A.M. Executive Briefing - Jan. 3
This Morning's Headlines:
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Shareholder Sues Trucking Company for Embezzlement
The management and related entities of J&H Truck Service have been sued in Dallas County, Texas, by a minority shareholder claiming misuse of corporate money and embezzlement. Much of the money went toward University of Arkansas football players and others in the football program, the suit claims. Among the exhibits are canceled checks and former employees' affidavits.The plaintiff, Ray Hall, holds a 10% stake in the Dallas company. [The Austin American-Statesman reported that J&H chairman Tedford Harrod Sr. denied the allegations and said a "big factor" in the suit is his daughter-in-law's divorce suit against his son Ted Harrod Jr.] Heavy Duty Trucking Online (01/03/00)
Laramie County Seeks to Stop Trucking Business
Laramie County, Wyo., has requested a judge's cease-and-desist order to stop Lawrence "Rick" Fierro from operating the truck-leasing company Ram Trucking at his home, saying the business is a zoning violation.The county commission rejected an argument from Fierro's lawyer saying Fierro's non-conforming use of his home preceded the 1988 zoning laws and was grandfathered. Fierro began performing maintenance and repair services at his home the previous year, his lawyer said, and began leasing trucks in 1997.
According to City-County Development Director Dorothy Wilson, Fierro lacked a permit for the pre-existing use. She decided it could not be grandfathered, and the commission agreed. Billings (Mont.) Gazette Online (01/03/00)
Arrival of FedEx Transformed City into Distribution Powerhouse
The Memphis area's current economy and its stature as a worldwide distribution leader can be traced to 1973, when the indebted startup Federal Express was drawn to Memphis International Airport from Little Rock, Ark. That year, former Memphis-Shelby County Airport Authority chairman Ned Cook brought FedEx to Memphis by promising it hangar space at no charge. Since then, Memphis International has become the busiest cargo airport on Earth, and FedEx has become the top private employer in Tennessee.FedEx's overnight service has drawn warehouse and distribution operations to Memphis and brought many other companies to the area. According to airport authority president Larry Cox, "FedEx's decision to come here was the most significant manmade event in the history of this community." Memphis Commercial Appeal (01/01/00) P. H2; Hirschman, Dave
Spot-Check of Truck at Tunnel Yields $500,000 in Stolen Goods
Two Federal Express employees from northern New Jersey were arrested last week after a random safety check of a truck headed toward the Holland Tunnel to New York City revealed $500,000 worth of stolen electronics.According to authorities, the computer parts and cell phones were stolen from the Newark International Airport FedEx terminal. The two FedEx workers were charged with receiving stolen property, and police questioned a third man who had rented the box truck in which the stolen goods were found. Bergen (N.J.) Record Online (12/31/99); Lima, Paulo
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