2.4.0.8060900 - Disclosure - Subsequent Eventstruefalsefalse1falsefalsefalsec20130101to20130630http://www.sec.gov/CIK0000039273duration2013-01-01T00:00:002013-06-30T00:00:001true1us-gaap_SubsequentEventsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_SubsequentEventsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalselabel1falsefalsefalse00<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', serif; font-size: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">9.   </font> <font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;"><u>Subsequent Events</u></font></div><div><br /></div><div style="text-align: left; margin-top: 4.5pt; font-family: 'Times New Roman', serif; font-size: 10pt;"> <font style="font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Agreement and Plan of Merger with Duff Brothers Capital Corporation</u></font></div><div style="text-align: left; margin-top: 4.5pt; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">On July 12, 2013, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Duff Brothers Capital Corporation ("Parent"), and Duff Brothers Subsidiary, Inc., a direct, wholly owned subsidiary of Parent ("Merger Sub").  Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Parent has commenced a tender offer (the "Offer") to acquire all of the outstanding shares of common stock, par value $1.50 per share, of the Company (the "Common Stock") not already owned by Parent or its affiliates at a purchase price of $2.10 per share, net to the seller thereof in cash (the "Offer Price"), without interest and subject to any required withholding of taxes.</div><div style="text-align: left; margin-top: 4.5pt; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">The Merger Agreement provides that after consummation of the Offer, and subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the "Merger") and the Company will become an indirect, wholly-owned subsidiary of Parent. In the Merger, each outstanding share of Company Common Stock that was not tendered pursuant to the Offer (other than shares of Common Stock owned by the Company, Parent or Merger Sub or any of their affiliates or shares held by shareholders who properly demand appraisal) will be converted into the right to receive cash in an amount equal to the Offer Price.</div><div style="text-align: left; margin-top: 4.5pt; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">All outstanding non-vested shares under the Company's restricted stock plans will be permitted to tender into the Offer. All restricted stock awards, whether or not tendered into the Offer, will automatically accelerate and vest immediately prior to the offer acceptance time. All performance-based restricted stock awards were cancelled immediately prior to entering into the Merger Agreement. Any outstanding stock options with an exercise price greater than or equal to the Offer Price will be cancelled at the effective time of the Merger. All outstanding stock options are anticipated to be cancelled.</div><div style="text-align: left; margin-top: 13.5pt; font-family: 'Times New Roman', serif; font-size: 10pt;"><u>Fourth Amendment to Loan and Security Agreement</u></div><div style="text-align: left; margin-top: 4.5pt; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">On July 12, 2013, FFE Transportation Services, Inc., Lisa Motor Lines, Inc., Conwell Corporation, and FFE Logistics, Inc. (the "Borrowers"), and the Company and certain of its subsidiaries (the "Guarantors"), executed the Fourth Amendment (the "Credit Agreement Amendment") to the Company's secured committed credit facility (as amended, the "Credit Agreement").</div><div style="text-align: left; margin-top: 4.5pt; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 10pt;">Under the Credit Agreement, the Company was required to meet a minimum fixed charge coverage ratio if the borrowing availability fell below $7 million at any point in time. The Credit Agreement Amendment amends the Credit Agreement such that the Company must meet a minimum fixed charge coverage ratio if (i) as of any date from the closing date of the Credit Agreement through and including September 30, 2013, the availability is less than $6 million for a period of three consecutive days or is less than $5.5 million for any day; (ii) as of any date from October 1, 2013 through and including December 31, 2013, the availability is less than $7 million for a period of three consecutive days or is less than $6.5 million for any day; (iii) as of any date from January 1, 2014 through and including March 31, 2014 the availability is less than $9 million; or (iv) as of any date on or after April 1, 2014, the availability is less than $10 million. Each availability amount is subject to certain adjustments related to the sale of real estate by the Borrowers.</div><div style="margin-top: 4.5pt;"><br /></div></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.No definition available.false0falseSubsequent EventsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://ffeinc.com/role/SubsequentEvents12