Jerry Moyes, owner of Phoenix-based truckload conglomerate Swift Transportation, has purchased an additional $2.1 million worth of stock in Simon Transportation Services Inc. This purchase of series II preferred stock issued by Simon follows a $6.7-million investment in Series I preferred stock on June 30, 2001.
The stock deal follows from financial assistance Moyes provided Simon for equipment purchases and other corporate needs, said Jon Isaccson, Simon’s CEO. On September 30, Simon agreed to convert the $2.1 million outstanding loan into 130,000 shares of Series II stock priced at $16 per share.
Simon Transportation is a truckload carrier providing nationwide temperature-controlled transportation services for a variety of shippers.
