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XPO | Looks like YRC gonna vote on 5% cut...

YRCW is facing a serious financial crisis as it is reportedly burning through its free cash flow at a rapid pace. It is reported that at the current rate of working capital usage, the logistics company could run out of
cash by the third quarter of 2009 and file for bankruptcy.
This would be in September. The monetization of real estate assets is a part of company’s ongoing financial strategy to weather the economic recession and enhances its liquidity position.
The Company also faces $2 billion in pension payments in the next four years under a multi‐employer plan. The reason to burn all the cash ASAP is so they can qualify to file for Bankruptcy, otherwise it will be denied by the Court.
They are now three companies under one name YRC, Roadway and USF, they only have enough freight to keep two companies going, so they have been closing USF terminals left and right, putting all the blame on poor USF, when Yellow bought USF, for the next two years their revenue increased by 1 billion dollars a years until they put their hands on the internal operations of USF and screwed up USF operations, killing the goose that laid the golden eggs, instead of just leaving it alone. C'mon.
 
WOLFMAN said:
:ranting2:::shit:::nutkick:i have never seen any freight company give back anything they have taken away. xgo is not about to give us any 401k or wage cuts back , they don`t have too. they will give themselves a bonus for achieving such great profits . because they have contractes that spell it out. as for yrc the combining the two companies together only left freightset and cause both companies mag busks because it wasn`t thought out properly before they did it. just like our company mangement will choke the goose that lays the golden egg. hell we`ve got their chief finianical officer as part of our top team.
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You are 100% correct Wolfman!!!! All the only thing our great leaders is concerned with is how much they can put in their own pockets. I was talking to the I.R.S. and they told me that there were things that XGO did and are doing that is illegal. They told me that if someone would press the issues that XGO would be in trouble. The way they took the Stock for themselves just before they cut the 5% and our 401k , and pension is a issue with the I.R.S. as well as the SEC . What they did was manipulating the market as well as insider trading. The 401k and pension side of the I.R.S. told me this. The BOD and XGO is no better than the AIG bunch or the Politicians in D.C.:ranting2:
 
Gunner wasn't the pensions for long term employees frozen 2 years ago? I think there are some that will press the issue from what I've read on the board. Besides, if they are saying at the I.R.S. that this is illegal then why should someone press the issue? Aren't they there to keep people from crossing the lines?
 
TiredDvrsWife said:
Gunner wasn't the pensions for long term employees frozen 2 years ago? I think there are some that will press the issue from what I've read on the board. Besides, if they are saying at the I.R.S. that this is illegal then why should someone press the issue? Aren't they there to keep people from crossing the lines?
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We were told in 2006 that our pension would be froze in 5 years. Instead they froze it in this last March. Also when they took the Stock for themselves just before cutting our pay and our 401k they told be should be investigated because when they did this they were manipulating our stock while they themselves would personally benefit from it. They told me that's INSIDER TRADING at it's best. It is a matter for the I.R.S. because they deal with 401k's , retirement and pensions. It is a matter of interest for the S.E.C. because they enforce the laws about the Stock Market. The I.R.S. told me that there are so many companies that needs investigating that unless a formal complaint is made they won't look into it.
There other things that we talked about that I can't get into or it would point out who I am to XGO. They might figure it out the way it is.
 
Carnifex said:
If this is legit, why aren't you filing a formal complaint?
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diesel dummy said:
Don't have any balls
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Evidently you two haven't files things against XGO and been successful. I have!!! Doing things right takes time drivers. You can't be successful and be in a hurry when it comes to dealing with the Feds and doing it in a way that you remain anonymous and not loose your job. There are several people in the last few years that has taken them to task with the Feds and won. Might take a year or so for everything to come out in the wash but it WILL be investigated and if the IRS was telling me right , the :shit:will hit the fan . BUT it takes TIME!!!
 
Don't count me with diesel dummy, ok? Lol. I was asking an actual question.

So do you intend to push this? Or are you thinking it will take care of itself?
 
soxnation78 said:
Lastly, like them or not, Con Way leaders are much SMARTER than YRC leaders and we will have jobs when this recession is over because of them.
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Our leaders are not as smart as you think they are. They have made some real bonehead decisions. Yes YRC is in trouble .. we dont need to be "kicking sand in their face" because the shoe could be on the other foot six months down the road .. karma is a bltch
 
Mike Varnco said:
Well, YRC is causing alot of these problems by the huge discounts they are giving across the board to their customers.
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222lifer said:
Where did you obtain this information? The only discounts I am aware of is to core customers that have already received discounts from YRC competitors in an effort to secure YRC accounts and drive them out of business.
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He is just another guy who thinks he has an idea of what is going on .. he is bouncing around on a few of the LTL forums on here stirring it up .. just ignore him lifer .. he wont answer
 
Wow... YRC is not CAUSING problems with discounts... they have simply been responding to the market place... there are quite a few companies that are capatilizing on a bad situation and taking aim at anything they can to push YRC further down....

and it is working.

