Pilot Flying J is $4 Billion In Debt

>>>

A report issued by The Wall Street Journal claims that at the start of this year, Pilot Flying J was $4 Billion in debt. The previous year they had only accrued about half as much debt. For a company with an estimated $442 Million in profits per year, it seems odd that it would be possible could rack up an extra $2 Billion in debt in just one year. Sure, they’ve been expanding, buying up new lots and building new travel centers, but a major reason that Pilot Flying J’s debt increased so dramatically is that it made two payments to its owners last year totaling around $1.7 Billion.

According to PFJ spokeswoman Lauren Christ, the Haslam Family, including the CEO of PFJ, Jimmy Haslam, and his brother the Governor of Tennessee, Bill Haslam, own 59% of the company. That means that less than one year before the FBI raid and subsequent charges of fraud that shook the company’s foundations, the Haslam family was paid at least $1 Billion dollars to oversee employees that were – unbeknownst to them of course – scamming their customers out of millions of dollars per year.
>>>

http://www.thetruckersreport.com/pilot-flying-j-is-4-billion-in-debt/?utm_source=The+TruckersReport+Weekly+Newsletter+Recipients&utm_campaign=63ee763647-Weekly_Newsletter_Test_Campaign1_25_2013&utm_medium=email&utm_term=0_de09ecb18a-63ee763647-38608049