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Yellow | Concessions for YRC?

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silvertooth

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PRO: Common sense dictates that if the company spends less money on wages, benefits, and employee programs, they would have more free cash to operate, potentially securing the future of the company and consequently jobs for Teamsters.

CON: Concessions are a double bladed sword, and historically they never really fix anything more often than not they simply delay the inevitable and often lead to undesirable and unintended circumstances.


My opinion on the matter is if concessions are an order they need to come from the pension increases, not wages I believe there should exist a trigger event built in that would reverse concessions, attached to either the stock price tonnage or a combination of factors. The company should have some responsibility to sell off recent acquisitions as well. Just like the automakers if the company has no plan for recovery, and just issues a blanket request for cash I say NO WAY, but if they are interested in being creative and sacrificing themselves to secure the future of these companies, I am open to discussion on the subject.

Here's something I would agree to, all US non-union transportation assets of YRCW should be organized in two weeks time or be sold or closed and covered by the nearest Union facility. I would give $5 an hour to see that! $2.50 from pension and $2.50 from wages.
 
silvertooth said:
PRO: Common sense dictates that if the company spends less money on wages, benefits, and employee programs, they would have more free cash to operate, potentially securing the future of the company and consequently jobs for Teamsters.

CON: Concessions are a double bladed sword, and historically they never really fix anything more often than not they simply delay the inevitable and often lead to undesirable and unintended circumstances.


My opinion on the matter is if concessions are an order they need to come from the pension increases, not wages I believe there should exist a trigger event built in that would reverse concessions, attached to either the stock price tonnage or a combination of factors. The company should have some responsibility to sell off recent acquisitions as well. Just like the automakers if the company has no plan for recovery, and just issues a blanket request for cash I say NO WAY, but if they are interested in being creative and sacrificing themselves to secure the future of these companies, I am open to discussion on the subject.

Here's something I would agree to, all non-union transportation assets of YRCW should be organized in two weeks time or be sold or closed and covered by the nearest Union facility. I would give $5 an hour to see that! $2.50 from pension and $2.50 from wages.
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What will be interesting is to see if there is a mass exodus of retireable Teamsters taking the retirement checks and calling it a career. I know that since I am on layoff now, I do not look to go back. CF tried this 2 weeks prior to shutdown, only to call off the vote, then close down a week later. My $.02 worth.
 
I could be wrong but with the new pension laws would droping contribution rate put us into red zone status and benifit reductions? Seems we had to maintain 8% increase to keep current benifit.
 
wolf said:
I could be wrong but with the new pension laws would droping contribution rate put us into red zone status and benifit reductions? Seems we had to maintain 8% increase to keep current benifit.
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Wolf you got it, then whats next? and next next. next. next.

and who is going to post THE END on this forum:Poke:
 
What

They are asking for concessions and posting this at the same time! :chairshot:


YRC Worldwide Announces Plans to Commence Tender Offer for Senior NotesFurther Reduces Debt and Improves Earnings
OVERLAND PARK, Kan., Nov. 24 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW) today announced further plans to reduce debt and improve earnings by commencing a tender offer to purchase its 5% and 3.375% contingent convertible senior notes due 2023 and its 8.5% senior notes due 2010 for up to $100 million in cash. The company had previously drawn on its senior credit facility to fund the purchases.
Based on the set offer prices and assuming sufficient participation, the company expects to purchase at least $230 million principal amount of notes resulting in a total debt reduction of at least $130 million. To the extent the principal amount of the purchased notes is greater than the amount paid, the difference will be recognized as a gain on extinguishment of debt and included in the company's earnings before interest, taxes, depreciation and amortization (EBITDA) under the debt-to-EBITDA leverage ratio in the company's credit agreement.
"This is another proactive measure that we are taking to reduce our debt and improve our earnings," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "Given the deteriorating economic environment, we have implemented a comprehensive program to improve our competitive position, increase our profitability and enhance our financial condition."
Other components of the company's plan include the continued successful integration of Yellow Transportation and Roadway, sales of excess real estate, sales and leasebacks of real estate and significant cost reduction actions.
The tender offer is expected to officially launch on Tuesday, November 25, 2008, and will include further details relevant to the note holders.

I am so confussed?:wtflol:
 
wolf said:
I could be wrong but with the new pension laws would droping contribution rate put us into red zone status and benifit reductions? Seems we had to maintain 8% increase to keep current benifit.
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True of Central States. This fund is so far gone, a year ago the Teamsters allowed UPS, the single largest contributor to pull out of the fund, it is top Heavy and benefit reductions are inevitable. But the company and the Teamsters will agree against working members best interests to keep the contributions at there current levels and focus all concessions on wages. Fortunately the http://www.pbgc.gov/ may secure benefits for members of this fund. I do believe that liability from this fund is one of YRCW's biggest obstacles, as they are the single largest contributor by a long shot allowing UPS to pull from this fund was a huge f-u to all of us specifically YRCW employees.
 
