Truck Nazi's

[jonp]

I thought the original post was about Swift buying into Werner, not the reverse. Swift not being publically traded would be a non issue. Werner is publically traded. The Werner family may have 40% ownership of stock being traded, but that leaves 60% for others. Could care less if Swift or the Caliph of Baghdad buys up those shares. Just stated that a publically traded company always runs the risk of having an outside entity, that doesn't have their best interests at heart, buy up a controlling interest and influencing business decisions.

Carl Icahn has made a career of this as well as Mr. Buffet. You can have a public company but still maintain control with voting shares if you structure is correctly. Isn't Wal-Mart like this?

[AC120]

#1 OP was about the Swift-buying-part-of-Werner rumor.

#2 Just making the point that Moyes borrowed a lot of money to go private. Moyes/Swift are in debt up to their eyeballs. I'm guessing that Moyes/Swift wouldn't be able to get a loan these days to buy part of Werner, or a controlling interest, and that there'd be one hell of a shareholders' fight even assuming the 60% agreed to sell to him, but I could be wrong.

[AC120]

jonp -- That was another point I wanted make. I'll bet 40% is enough to control Werner Enterprises.

[Ronin]

that would depend on how much C.W. still has in stock.

[jonp]

I get what you are saying, AC. I agree that it would be difficult to get the money with swift so far in debt however if he were to secure a buyout loan not with swift but with Werner, either the company but probably just the stock I think he could do it as long as the cashflow covers the debt payment. He would more than likely borrow to buy up the 41% majority stake he would need to control the company and pledge this as collateral. Tough in this climate but you never know. Of course he could put something else up, like the Coyotes (does he still own them?).

[jonp]

As an aside: many moons ago when I worked for Jerry I went all the way mt to LA to pickup a container of furniture that he and his wife had had imported from Italy for his new mansion in Phoenix. I went into the house, it was still being built, to poke around. Something else. Full size transplanted palms lining the driveway, big round entry room (just like the beverly hillbillys with the circular stairway and all) with the floor being handlaid italian marble. His wife had seen a floor in one of the casinos in Vegas and loved it so it was being recreated, black granite countertops, pool outback with lions having water spurting from their mouths and an adjacent jacuzzi. Guy building it said there was something like 7 tons of rebar in it. Anyways when the container was opened it had one, yes one, dresser in it. His wife saw it in a museum and had it handmade in Italy and sent over. He paid me to drive from Phoenix to LA get it with a semi and bring it back. ouch....

[AC120]

I think Jerry and The Coyotes (sounds kind of like an 80's rock band) have split up, but I'm not sure about that. And you're right -- you never know. I don't know if I'd be surprised or not (if he got into Werner's --uh -- pocket). I guess it could happen.

One piece of furniture! No danger of being over-weight. Sounds like a fun run: hook a loaded one and someone else unloads.

Thanks again for the heads-up on 'Barbarians At The Gate.' Gonna finally get around to reading it.

[jonp]

I think Jerry and The Coyotes (sounds kind of like an 80's rock band) have split up, but I'm not sure about that. And you're right -- you never know. I don't know if I'd be surprised or not (if he got into Werner's --uh -- pocket). I guess it could happen.

One piece of furniture! No danger of being over-weight. Sounds like a fun run: hook a loaded one and someone else unloads.

Thanks again for the heads-up on 'Barbarians At The Gate.' Gonna finally get around to reading it.

Well, not all fun. It took an entire afternoon on my day off to unload that piece but they did pay me $100 extra bucks. Your welcome on the book. Its a good one.

[jiptwoo]

I drove for werner near 24 years ago and they were debt free then, and knowing the old man who started with one truck I just don't believe he's folding up shop. Now a lot can happen in 24 yrs., and I'd say that I would be shocked.