Utah bill focuses on speed limits, safe travel
A Utah Senate panel has approved a bill that includes provisions to allow drivers to travel faster and more safely.
The Senate Transportation and Public Utilities and Technology Committee voted 5-0 to approve a bill that would increase the speed limits by 5 mph on state highways and interstates.
Truckers and others traveling on rural interstates and other limited access routes would be cleared to drive 80 miles per hour – up from the current 75 mph limit. The speed limit along urban interstates and other roads would increase from 65 mph to 70 mph.
Another provision in the bill is intended to combat aggressive driving on multi-lane highways by keeping most motorists out of the far left-hand lane. Large trucks already are restricted to the right lanes of highways that have at least three lanes of traffic traveling in the same direction.
The proposed change to state law would require vehicles traveling in the left lane to move right, when practical, when they are about to be overtaken by another vehicle.
Sponsored by Sen. Scott Jenkins, R-Plain City, the bill also would require that people traveling on highways adopt a two-second rule.
Jenkins wrote in the bill that drivers must “follow at a distance so that at least two seconds elapse before reaching the location of the vehicle directly in front of the operator’s vehicle.”
It also would require that drivers preparing to turn right or left must signal their intentions for at least two seconds. Existing law requires a three-second heads up for other drivers.
One other provision in the bill is intended to address the increasing problem of distracted driving. It would create a new category of tickets for “careless” driving. Any person found guilty of two or more moving violations or one moving violation while being distracted by one or more activities not related to the operation of the vehicle would be considered to be driving carelessly.
The bill lists five examples of distracting activities while driving. They include using cell phones, eating, drinking or applying makeup.
Jenkins’ bill – SB17 – is headed to the Senate floor for further consideration.
Reported By: Land Line Magazine
Monday, January 22, 2007
No Death Penalty For Truck Driver : Life Spared
Jury spares life of defendant in Texas trailer deaths trial
A Houston jury spared the life of former trucker Tyrone Williams, sentencing him to life in prison without parole instead.
The jury – which deliberated for nearly six days – also had the option of letting the judge sentence Williams to a term of less than life. The jury made its decision Thursday, Jan. 18.
Williams was convicted on 58 counts last month, stemming from the deaths of 19 illegal immigrants. They died in 2003 after being left in the sweltering trailer of a truck Williams was driving for a smuggling operation.
Reported By: Land Line Magazine
A Houston jury spared the life of former trucker Tyrone Williams, sentencing him to life in prison without parole instead.
The jury – which deliberated for nearly six days – also had the option of letting the judge sentence Williams to a term of less than life. The jury made its decision Thursday, Jan. 18.
Williams was convicted on 58 counts last month, stemming from the deaths of 19 illegal immigrants. They died in 2003 after being left in the sweltering trailer of a truck Williams was driving for a smuggling operation.
Reported By: Land Line Magazine
Looks Like Swift Sells Out
As Reported By: Land Line Magazine
Swift Transportation has been bought – by its former president and CEO, Jerry Moyes.
Swift Transportation Co. officials announced Friday, Jan. 19, the merger agreement with an entity formed by Moyes, the company’s largest shareholder, a current director and former chairman of the board and CEO of Swift.
Moyes and family members will acquire Swift in an all-cash transaction valued at approximately $2.74 billion. This includes the assumption of approximately $332 million of net debt.
“After careful consideration, and in close consultation with our financial and legal advisors, the special committee, which is composed of three of the board’s independent directors, and full board unanimously approved the transaction,” Jock Patton, chairman of the company’s board of directors said in a company press release. “We believe the all-cash $31.55 per share price represents a fair value for the company and is in the best interest of all shareholders.”
Under the terms of the accepted agreement, Swift stockholders will receive $31.55 in cash for each outstanding share of Swift common stock. This represents approximately a 31 percent increase over the closing price of Swift stock on Nov. 3, 2006, the last trading day before Moyes made an initial proposal to acquire the company for $29 per share.