silvertooth said:
True of Central States. This fund is so far gone, a year ago the Teamsters allowed UPS, the single largest contributor to pull out of the fund, it is top Heavy and benefit reductions are inevitable. But the company and the Teamsters will agree against working members best interests to keep the contributions at there current levels and focus all concessions on wages. Fortunately the Pension Benefit Guaranty Corporation (PBGC) may secure benefits for members of this fund. I do believe that liability from this fund is one of YRCW's biggest obstacles, as they are the single largest contributor by a long shot allowing UPS to pull from this fund was a huge f-u to all of us specifically YRCW employees.
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I will agree that the fund is in bad shape. What you are pushing will effect many that will have no say on how this unfolds. Those already retired. And for those that are getting ready the reduction in contributions cannot be made up by working a couple of extra hours like wages can. At least thats how I see it at this point in time. With time to digest this I may end up with a different view tho.
 
what does all this mumbo jumbo mean in english it is confusing i think it says that yrc wants us to take cut in pay am i correct on this?
 
wolf said:
I will agree that the fund is in bad shape. What you are pushing will effect many that will have no say on how this unfolds. Those already retired. And for those that are getting ready the reduction in contributions cannot be made up by working a couple of extra hours like wages can. At least thats how I see it at this point in time. With time to digest this I may end up with a different view tho.
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I guess what I am trying to say is the fund is so screwed up that whatever the contribution rate is, it will not be sufficient to make even a slightly noticeable difference in benefits payed out. If we keep the wages at least we will get something, instead of throwing money into a black hole. Anyone that says this fund has a marketable chance at recovery is seriously delusional or being deceptive.
 
matthew123 said:
what does all this mumbo jumbo mean in english it is confusing i think it says that yrc wants us to take cut in pay am i correct on this?
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Nobody know for sure but most likely that will be part of it. Maybe some work rule concessions. For most of management all they can see is a road driver drinking coffee and a city man stringing his set. Wanna bet that will be one of the concessions that will save Yrc. :duh:
 
silvertooth said:
I guess what I am trying to say is the fund is so screwed up that whatever the contribution rate is, it will not be sufficient to make even a slightly noticeable difference in benefits payed out. If we keep the wages at least we will get something, instead of throwing money into a black hole. Anyone that says this fund has a marketable chance at recovery is seriously delusional or being deceptive.
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Dammit leave me with my delusions please. I REALLY don't want to face reality. OK :chairshot:
 
wolf said:
Nobody know for sure but most likely that will be part of it. Maybe some work rule concessions. For most of management all they can see is a road driver drinking coffee and a city man stringing his set. Wanna bet that will be one of the concessions that will save Yrc. :duh:
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EXACTLY. Can't believe mgmt. didn't get this in the last contract. Makes ZERO sense to send someone off the dock to hook someone while they do nothing. This is a MASSIVE waste of money.
 
it would dilute the float but, wtf.

give us voting shares in lieu of a portion of our wages, this way we get a bigger voice than we have now.

if this ship is heading for really rough waters, i want to be a crewmember instead of a passenger.
 
Let us take back the negative concessions we gave the company in the last concession and then we will talk wages!

1. The need to work 3 days instead of 2 to qualify for health and welfare.

2. No more $14 hour dock casuals

3. Get rid of the Utility worker classification

4.Protect the junior men being pushed out the door under the merger and COO

Come on and lets show a little concern for the guys that have not been here a decade or more. For the most part they have families that are counting on that paycheck. For the first 2 years they work at reduced wages to come on board with the prospect of Friday, receiving the letter. Well we are all approaching that point and everybody is starting to feel that queasy feeling you get when your job is a shadow. Like standing on thin ice on a warm day.
How about some real performance rewards for hard work,I have seen some slow moving turtles around our barn
 
I think it's a bluff! What better time to ask for a give back than right now while the whole world is scared for the economy..Everyone is worried aboat their jobs. (except me, I dont have one anymore) I would try it also if management, "asking for a give back," worst case is you get nothing back..Hold your cards, don't fold yet...just my 2 cents..
 
how about when the company sells off all the non nmfa assets, who is running our frieght. put the frieght back in our trucks. ask for dollar bill to leave. just then maybe then you could ask me for help. until then they can kiss my fifth wheel.
 
The true autrocity!!

Chicago Roadway said:
YRCW: YRC WORLDWIDE INC Key Executives

Look at what they make!!
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The top 4 DOGS
Zollars.....3.6
Stally......5.66
Welch.....3.1
Smid.......1.0

total......13.36 Million $$$$$$$

Let these 4 lead by example and give back a large portion of their salaries and stock options, lets say to the tune of 12 mil. and give back all of the stock options until this co turns around and all the brother and sister teamsters are back to work full time and earning a decent buck.....I'd like to see them try to live on 2 to 3 days a week or even being laid off and collecting u/e............................Then and only then will I listen to any talk of a give back!

Go ahead you 4 show us your true colors. And make believers of us!!:nutkick:
 
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