my lazyboy
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Amen, I agree. YRC won't stop there.
I have said it before and I'll say it again. YRC can't manage a ice cream stand, let alone a trucking company!!
ABF | Abf is asked to give back
- Thread starter leftyblack
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Amen, I agree. YRC won't stop there.
I have said it before and I'll say it again. YRC can't manage a ice cream stand, let alone a trucking company!!
joshracing11
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Bad Math
Big Steve,
As interesting as your post was, Mr. Birkenmeier was having a little bit of trouble with his math. If you divide $85 billion by 200 million, it would give us all a whopping $425. Not $425,000. HUGE difference. But then, bad economic math seems to be an epidemic these days.
Big Steve,
As interesting as your post was, Mr. Birkenmeier was having a little bit of trouble with his math. If you divide $85 billion by 200 million, it would give us all a whopping $425. Not $425,000. HUGE difference. But then, bad economic math seems to be an epidemic these days.
redkraytdragon
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Ok I have a question. My steward told me that we (ABF employees/teamsters) will be asked to vote on the upcoming concession. That surely does not mean that we will be asked to vote on the YRC wage concession does it? That doesn't make any sense...why would ABF employees be asked to vote on another company's wage concession? Who EXACTLY (which teamsters) are going to be voting on this? The way I understand it is that ABF has not yet asked for a wage concession, but they WILL if the YRC deal goes through, and THEN we will be asked to vote. This does not mean that if the wage concession gets approved for YRC that ABF is automatically included in this, does it? Does anyone know the answer to this?
it sounded good though
i guess the old adage rings true
"if it sounds too good to be true then it really is too good to be true"
besides that many zeroes can confuse anyone:TR10driving03:
my appologies
joshracing11
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No Need to apologize.
I just get tired of people writing things and passing them off as true. You hadn't done the math, but surely T. J. had. Don't get me wrong, I'm not saying I'm a fan of the AIG bailout or anything else, I'm just saying we would all be better off if people quit trying to pass off total B.S. as truth just to get people stirred up.
Good luck out there and stay safe.
I just get tired of people writing things and passing them off as true. You hadn't done the math, but surely T. J. had. Don't get me wrong, I'm not saying I'm a fan of the AIG bailout or anything else, I'm just saying we would all be better off if people quit trying to pass off total B.S. as truth just to get people stirred up.
Good luck out there and stay safe.
HAHA...The first thing I did was the math, it sounded too good to be true, the first thing that I thought was " I have not paid $425,000 in taxes" so I did the math and started laughing. I have heard the same figures repeated at work and corrected them too.
sorry for the distraction
back to the yrc "bailout"
after reading the synopsis of the deal reached with the IBT i can make only one statement
circa 2007 / 2008:
hoffa negotiates and gets the membership to ratify "the best contract ever" overwhelmingly
now the coin flips over
circa end of 2008:
after a mere 7 months of "enjoying" "the best contract ever" hoffa negotiates
"the best giveback ever"
several thoughts if i may
1- things really must be bad or...
2- the company's greed along with the IBT's stupidity are at an all time high to offer stock options that will not allow you to recover your "donation" if the company rebounds
even when the likes of Ryder/PIE, Transcon and the rest were issuing worthless stock in exchange, it was possible to recover the "donations" if the company rebounded
if anything, one could at least hope for to recover their "donations"
not here though, the best that could occur is that you recover only a small part of it when the company rebounds
something is wrong with that picture
3- management does not share the burden
4- we are as gullible as the powers to be think we are,
actually the truth is, we are not usually, but the problem is, many guys are being scared into being gullible
at this point only one thing comes to mind
the IBT has to get their heads out of their asses before sitting down with any employer or otherwise we get sucked in also
i don't know about anyone else but the stench is too great as i can smell it from here
interesting side thought that many of us abf'ers as well as new penn'ers should consider
back in the day when givebacks were rampant, the companies that were not giving back fared very well
both abf and newpenn weathered that storm back then and in fact emerged stronger than ever
they were on an uneven playing field and did well in spite of it
they are still here for the most part and if not, they did not go out of business due to the other companies getting the giveback
if now these very same companies are crying about the competitive inequity
maybe they should use their lobbying power to bring back Regulatory practices.
last word
go cry to congress like everyone else as my shoulder is occupied with providing for my family and i have a clothespin on my nose
back to the yrc "bailout"
after reading the synopsis of the deal reached with the IBT i can make only one statement
circa 2007 / 2008:
hoffa negotiates and gets the membership to ratify "the best contract ever" overwhelmingly
now the coin flips over
circa end of 2008:
after a mere 7 months of "enjoying" "the best contract ever" hoffa negotiates
"the best giveback ever"
several thoughts if i may
1- things really must be bad or...