I am a YRC person... non-union... got laid off March 1 with the big change over... then rehired into a different position... and am currently looking for my way out... I won't be fiddling as the city burns.
 
gnice182 said:
Conway employees should be getting their 5 percent back if the company posts a 2nd quarter profit. Please be aware that the only reason that Conway is hiring so many people is because the hours are going to be cut back. Its not that there is so much freight, more people less hours, no benefits, its just like when my kid applied to a job at the mall, hired right away, benefits after 40 hours, they also hired 30 other kids, she ended up working 15 hours a week with no benefits, now do you understand, also please understand that if yrc takes this pay cut and its voted on they are saving over 43 million a month, thats a lot of change, I would start to worry about Conway instead of YRC, they might be in a better position than Conway after this year. Also your not suppose to be talking union on this board!!!!
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this job isnt at the mall....and its actually cheaper for the company to pay overtime than hire another driver with benefits....its doesnt matter if i work 10 hrs or 60 hrs they still pay the benefits...and every driver they have hired at my terminal are getting plenty of hours and the other drivers havent lost anything...also at my terminal the frieght volumes have gone up 20% inbound and outbound:clap::clap:
 
wonderring99 said:
Our leaders are not as smart as you think they are. They have made some real bonehead decisions. Yes YRC is in trouble .. we dont need to be "kicking sand in their face" because the shoe could be on the other foot six months down the road .. karma is a bltch
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OK so maybe you misunderstood what I said. I said they were SMARTER:clap: not genius! Hindsight is 20/20 and i'm pretty sure every CEO in every company has made some mistakes or bad decisions. But who knows, maybe you've never made a bad decision and your perfect. If that's the case then go ahead and burn our leaders from the stakes. If not, then cut them a little slack and realize they are not trying to destroy this company or your job. They are doing everything they THINK is right so that we all have jobs in 6 months. Some people actually believe that Zollars is trying to destroy YRC to prove a point to a certain group of workers (can't say it on this board). I doubt that is true, but i'm pretty sure our upper management isn't trying to hurt YOU:nutkick:
 
good

Mike Varnco said:
Well, YRC is causing alot of these problems by the huge discounts they are giving across the board to their customers. They can do this due to the sheer volume of freight they haul...about 25% of the total LTL market.

So on one hand, they're hauling all this freight for peanuts to protect their market share and on the other they're deeply in debt. They can't raise rates, they can't generate enough cash flow to pay their enormous debts, so now they go to their employees for wage cuts and pension deferments!!!!! :Flame-On:

I'm sorry but YRC needs to GO AWAY, they are nothing but a cancer in the LTL market. Even if they get these concessions, it just buys them more time is all and in the meantime, they are killing the LTL market for the rest of the healthy players and pushing down the rates for all workingmen. I don't wish to see people out of work, but if YRC goes under that 25% market share will be spread around to the rest of the LTL's and most of these guys can get jobs for close to what they got with YRC. Since the average age of YRC drivers is 60, alot of those guys will be retiring or close to it.

So then we'll see profits go up for all LTL's, healthy rate increases, freight being hauled profitably, and raises instead of wage cuts and 401k freeze. I don't buy the argument that YRC sets the wages in LTL...the Teamsters do. So any LTL carrier will still have to risk guys signing cards if they try and cut rates further...but why would they if profits start coming back to the sector?
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Great post, Good answer,some won 't like it though.....
 
At the top of their game, they had 24.8% market share, and most agree it has fallen below 20% over the past 8 months...YRC's own indicators say their tonnage is down between 35-40% year over year...I am sticking by my earlier prediction that they will survive ONLY by shrinking at this point...if they contract from 450 to 350 facilities, I give them a chance..If not, they will not be able to generate the revenue to offset the enormous fixed costs that remain...

This is all about the economy, and those looking for some miracle recovery better get their butts to church and ask the good lord for one..The economy continues to shrink, even the idiot in the white house admitted the other day that many of the jobs lost in the last 8 months are never coming back..

YRC cannot exist in this "new" economy at their current size...I don't know their plans, like everyone else I just watch as they go through these motions to survive..But their plans now have to include a "drastic" measure if they are going to start showing results on the + side...I think it is a "quick shrink"...
 
Yrc

pineapple said:
Thanks! (I'm YRC). I'm sure some Conway, OD, Fed-Ex, etc employees hope we go down, so you all can start hauling the freight we used to haul, and get more hours, etc. Whether or not you like Unions, I hope all the nons out there realize that if we take another pay cut and benefit reduction, that it will quickly filter down to your wages and benefits. I hope we're not in a race to the bottom for the working man, but it kinda looks like we are.
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:ranting2:No body at OD wants to see you go down!!:eck13:I know, 20yrs.with a company, out of work, been in the union for 20yrs., company( Jones Motor) did the same thing, came back after 7 yrs. non-union. Nobody wants to see anybody out of work, union companys keep wages up and benefits. I know V.I.P. from our company (OD) would like to see it, but not our drivers.:3dflagsdotcom_usa_2
 
Once a year at SEFL, we have safety meetings and mgmt also announces our raise and benefits changes. I distinctly when they tell us how much the raise is they say " And we are proud to give you this raise and we are happy it keeps up with the union wages and non union wages at other companys so we can retain employees".
So anyone with any common sense doesn't want the YRC to go down, I know I don't...
 
soxnation78 said:
OK so maybe you misunderstood what I said. I said they were SMARTER:clap: not genius! Hindsight is 20/20 and i'm pretty sure every CEO in every company has made some mistakes or bad decisions. But who knows, maybe you've never made a bad decision and your perfect. If that's the case then go ahead and burn our leaders from the stakes. If not, then cut them a little slack and realize they are not trying to destroy this company or your job. They are doing everything they THINK is right so that we all have jobs in 6 months. Some people actually believe that Zollars is trying to destroy YRC to prove a point to a certain group of workers (can't say it on this board). I doubt that is true, but i'm pretty sure our upper management isn't trying to hurt YOU:nutkick:
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I have burned Dave Miller on here more than once about decisions he has made. Dont drag my decision making into this when you were talking about management. I have cut them alot of slack here as of late because of the economy taking a dump. Before the economy took a crap they spent and spent and spent and WE ALL had wages taken away because of POOR decisions that were made by the UPPER level management. I FULLY understood your post. I dont have millions of dollars to spend so comparing my decision making to there decision making is absolutely stupid.
 
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