accused of Shocking Bribery Scheme to Boost Earnings! Warren Buffett's Company Drops Bombshell Revelation! - footballivenews
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Explosive Allegations: Billionaire Family, Tennessee Governor, and Browns Owner Accused of Shocking Bribery Scheme to Boost Earnings! Warren Buffett’s Company Drops Bombshell Revelation!



Berkshire Hathaway, led by Warren Buffett, alleges that the Haslam family attempted to bribe at least 15 executives in an effort to inflate the value of their remaining stake in one of Berkshire’s companies. The Haslam family, including Cleveland Browns and Columbus Crew owner Jimmy Haslam and former Tennessee governor Bill Haslam, dismisses these bribery allegations as a ‘wild invention.’

Warren Buffett´s Berkshire Hathaway says the billionaire Haslam family tried to bribe at least 15 executives at one of his companies in order to inflate the value of their remaining stake in it

While the Haslams and Berkshire Hathaway accuse each other of manipulating Pilot’s earnings to impact the potential sale of the family’s remaining 20 percent stake in the company, a judge has yet to determine whether these allegations will be addressed during a January trial.

Cleveland Browns owner Jimmy HaslamTennessee Governor Bill Haslam

The Haslams previously accused Berkshire of attempting to downplay Pilot’s earnings by altering its accounting practices. In response, Berkshire filed a lawsuit accusing Jimmy Haslam of bribing key Pilot executives to boost the company’s profits significantly.

Attorney Anitha Reddy, representing the Haslams, vehemently denies Berkshire’s allegations, emphasizing their intention to challenge these claims.

The court is expected to decide this week whether Berkshire’s lawsuit will coincide with the scheduled January trial on Pilot’s original lawsuit. Berkshire seeks to prevent the Haslams from selling the remaining stake in Pilot to Berkshire in the coming year, citing doubts about the accuracy of Pilot’s 2023 earnings.

An attorney for the billionaire Haslam family called bribery allegations leveled by Pilot, the truck stop chain, a 'wild invention' Thursday

Even if the court agrees with Berkshire, the Haslams retain the option to sell in future years based on a 2017 agreement.

Berkshire’s attorney, Craig Lavoie, argues that blocking a sale next year is crucial due to uncertainties surrounding the impact of alleged bribes on Pilot’s earnings. Berkshire claims at least 28 executives were offered bribes.

Berkshire recently learned about the Haslams’ attempted bribes, raising concerns about the short-term decisions influenced by these bonuses. The company insists that the Haslams’ actions have forced an extensive investigation into key employees.

In 2017, Berkshire initially acquired a 38.6 percent stake in Pilot for $2.758 billion. This year, Berkshire invested an additional $8.2 billion to gain an 80 percent controlling interest in the company.

Buffett told Berkshire shareholders this spring that he wishes he could have bought the entire company at once because the price was better in 2017, but the Haslams wouldn´t sell it all then

The Haslams contend that Berkshire’s shift to ‘pushdown accounting’ this year increased depreciation and amortization costs, leading to lower net income for Pilot. Despite disagreements on accounting practices, Pilot’s chain of over 850 locations and approximately 30,000 employees has significantly contributed to Berkshire’s revenue and profits.

Beyond Pilot, Berkshire Hathaway holds diverse businesses such as Geico insurance, BNSF railroad, utilities, and a varied stock portfolio with substantial stakes in companies like Apple, Coca-Cola, American Express, and Bank of America.

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