2- the company's greed along with the IBT's stupidity are at an all time high to offer stock options that will not allow you to recover your "donation" if the company rebounds
even when the likes of Ryder/PIE, Transcon and the rest were issuing worthless stock in exchange, it was possible to recover the "donations" if the company rebounded
if anything, one could at least hope for to recover their "donations"
not here though, the best that could occur is that you recover only a small part of it when the company rebounds
something is wrong with that picture
3- management does not share the burden
4- we are as gullible as the powers to be think we are,
actually the truth is, we are not usually, but the problem is, many guys are being scared into being gullible
at this point only one thing comes to mind
the IBT has to get their heads out of their asses before sitting down with any employer or otherwise we get sucked in also
i don't know about anyone else but the stench is too great as i can smell it from here
interesting side thought that many of us abf'ers as well as new penn'ers should consider
back in the day when givebacks were rampant, the companies that were not giving back fared very well
both abf and newpenn weathered that storm back then and in fact emerged stronger than ever
they were on an uneven playing field and did well in spite of it
they are still here for the most part and if not, they did not go out of business due to the other companies getting the giveback
if now these very same companies are crying about the competitive inequity
maybe they should use their lobbying power to bring back Regulatory practices.
last word
go cry to congress like everyone else as my shoulder is occupied with providing for my family and i have a clothespin on my nose
imported_Double barrel
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ABF will not seek a give back from IBT at this time.
mad trucker
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no
Wrong. ABF wants a give back. Just not the YRC plan. First I say no to a pay cut . Why ? ABF is financially secure . We are in the black unlike YRC. I will accept a freeze of pay for a year or two that is all. No pay cut.
Wes Kemp put out a memo on Friday 12-5 saying after reviewing the plan it is not in there best interest to go with the YRC plan. And they are drafting one up as we speak .
Why you ask? Did any one read the Summary of Economic Relief Plan at the teamsters web site? There is a section on stocks. Well here it is.
Third is the ability for those taking the 10 percent wage cut to have the opportunity to earn
some of that money back if the company’s stock appreciates. This comes in the form of
warrants. The company will issue warrants to purchase common stock to a trust in the
amount at or equal to 15 percent of the equity of YRCW(approximately 10 million shares).
Each warrant represents the right to purchase a share of YRCW common stock at a price
set by the closing price of the stock on the date the wage reductions go into effect, around
January 1, 2009. The trust can sell the stock (exercise the warrants) at some point after
January 1, 2010 with the hope to maximize recovery (sell price less the price of the stock on
the date wage reductions go into effect). (Section 9)
Now YRC stock is down but abf stock is up . This means if our stocks go up we get paid. And please don’t think that they wont want to change our health and retirement plans!! We are not YRC .
Wrong. ABF wants a give back. Just not the YRC plan. First I say no to a pay cut . Why ? ABF is financially secure . We are in the black unlike YRC. I will accept a freeze of pay for a year or two that is all. No pay cut.
Wes Kemp put out a memo on Friday 12-5 saying after reviewing the plan it is not in there best interest to go with the YRC plan. And they are drafting one up as we speak .
Why you ask? Did any one read the Summary of Economic Relief Plan at the teamsters web site? There is a section on stocks. Well here it is.
Third is the ability for those taking the 10 percent wage cut to have the opportunity to earn
some of that money back if the company’s stock appreciates. This comes in the form of
warrants. The company will issue warrants to purchase common stock to a trust in the
amount at or equal to 15 percent of the equity of YRCW(approximately 10 million shares).
Each warrant represents the right to purchase a share of YRCW common stock at a price
set by the closing price of the stock on the date the wage reductions go into effect, around
January 1, 2009. The trust can sell the stock (exercise the warrants) at some point after
January 1, 2010 with the hope to maximize recovery (sell price less the price of the stock on
the date wage reductions go into effect). (Section 9)
Now YRC stock is down but abf stock is up . This means if our stocks go up we get paid. And please don’t think that they wont want to change our health and retirement plans!! We are not YRC .
leftyblack
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Abf does in fact want and has asked for a give back!!!!!!! They however do not want the yrcw one because of the required 10% management cut & the stock option!!!! They have spoken not once but twice to the international....do not drink the kool -ade that abf is any different or we really are an abf family!!!!
newpenn107
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for the record, New Penn was never ruined. it's still a highly profitable carrier and highly attractive to anyone willing to put the dough up. hopefully Jr. can pressure ol' Dollar Bill into spinning us off. he needs the cash like right now but i highly doubt he's gonna get what he wants in terms of an asking price.
