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Holland | Central States Extends YRC’s $100M Debt till 2019

did not see a mention of interest or penalty. this payment if ever made will have a small fraction of the impact in 2019 on the fund that it would have had 10 years prior. whole deal will be a lost cause five years from now so who is going to notice anyways?
 
howlinwolf said:
did not see a mention of interest or penalty. this payment if ever made will have a small fraction of the impact in 2019 on the fund that it would have had 10 years prior. whole deal will be a lost cause five years from now so who is going to notice anyways?
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All Retiree's and Future Retiree's will not just notice but they will also feel the effects. IMO Central States Pension Fund trustee's, the IBT (TEAMSTERS), AND THE COMPANY'S SHOULD BE HELD ACCOUNTABLE AND RESPONSIBLE FOR THEIR DECISIONS REGARDING PENSION'S FUND FINANCE'S.
 
wongway said:
very sad that this money will be gone forever, YRC will never ever pay it back !!
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Not true! In the event of a bankruptcy, Employees get paid first BEFORE any creditors and that includes the pension fund. So money from the sale of assets will go to 1) wages, 2) pension, 3) workers compensation claims, 4) creditors. In that order. Per federal law.
 
Snark Monkey said:
Not true! In the event of a bankruptcy, Employees get paid first BEFORE any creditors and that includes the pension fund. So money from the sale of assets will go to 1) wages, 2) pension, 3) workers compensation claims, 4) creditors. In that order. Per federal law.
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Thats great if they had any assets!!!
 
Snark Monkey said:
Not true! In the event of a bankruptcy, Employees get paid first BEFORE any creditors and that includes the pension fund. So money from the sale of assets will go to 1) wages, 2) pension, 3) workers compensation claims, 4) creditors. In that order. Per federal law.
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agree thats a good law , BUT if the assets have little value $$$ , what is left to be paid to us ?? think about the history here ,yrc has SOLD OFF most everything & just leases it back , so if you really look at what is left of any value $$$ old tractors ,old trailers ,old forklifts , a few old terminals , not much money to get in a bankruptcy ??? and this was the big picture plan sell everything off & spend the money on Bonuses & paying Zollars $7 million to quit ??? this is pretty much how these crooked companies do this !!!
 
Snark Monkey said:
Not true! In the event of a bankruptcy, Employees get paid first BEFORE any creditors and that includes the pension fund. So money from the sale of assets will go to 1) wages, 2) pension, 3) workers compensation claims, 4) creditors. In that order. Per federal law.
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I hope your right if it came to that.
But i believe the federal law also states about what state the bankruptcy is filed in. I drove for Hyman Frt, they filed bankruptcy in 1997 in Minn. The employees got a small percentage of our final pay after the big shot lawyers,and creditors and tire shop.fuel office equip. all of it that they owed on qot paid for 1st. then we got ours
Came down to we got something like 10 cents on the dollar.
There are Hyman employees there they should remember, same as N.W. Preston, and more.
Maybe the laws changed and im wrong but in 1997 i am right, It happened to me
Lets hope we dont have to find out.
 
blaze said:
I hope your right if it came to that.
But i believe the federal law also states about what state the bankruptcy is filed in. I drove for Hyman Frt, they filed bankruptcy in 1997 in Minn. The employees got a small percentage of our final pay after the big shot lawyers,and creditors and tire shop.fuel office equip. all of it that they owed on qot paid for 1st. then we got ours
Came down to we got something like 10 cents on the dollar.
There are Hyman employees there they should remember, same as N.W. Preston, and more.
Maybe the laws changed and im wrong but in 1997 i am right, It happened to me
Lets hope we dont have to find out.
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The secured creditors get their money first.Preferred stock holders (stock you and I can't
purchase) and corporate bond holders money is guaranteed by contract or collateral.I think
employees are next in line , before banks and shareholders of common stock ,which is
about worthless in bankruptcy.
 
I had the same thing happen back in 86 at a compny I worked for, got about ten percent after the lawyers were done and it took quite a number of years to get that.
blaze said:
I hope your right if it came to that.
But i believe the federal law also states about what state the bankruptcy is filed in. I drove for Hyman Frt, they filed bankruptcy in 1997 in Minn. The employees got a small percentage of our final pay after the big shot lawyers,and creditors and tire shop.fuel office equip. all of it that they owed on qot paid for 1st. then we got ours
Came down to we got something like 10 cents on the dollar.
There are Hyman employees there they should remember, same as N.W. Preston, and more.
Maybe the laws changed and im wrong but in 1997 i am right, It happened to me
Lets hope we dont have to find out.
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I'm thinking about cashing in my stock warrants from several years back. My fear is that if I do, they are so worthless, that the company gets my house and vehicles.
 
the5tolls said:
I had the same thing happen back in 86 at a compny I worked for, got about ten percent after the lawyers were done and it took quite a number of years to get that.
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That same thing happened to a company based in Michigan a few years back. The employees kept working without a paycheck trying to help the company survive and they ended up shutting down anyway. And the employees only ended up with 10% of what was owed to them. And after working several weeks without a paycheck, that loss ended up being pretty significant.
 
Snark Monkey said:
Not true! In the event of a bankruptcy, Employees get paid first BEFORE any creditors and that includes the pension fund. So money from the sale of assets will go to 1) wages, 2) pension, 3) workers compensation claims, 4) creditors. In that order. Per federal law.
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One minor correction lawyers get paid before anyone.
 
Can you give a reference for this? Not saying this isn't true, but I've always thought that bond holders are paid first. A lot of bankruptcies I've seen the employees are NEVER paid. they are last in line
Most creditors/banks are first in line per the judge.
 
skullcramp said:
Can you give a reference for this? Not saying this isn't true, but I've always thought that bond holders are paid first. A lot of bankruptcies I've seen the employees are NEVER paid. they are last in line
Most creditors/banks are first in line per the judge.
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If you go to the CF thread you can read about former employees getting checks for vacation, etc. Employees are paid first.
 
With all due respect snark, I disagree. I know that when Alvan shut down, they only got the scraps that was left over once the big bills got paid. The employees only got 10% of the wages that were owed to them. Just sayin'.
 
Snark Monkey said:
If you go to the CF thread you can read about former employees getting checks for vacation, etc. Employees are paid first.
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You seem to think that you have this as fact. I learned a couple decades ago, to not believe what I hear on the cb. So until you provide us with a credible link, I'm going with a few FACTUAL examples that have been explained on here.
Note: the CF forum or website is NOT a credible enough source. That is cb talk.
 
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