Looks we just got bought ..

You are correct.
Probably more like great great grandmother at this point.

The founders of CR England were married into the Knight family. Maude Knight married Chester England in 1916.
Chester founded CR England.
The Moyes brothers, (sons of Car Moyes who drove for CR England in the 40's) started Swift. The England's, Knights, and Moyes families all lived and grew up in Plain City.
Jeff England, who was also lived in Plain City founded Pride Transport.

Plain City only has a population 6200 people.

 

I'm thinking Kwift or Swight lol

 

Knight-Swift holdings

 

Any publicly listed company can be taken over on the stock exchange hopefully it'll be for the better good in the future.

 

I think they did it to artificially increase the stock price real quick because they anticipate taking a $500,000,000 million dollar charge when they lose their lawsuit.

Swift exec board bows out with creampuff cushy stock options for doing a great job which they will dump on the market immediately before the price collapses.

It will take a Herculean effort to get this company profitiable again. Hoping they can do it without stealing from their own drivers...

 

You know thats a valid point i suppose they could transfer all assets to knight claim bankruptcy on the swift side and pay nothing

 

Depends on how they are structuring the deal. If they are like the rest of corporate america what they will so is either leave all the liabilities in the old Swift, not transfer them as part of the sale. If they go that route, if the litigation causes a Swift payout, there is no money or assets left in the old Swift, the old Swift declares bankruptcy and an no gets a penny. They can create a shell company with no money and no assets, and transfer the liabilities into it to limit their exposure. Happens all the time.
There are so many ways to prevent a payout when a company is acquired by another, it is a Corporate Attorney's wet dream.

 

I would encourage all lease ops to call the leasing company today and get a payoff quote and then go to your bank and borrow the money to pay off your lease truck this week. If you have any money in a company controlled maintenance account I would also encourage you to liquidate it today immediately, protect yourselves drivers!

 

Funny I worked for Knight till 2005 now Swift, was decent except the day I called in to bring truck back (mistake) to go local job.