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Subsequent Event
6 Months Ended
Jun. 30, 2011
Subsequent Event
Note 4 - Subsequent Event

On July 8, 2011 the Company acquired substantially all of the operating assets of the truck agent business division from a significant agent.  Under the terms of the Acquisition Agreement, as filed by the Company on Form 8-K on July 13, 2011, the Company acquired from the agent all right, title and interest in and to all of the assets and properties, tangible and intangible, owned, held or used in connection with the truck agent business division.  The purchase price for the acquired assets totaled approximately $10 million and principally consisted of an unconditional release and discharge of the agent from approximately $9.4 million of indebtedness due to the Company and its affiliated entities plus the assumption of certain liabilities.

Prior to the acquisition, and since 2007, this agent was a significant independent agent of the Company to which the Company provided agent support services, including loans and advances.  The Company received interest on the loans and advances extended to the agent at rates ranging from 8% to 20% and was entitled to receive a fee equal to 25% of the agent’s pre-tax income, if any. However, no pre-tax income was generated during the periods preceding June 30, 2011.  Pursuant to the Acquisition Agreement, all previous contractual arrangements between the Company and its affiliated entities and the agent were terminated.  The Company will continue to provide the agent with certain support services for its asset based trucking business and brokerage business through December 31, 2011.