🎣 SAM Express Under Investigation

Good Monday morning. A fatal Indiana crash has widened into a federal investigation naming Sam Express, related carriers, and a CDL training school.

Plus:

• XPO & Hub Group Earnings
• Paladin Capital Files Chapter 11
• Mexico Truckers Win Union Rights

🍳 What's Cookin' In Freight

📦 XPO & Hub Group: Execution vs. Uncertainty. Q4 2025 earnings from XPO and Hub Group show a widening gap in execution across large players. XPO reported improved margins and cost discipline despite softer volumes, pointing to productivity gains and tighter network control as demand stays choppy. Management emphasized execution over growth as customers remain cautious. Hub Group’s earnings narrative shifted after the company disclosed a $77 million understatement in purchased transportation expenses tied to the first three quarters of 2025. Shares fell 19%. Hub delayed fourth-quarter and full-year reporting and said it plans to restate 2025 financials.

💥 Paladin Capital’s Trucking Bet Unravels. Paladin Capital filed for Chapter 11 after its trucking-heavy portfolio collapsed under prolonged freight weakness and mounting financial pressure. Court filings show Paladin owns 100% equity in more than 20 operating subsidiaries, including Robert Bearden Inc. and the Quickway Transportation family, both of which filed separate Chapter 11 cases following shutdowns, driver layoffs, and equipment returns, according to FreightWaves. Paladin cited weak freight demand, rising insurance and equipment costs, and liquidity strain after accident-related insurance claims triggered draws on letters of credit, pushing the firm into default under a credit facility with Truist Bank. The firm employed roughly 912 workers at filing and plans Section 363 sales of individual units.

🚛 Mexican Truckers Win Union Rights. Mexican truck drivers have secured formal union rights after years of intimidation, firings, and stalled labor recognition — a ruling with implications beyond Mexico’s borders. The decision strengthens collective bargaining protections for drivers operating in and around cross-border trade corridors, a critical link in U.S.–Mexico supply chains. Analysts say it could raise labor standards but also introduce new cost and negotiation dynamics for cross-border carriers.

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SAM Express Investigation Widens

Federal officials say they’ve expanded a probe tied to a fatal Feb. 3 crash in Indiana, and named AJ Partners, Sam Express, and a CDL training school as part of the inquiry.

The moment is bigger than one carrier. It’s also fueling a fast-growing narrative: unsafe roads, weak oversight, and “chameleon carrier” networks that can keep operating even after red flags surface.