OMAHA, Neb. - The Haslam family, known for their ownership of the Cleveland Browns and the Pilot Travel Centers truck stop chain, has filed a lawsuit against Warren Buffett and his conglomerate, Berkshire Hathaway. The lawsuit alleges that Berkshire is attempting to artificially suppress the price for the Haslam family's remaining 20% stake in Pilot, which was founded by Jim Haslam.

Since 2017, Berkshire Hathaway has already paid close to $11 billion to acquire 80% of Pilot. However, this year, after gaining control of the company, Berkshire implemented changes in accounting practices that allegedly resulted in the artificial depression of Pilot's reported earnings. The lawsuit claims that these diminished earnings are being used to justify a significantly lower purchase price for the Haslam family's remaining stake, as agreed upon in 2017.

The Haslam family, which includes Jimmy Haslam, owner of the Cleveland Browns, and former Tennessee Governor Bill Haslam, has stated that Berkshire's accounting change is an attempt to grossly underpay them for their 20% interest in Pilot. However, specific figures regarding the potential loss have been redacted from the lawsuit.

Both the Haslam family and Berkshire Hathaway have declined to comment further on the ongoing legal dispute. Buffett, the renowned investor, did not respond to questions regarding the matter.

Pilot's Chief Legal Counsel, Kristin Seabrook, made it clear that this dispute does not affect the day-to-day operations of the truck stop chain, emphasizing that the disagreement is limited to a narrow issue between the owners.

Berkshire Hathaway, which is known for its hands-off approach with its acquired businesses, has enjoyed a boost in revenue and profits following its acquisition of Pilot this year. The decision to implement "pushdown accounting" resulted in higher depreciation and amortization costs for Pilot, leading to lower net income, according to the lawsuit.

Despite the Haslam family's attempts to prevent the accounting change during Pilot board meetings, they were outvoted by the five Berkshire members on the board. The elder Haslam then appealed directly to Warren Buffett himself, but the lawsuit claims that the revered investor simply reiterated Berkshire's commitment to adhere to the terms of the 2017 contract.

In 2017, Berkshire initially purchased a 38.6% stake in Pilot for $2.758 billion, before increasing its ownership to 80% this year with an additional investment of $8.2 billion. Buffett expressed his regret at not being able to acquire the entire company in 2017, as the price was more favorable then. However, the Haslam family was not willing to sell their entire stake at that time.

The Haslam family has requested court intervention to revert Pilot to its previous accounting method before making a decision about selling their remaining stake, which they have the option to do once a year. The court has yet to respond to the request, but the decision is expected to be made early next year.

This legal dispute between the Haslam family and Berkshire Hathaway adds a new chapter to the ongoing saga surrounding the future ownership and valuation of the Pilot Travel Centers truck stop chain. Could this disagreement impact the Haslam's decision to sell their remaining 20% stake to Berkshire? Only time will tell as the legal battle unfolds.