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Yellow | Bancruptcy On The Horizon

DETrob said:
J.B. Hunt is also struggling to find freight to keep drivers moving. My miles here at J.B. went from 2100 a week to 800 a week.
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Funny you should say that..They called me yesterday wanting to know if I wanted a job...I can't figure out how they got my number
 
sirduckjr said:
I would give up any future rights to draw a pension from central states if 10-20% of the money that has been paid into the pension in my name was used to purchase the distressed debt on YRC.
They have currently 1.4 billion in debt, and much of this debt could be purchased at significant discount (over 50%) because the banks don't think they can get home on this debt.
This debt would act essentially as a bond and I would recieve interest on the principle until its maturity date when I turn sixty years old.
The other very important issue goes to the 13k withheld in my name that goes to the pension. Since I don't get to recieve future pension funds, I should be able to get 3k while the other 10k would go into the fund until the current contract expires in 4 years.
At that point, Multiemployer pension is closed. The remaining partipants get what they get from what is in the plan based on a fair mathmatical formula.
A small legacy fee could be attached to all future contracts that would continue to contribute to the pension fund but the amount would have to be very small, like 1k.
The best thing about this would be the ability of the teamsters to finally go out and organize because the withdrawl liability excuse would be eliminated.
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what are you,a banker? how about those of us in the west that dont have all these pension problems? we in the west have a much higher cost of living but make the same money you all do in the central states. its seems very easy to just keep cuttin for the rest of the country but at what point do we say we are worth more than what we are getting? why sell ourselves short?
 
teamo 70 said:
what are you,a banker? how about those of us in the west that dont have all these pension problems? we in the west have a much higher cost of living but make the same money you all do in the central states. its seems very easy to just keep cuttin for the rest of the country but at what point do we say we are worth more than what we are getting? why sell ourselves short?
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No doubt our brothers in the west and also those in the northeast have to pay much more for there standard of living.

These differences don't really matter much considering YRC is very close to going out of business. They reported a $242 million dollar lost in the 4th quarter. For the year, they lost a little more than a billion dollars.

Our economy is going through a once in a lifetime event. Major contraction is taking place. When we get to the bottom of this cycle, YRC will be a freight company with combined revenues between 5 to 6 billion dollars. That assumes we survive.

The banks are the only ones who will determine if we live another day. Why would they want to continue to feed capital to a company that lost 1 billion dollars?

We have about 1.4 billion dollars in debt. This debt could be purchased at significant discount considering the poor shape the company is in. This debt could be held by current employees for the long term so the company only has to service the interest while it survives this monsterous financial downturn. The only place to get the capital to pay for such a transaction would be from fellow teamsters such as my self who have at least five years in the pension but won't retire for many years. I would be lucky to a see a dollar out of the pension eventhough over 100k has been paid into the pension in my name. Let me draw 20k out of the pension which then lessons the pension obligation (because I agree by taking said funds that I am not entitled to pension benefits) and put the 20k to work by purchasing YRC bonds at .40 cents on the dollar.

Reducing this debt from 1.4 billion to the range of 700 million is very possible under the above example. The interest expense would be about 35 million at five percent. Since our bonds got downgraded by moody and standard and poor, YRC is paying a much higher rate on the money they borrow.

BTW, the west pension is in much better shape than central states, but I have been advised by folks that know these things that your pension will fail (you will not recieve your full benefit but a greatly reduced benefit) if YRC goes down also.

So the point is that YRC must continue to have life and then we, The teamsters must fix our problems, ...i.e. the pension.

The multiemployer pension plan is doomed for failure.
 
There are still too many special project managers running around Yellow. They are always wigged out about numbers and not the customer and doing what is right. Why aren't more of managers being laid off? I know of at least 5 that could be laid off and it would have saved the company at least $300,000.
 
I think we should dump the pension management team who have consistently lost money for Central States. I've previously said I think we should buy YRCW.
 
You guys are all a bunch of hypocrites! If you came home and found Darla laying on your bed, you'd be the first ones dropping your pants!
 
wolf said:
Man I came up with 3 different insults real quick. Decided some things are better left unsaid. :biglaugh: :roll1: :Poke:
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Same here Wolf, I'm staying outta this one!:smilie_132: But......OHHHhhhhh...I COULD say something.....hahaha
 
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