NewPenn is Ruined!! And I am voting NO.. NewPenn was debt free, profitable and owned all their buildings and equipment. They now own nothing!! its been mortgaged off to save yrc's ***! Right now NewPenn is only worth the name. I can not vote yes and give more money to yrc while I watch NewPenn destroyed. They will dissolve us like every company they ever bought! So, Why go to work everyday waiting for the hammer to fall? Let it fall right now.
20+ years at NewPenn....it was a good ride
NewPenn is Ruined!! And I am voting NO.. NewPenn was debt free, profitable and owned all their buildings and equipment. They now own nothing!! its been mortgaged off to save yrc's ***! Right now NewPenn is only worth the name. I can not vote yes and give more money to yrc while I watch NewPenn destroyed. They will dissolve us like every company they ever bought! So, Why go to work everyday waiting for the hammer to fall? Let it fall right now.
20+ years at NewPenn....it was a good ride
newpenn107
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Arnold logistics/NewPenn was purchased by Roadway for 475 million, then they sold Arnold back to Ed Arnold for 110 million. So the purchase of NewPenn was for 365 million. YRC would be lucky to get half of that for NewPenn now. Any buyer would first have to get all new penn's real estate out of hock
newpenn107
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I hope everyone realizes what a sales pitch the stock warrants are. Our ballots get counted on Dec. 30. If it passes, then the stock price will be driven up and our price for the stock trust will be higher because the price will be set by the market close on Dec. 31. A one dollar increase on that day will save YRC about $10 million—which means $10 million less for the Teamsters in the trust.
If you read the example that the IBT has given us about the stocks, they tell us about distributing the $70 million gain to the Teamsters in the fund. What they fail to tell us is that it will only be about $1,500 to each Teamster. That amount of money is less than 10% of the total amount of wage cuts over the remaining four years of our contract.
If you read the example that the IBT has given us about the stocks, they tell us about distributing the $70 million gain to the Teamsters in the fund. What they fail to tell us is that it will only be about $1,500 to each Teamster. That amount of money is less than 10% of the total amount of wage cuts over the remaining four years of our contract.
newpenn107
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I can understand the YRC guys voting yes. It's to save their company. But I do believe Newpenn is done in the near future. I hope I am wrong!! but I can't vote yes and give back money to the CEO's of YRC.
I predict a 80% yes vote by YRC and maybe a 60% yes by NewPenn. Our management told us yesterday that YRC said they will basically close NewPenn if we vote NO.. My opinion is they are closing us anyway yes or no wont matter
I predict a 80% yes vote by YRC and maybe a 60% yes by NewPenn. Our management told us yesterday that YRC said they will basically close NewPenn if we vote NO.. My opinion is they are closing us anyway yes or no wont matter
If what you say is true. Wouldn't a yes vote put more time and food on your table. Just a thought...
imported_Double barrel
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A no vote would make management work to save YRC. If the freight volume is only half of what it was last year, than YRC needs to adjust and make it a more economical.There will be jobs lossed at YRC,USF,and NEW Penn.
newpenn107
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Skeeter. a yes vote would put more time but less money in my pocket. But it would put more money into the hands of incompetent CEO's and YRC.
Double Barrel..I think a no vote by the Yellow, Roadway and Holland guys would close up YRC. The banks will force them to sell whatever needed to pay the loans. They wont have time to fix the mess they caused.
on a side note...isn't it funny how just this year they sign A golf pro to a 6 million dollar contract while they were losing money hand over fist??
Double Barrel..I think a no vote by the Yellow, Roadway and Holland guys would close up YRC. The banks will force them to sell whatever needed to pay the loans. They wont have time to fix the mess they caused.
on a side note...isn't it funny how just this year they sign A golf pro to a 6 million dollar contract while they were losing money hand over fist??
And you'll be working under are contract before long
Your post needs more information. Just what contract might that be? Your post doesn't make any sense to me since you would rather not say what your union affiliation is
About kb47
Location
pa
Occupation
move freight
Union affiliation
Rather Not Say
If you work for UPSF then I would think that you would be proud to post that you are union. If you work for a non union company then it is unlikely that you have any contract at all & I doubt that I will be working under it.