The Jimmy Haslam Thread

[MalTalm]

Meh. I don't think anyone can really read what the ramifications are for the Browns on this, good or bad, because we have no idea at this point if more Haslam is better than less Haslam. We simply don't know.

What bothers me about it is that it comes across as flaky on his part. He went through the effort of pulling this new CEO away from the company he had been with for years, just to come back in after a month? This is a Jay Leno move. If anything, it makes me wonder a little more about Haslam. I think the reflection this move has on who he is holds more water than if his absence from Berea on a day-to-day basis has on the running of the football team.

You said it well, though it may or may not have to do with Haslam. Certainly this is a huge black mark for John Compton, a guy who was as loyal and prominent at Pepsi as he was getting such a short time on the job wouldn't deserve this under normal circumstances. Jimmy, by all accounts, is a savvy businessman. If he had a legit reason to return to Pilot J, then that doesn't speak well for Compton. If, however, he struggled with relinquishing control of his family's company, that would be a huge disservice to Compton. We'll never know what is really behind this, but it is "odd." It's worth making note of.

 

[Sly]

FBI present at Pilot Flying J headquarters

Posted by Mike Florio on April 15, 2013, 4:08 PM EDT

Getty Images
A year ago, the presence of FBI and other police at the Knoxville headquarters of Pilot Flying J in Knoxville would have drawn little notice beyond Tennessee.

Now that the CEO of the company, Jimmy Haslam, owns the Browns, it’s getting some attention.

According to WBIR-TV, FBI agents and Knoxville police officers are at the company’s headquarters. A reason for the presence of law-enforcement authorities hasn’t been given, and a WBIR-TV crew was asked to leave the premises.

Haslam, the son of founder Jim Haslam, returned to the company as CEO in February.

http://profootballtalk.nbcsports.com/2013/04/15/fbi-present-at-pilot-flying-j-headquarters/

:spin:

 

[JSS2306]

http://profootballtalk.nbcsports.com/2013/04/15/fbi-present-at-pilot-flying-j-headquarters/

:spin:

Why is this a good thing?

 

[Shakalu M.D.]

Well it likely explains Haslam's quick return to Pilot right after hiring the Pepsi guy.

 

[Sly]

Can't wait for our government appointed czar to take over.

 

[Triplethreat]

Wooooooo! Our owner may go bankrupted a year after he bought the time.

 

[Sly]

IRS is there.

Browns have no comment on presence of FBI, IRS at headquarters of Pilot Flying J

Posted by Mike Florio on April 15, 2013, 6:26 PM EDT

AP
Not much is being said by anyone in connection with the presence of FBI and IRS agents at the headquarters of Pilot Flying J, the company founded by the father of Browns owner Jimmy Haslam and, after an absence of several months, run once again by Browns owner Jimmy Haslam.

Specifically, the Browns’ official position on the situation is this: “No comment.”

Via WBIR-TV, Pilot Flying J has issued the following statement: “As of the afternoon of April 15, FBI officials have sequestered the Pilot Flying J headquarters on Lonas Drive in Knoxville. At this time, we do not know the nature of the situation. Pilot Flying J is cooperating fully with the authorities. Pilot Food Marts, Pilot Travel Centers and Flying J Travel Plazas remain open and continue to serve the public. Pilot Flying J is confident that the matter will be resolved fully.”

Federal officials have characterized the action as part of an “ongoing investigation” involving the FBI and IRS.

http://profootballtalk.nbcsports.co...of-fbi-irs-at-headquarters-of-pilot-flying-j/



Sort of odd, If Jimmy knew something were going on, he probably wouldn't have hired someone else to run the company. The guy he hired hadn't been on staff 6 months. That would have been awfully quick to do something seriously illegal.

 

[Juice is Loose]

So was Colt or Shoomor the whistleblower?

 

[Sly]

Haslam says Pilot Flying J will cooperate with FBI in statement

Posted by Curtis Crabtree on April 15, 2013, 11:13 PM EDT

AP
While it’s still unclear exactly what FBI and IRS officials are looking into at the Knoxville, Tennessee based Pilot Flying J company run by Jimmy Haslam, the Cleveland Browns owner says he is willing to cooperate with their efforts.

“The FBI secured our headquarters today and informed us they are investigating Pilot Flying J,” Haslam said in an email statement to the Knoxville News Sentinel. “We will cooperate appropriately with any and all external investigations and conduct our own. I believe and trust there has been no wrongdoing. The integrity of our company always has been job No. 1.”

With the government agencies locking down the company’s headquarters, it’s reasonable to assume they’ve been looking into the business for some time. What they’ll find and the impact it could have on the Browns owner is still yet to be determined.

http://profootballtalk.nbcsports.co...lying-j-will-cooperate-with-fbi-in-statement/

 

[JMcCurry08]

<blockquote class="twitter-tweet"><p>Pilot Flying J: "The investigation appears to revolve around the application of rebates to a small group of PFJ trucking company customers."</p>&mdash; Carly Harrington (@knoxgirl75) <a href="https://twitter.com/knoxgirl75/status/324217328009113600">April 16, 2013</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[MattyFos.]

<blockquote class="twitter-tweet"><p>Pilot Flying J: "The investigation appears to revolve around the application of rebates to a small group of PFJ trucking company customers."</p>— Carly Harrington (@knoxgirl75) <a href="https://twitter.com/knoxgirl75/status/324217328009113600">April 16, 2013</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Why would the IRS be involved in this? Are rebates tax write offs?

 

[Phills14]

<blockquote class="twitter-tweet"><p>@<a href="https://twitter.com/slyfox00007">slyfox00007</a> I am not speculating. That's a direct comment from the company. Hence the quotation marks ..</p>&mdash; Carly Harrington (@knoxgirl75) <a href="https://twitter.com/knoxgirl75/status/324219716002521090">April 16, 2013</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

I'm still trying to wrap my head about this.

 

[Soda]

I'm still hopeful that the vetting that the NFL did when it recommended and pushed for Haslam to get the Browns was thorough enough to see that JHIII wasn't in an Enron serious scandal...

Watch, it was Compton helping Pepsi :chuckles:

 

[Phills14]

There are articles where the IRS has challenged rebates but have largely been unsuccessful. Rebates work as an after sale discount. If an item costs $100 but carries a 10% rebate, the consumer buys the product for $100, applies for the rebate and after a predetermined amount of time will receive $10 back. The IRS wants to argue that the $10 back is income and therefore taxable. Courts have ruled that it's a price reduction and not income and so it is not taxable. There are certain instances where a rebate can be classified as income when a third party is somehow involved. I wonder if that is what's going on here.

Anyone an accountant that can speak intelligently on this?

 

[JMcCurry08]

Haslam is speaking to the Knoxville media at 2:30

http://www.wbir.com/