The co-founder of Swift initially offered to buy all outstanding shares of the company, and at that time offered $29 a share. That offer was $5 more per share than the stock’s trading price at that time.
According to the Phoenix Business Journal, two separate lawsuits filed by Swift shareholders contended the initial $29-dollar-a-share offer by Moyes was too low.
The Teamsters – which owns shares in the company –opposed the sale. In the lawsuit, Teamster officials questioned whether Moyes’ bid was too low and whether his influence was in the best interest of the company.
The Teamsters weren’t the only ones that questioned the offer by Moyes.
An A.G. Edwards and Sons Equity Research Recent Development Report by transportation analyst Donald Broughton downgraded Swift stock to “sell” shortly after Moyes pitched his $29 per share offer.
“We would point out that if the (original) deal is consummated, Moyes will have assumed/borrowed a total liability of about $2.15 billion or about 2.5 times tangible book value,” Broughton wrote in the report. “We believe this transaction isn't about economics, it’s about ego.”
Swift officials rejected the original proposal from Moyes.
The rejection of the initial offer was made official Nov. 27, 2006, by a special committee comprised of members of the company’s board of directors.
The deal wasn’t officially dead.
The committee members “continued to look at ways to maximize value for company shareholders … to determine if (the) initial proposed price could be increased” to reflect the full value of the company, according to a company press release following the decline of the initial Moyes’ buyout offer.
The board members weren’t the only ones thinking that way.
In the initial buyout offer, Moyes said he thought $29 per share was a fair price to offer, given that it was 21 percent per share over the stock’s trading price the day before he made his offer.
“I am prepared to consider any factors that you believe justify a higher purchase price, and, upon the completion of due diligence, I may be willing to increase my proposed price,” he wrote in his letter to Swift officials leaving the door open for further negotiations.
That apparently led to the signing of the current deal.
“Swift, which I founded in 1966 as a small company with a strong entrepreneurial spirit, has evolved into the operator of the largest truckload fleet in the United States with a dedicated and energetic team of employees, over 17,900 trucks and nearly $3.2 billion in revenues,” Moyes said.
“I am extremely pleased to have reached this agreement with Swift and look forward to building on the unique Swift legacy that has positioned the company for continued growth and success.”
Moyes received commitments from Morgan Stanley for debt financing for the transaction, according to the press release.
The transaction is subject to review by regulatory agencies, approval by Swift stockholders and other “customary” closing conditions, according to the release.
According to a Nov. 6 Securities and Exchange Filing by Moyes, he owns 27.1 percent of the outstanding shares of Swift stock.
Moyes paid $1.25 million in September 2005 to settle a case accusing him of insider trading. He had purchased nearly 190,000 shares of Swift stock just before the company reported better-than-expected earnings.
Moyes stepped down as chairman and CEO in October 2005.
The transaction is expected to be completed during the second quarter of 2007.
Swift Transportation has been bought – by its former president and CEO, Jerry Moyes.
Swift Transportation Co. officials announced Friday, Jan. 19, the merger agreement with an entity formed by Moyes, the company’s largest shareholder, a current director and former chairman of the board and CEO of Swift.
Moyes and family members will acquire Swift in an all-cash transaction valued at approximately $2.74 billion. This includes the assumption of approximately $332 million of net debt.
“After careful consideration, and in close consultation with our financial and legal advisors, the special committee, which is composed of three of the board’s independent directors, and full board unanimously approved the transaction,” Jock Patton, chairman of the company’s board of directors said in a company press release. “We believe the all-cash $31.55 per share price represents a fair value for the company and is in the best interest of all shareholders.”
Under the terms of the accepted agreement, Swift stockholders will receive $31.55 in cash for each outstanding share of Swift common stock. This represents approximately a 31 percent increase over the closing price of Swift stock on Nov. 3, 2006, the last trading day before Moyes made an initial proposal to acquire the company for $29 per share.
The co-founder of Swift initially offered to buy all outstanding shares of the company, and at that time offered $29 a share. That offer was $5 more per share than the stock’s trading price at that time.
