Letter to Jeffrey Schwartz, Managing Partner and CEO of Corbel Capital Partners - NEWS: Sanders, Colleagues Call on Corbel CEO Jeffrey Schwartz to Provide Severance Pay for Laid-Off LandAir Workers

Letter

Dear Mr. Schwartz:

We write to you today regarding the recent unexpected closure of LandAir, based in Williston,
Vermont and acquired by your company, Corbel Capital Partners, in 2018. We are concerned about
the nature of LandAir's closure of 11 worksites and layoffs of nearly 450 workers across our states.

By all accounts, workers were blindsided by the closure. First, nighttime drivers were laid off
without warning. When other employees raised concerns with management about job security,
they were told not to worry and that the firm was going through a "restructuring." On the morning
of July 5, employees were unable to log into their computers and drivers were notified the company
would not be making pickups. Later that day, workers were told via Zoom that they no longer had
jobs and that all operations would be wound down by the end of the week.

This closure had and continues to have profound effects on workers and the Syracuse, Pittsfield,
Windsor, Londonderry, Williston, South Easton, Scarborough, Springfield, Albany, Tonawanda,
and Hooksett communities, costing many their jobs, insurance coverage, and financial stability.

We understand the nature of business. There are difficult points where businesses have done
everything they can, and economic viability is simply not possible. However, that is rarely the case
for those run by private equity firms like yours. Your business model has a track record of buying
up family-run businesses like LandAir, loading them up with debt, then leaving out the back door,
making out like bandits while workers and communities pay the price. According to bankruptcy
filings filed in July, LandAir has amassed nearly $50 million in debt, including nearly $34 million
owed to your firm.

What is perhaps most concerning about this closure is your flagrant disregard for your obligations
to workers under the law. Under the Worker Adjustment and Retraining Notification Act at the
Federal level and several similar laws at the state level, LandAir was required to issue notice to
employees at least 45 days before the complete closure of a worksite. Yet LandAir failed to give
workers or states any notice of the closure.

It is clear to us that you will do everything in your power to maximize your revenues for your
executives and investors, with no regard for your employees or countless businesses that will be
harmed by your bankruptcy filing. Workers, local small businesses, and our communities deserve
better. When you acquired LandAir, you also acquired its obligations and responsibilities to its
workers. There must be no get out of jail free card.

Corbel manages a portfolio worth $1 billion and has conducted $8 billion in deals. Let's be clear:
you have every penny at your fingertips needed to ensure these workers are taken care of.

We are requesting that you immediately make affected employees whole by providing them
severance pay for the entire period of notification that they should have been given. Further, you
should immediately comply with information requests from Federal, state, and local agencies
regarding this closure.

We appreciate your immediate attention to this matter.

Sincerely