Discussion in 'ABF Freight System' started by Freightmaster1, Nov 3, 2016.
The "New corporate structure" looks like a shell game to me. The method by which they are going to get rid of ABF as a division of ArcBest is becoming clearer. Divert profits from the areas you want to starve out until you have squeezed them dry and since the corporation is segmented it becomes a much simpler task to cut them loose as a stand alone entity. The last straw will be when ArcBest has a division that purchases (with ABF monies) new equipment and leases it to ABF. That way when the stand alone ABF can't pay it's unfunded liability to the retirement plans, ABF can file bankruptcy and ArcBest can sail off into the sunset with even bigger and better golden parachutes (and still own all the equipment). This is merely my opinion and is only based on many years of experience seeing how corporations can operate when obligations to employees get in the way of profits. I hope I am wrong, but I fear I am not.
Notice they gave a .08 dividend on the stock to keep us from getting our 96.1 operating ratio. Pretty slick.
Ya nailed it. The pension fund cost's is exactly what they want to see go away. If their pension fund costs are 150 million a year & the cost of bankruptcy is a loss of 100 million a year for the next 5 years, they will do exactly like you say. Their stock or investment will recover & flourish within 2 to 4 years. A very smart business action.
They're about as moral....as our Union leadership seems to be.....All that's missing is ethics charges.
They've been whining about our pension costs since the Bob Davidson era,........when they proposed we all change to a defined-contrbution savings plan, instead of a pension.........
They're up to something.......and it ain't going to be good for us.....
We can only hope that Fred Zuckerman and his team has the guts and foresight to see "behind the curtain" .........and uses the power of the membership to slow down, at least ,.....whatever nefarious scheme they've got up their collective sleeve...
Separate names with a comma.