According to the Phoenix Business Journal, two separate lawsuits filed by Swift shareholders contended the initial $29-dollar-a-share offer by Moyes was too low.
The Teamsters – which owns shares in the company –opposed the sale. In the lawsuit, Teamster officials questioned whether Moyes’ bid was too low and whether his influence was in the best interest of the company.
The Teamsters weren’t the only ones that questioned the offer by Moyes.
An A.G. Edwards and Sons Equity Research Recent Development Report by transportation analyst Donald Broughton downgraded Swift stock to “sell” shortly after Moyes pitched his $29 per share offer.
“We would point out that if the (original) deal is consummated, Moyes will have assumed/borrowed a total liability of about $2.15 billion or about 2.5 times tangible book value,” Broughton wrote in the report. “We believe this transaction isn't about economics, it’s about ego.”
Swift officials rejected the original proposal from Moyes.
The rejection of the initial offer was made official Nov. 27, 2006, by a special committee comprised of members of the company’s board of directors.
The deal wasn’t officially dead.
The committee members “continued to look at ways to maximize value for company shareholders … to determine if (the) initial proposed price could be increased” to reflect the full value of the company, according to a company press release following the decline of the initial Moyes’ buyout offer.
The board members weren’t the only ones thinking that way.
In the initial buyout offer, Moyes said he thought $29 per share was a fair price to offer, given that it was 21 percent per share over the stock’s trading price the day before he made his offer.
“I am prepared to consider any factors that you believe justify a higher purchase price, and, upon the completion of due diligence, I may be willing to increase my proposed price,” he wrote in his letter to Swift officials leaving the door open for further negotiations.
That apparently led to the signing of the current deal.
“Swift, which I founded in 1966 as a small company with a strong entrepreneurial spirit, has evolved into the operator of the largest truckload fleet in the United States with a dedicated and energetic team of employees, over 17,900 trucks and nearly $3.2 billion in revenues,” Moyes said.
“I am extremely pleased to have reached this agreement with Swift and look forward to building on the unique Swift legacy that has positioned the company for continued growth and success.”
Moyes received commitments from Morgan Stanley for debt financing for the transaction, according to the press release.
The transaction is subject to review by regulatory agencies, approval by Swift stockholders and other “customary” closing conditions, according to the release.
According to a Nov. 6 Securities and Exchange Filing by Moyes, he owns 27.1 percent of the outstanding shares of Swift stock.
Moyes paid $1.25 million in September 2005 to settle a case accusing him of insider trading. He had purchased nearly 190,000 shares of Swift stock just before the company reported better-than-expected earnings.
Moyes stepped down as chairman and CEO in October 2005.
The transaction is expected to be completed during the second quarter of 2007.
Friday, January 19, 2007
Arrest has been made in fatal shooting of Texas trucker
In the city of Grand Prairie, TX – on the outskirts of Dallas – police have arrested a 19-year-old man in connection with the killing of a Plano, TX, truck driver.
According to the Fort Worth Star-Telegram, James Curnel of Arlington, TX, is being held in lieu of posting a $500,000 bond in relation to the killing of 37-year-old Cavit Sevenler, who was shot while sitting in the cab of his truck at a motel.
Three other men who were questioned in the case were released.
Police think robbery may have been the motive, the Star-Telegram reported.
Its wild out there at times yall..... STAY SAFE AND STAY STRONG..... Keep on rolling and we love yall.......
Bamagirl
According to the Fort Worth Star-Telegram, James Curnel of Arlington, TX, is being held in lieu of posting a $500,000 bond in relation to the killing of 37-year-old Cavit Sevenler, who was shot while sitting in the cab of his truck at a motel.
Three other men who were questioned in the case were released.
Police think robbery may have been the motive, the Star-Telegram reported.
Its wild out there at times yall..... STAY SAFE AND STAY STRONG..... Keep on rolling and we love yall.......
Bamagirl
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