ABF | Contract extension
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LTLAnonymous
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Oh, they'll get them passed. Keep voting until you get it right.
I haven't posted in quite a while, due to being disgusted with the last vote...well, you are right, they will all be passed. glad to say that I have just over 1 yr to go...and you know, I voted "NO" even though I am so close to retirement. I did it in appreciation to all the folks that stood up in the past for what was right...oh well...I won't really have to live with this contract..only working now to complete the time I need..they (mgmt) won't bother me...Now, not naming names, but I really would have been upset if the spouse of the last president that was impeached was elected (no names mentioned), but I think he was from Arkansas? I wonder if he had any connections at the Fort? or Wal*Mart?
LTLAnonymous
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I've been out of touch for a while, too. Both disappointment at the ABF contract and trying to find out information on the UPS contract...
What a time, for better or worse.
Thank you for your integrity brother. Senior man at my barn voted yes than retired a month later. Number two (who is a butt kissing schmuck) voted yes too! We are in big trouble as a union!
canaryinthemine
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The only connection between the Clintons...(I presume..) and ABF was that in the late 1980's,....about the same time they were setting up the Whitewater real estate development company,.......they also set up the Razorback Corp. to do a hostile takeover of ABF.....
Robert Young approached his employees and asked for wage relief to raise money to counter the hostile takeover....It was roundly rejected, so Mr. Young dug deep and did a "poison pill" strategy of leveraging massive debt to make any takeover unsuccessful. The Razorback Corp. was created to provide funds to float the Whitewater Corp. They bought up debt-free asset-rich companies,...and closed them to sell the assets for quick cash..........Same as what Mitt Romney's Bain Corporation does.......Private "Equity" firms....
Once the "poison pill" strategy was enacted,.......putting ABF into debt for the next 10 years,........Razorback Corp. was no longer interested in buying ABF, shutting it down, and selling off it's assets.......
I don't know of any connection to Wal-Mart,......Judy McReynolds was on the Board of Directors for the Sam M. Walton School of Business in Fort Smith..........
Don't forget that all these "strategies" for raising quick cash,......are widely accepted business practices that still go on today.......Bain Capital is a thriving "Private Equity Firm",.....and Mitt Romney is still the Senior Partner........
Wealthy people could care less about those lowly worker who lose their jobs,...just so the wealthy can raise some quick spending cash.........Always been that way........"If we can't buy our way around the Law,...we will buy enough Legislators to re-make the Law..."
Capitalism in Action..........
The takeover attempt was in the summer of 88. Emanuel Pearlman from New York acquired over 10% of Arkansas Best stock when it was very low from the market crash of 87. The company's assets were worth much more than the stock. His plan was to milk the company dry & then sell off the assets which would have been mostly real estate after he had drained the profit by operating for probably two or three years without investing in equipment, improvements, expansion etc. Pearlman called his company Razorback Acquisitions which I always thought was an intentional slap in the face of ABC.
Hitlery's connection to Walmart was her position on the board of directors. Slick claimed to be a friend of labor while his convenience marriage partner was on the board of one of the largest union buster corporations in the world then & now.
Kelso & Company, known at the time as a 'White Knight' bought all of ABC stock & allowed the company to buy back the stock at a large profit to Kelso. It was the only option the Young family had to save the company. The 'Poison Pill' option was what most companies used when a takeover was evident. It made large payments to the board of directors mandatory which discouraged the corporate raiders from following through with the takeover. Several of the Young family members were naturally on the board. H.L Hembree who married one of the sisters of Bob Young & J.B. Speed who had married the other sister were on the board. J.B Speed's wife, Marilyn had passed away a few years earlier at a young age. Speed would later leave ABC, after some 'encouragement. He was dating a Hollywood celebrity after his wife's passing. Rumor was that he was dating Loretta Swit.
The concession Bob Young asked for was actually a stock option for employees. The maximum percentage of wage concession was set at 10% & that was tied to operating ratio. The company was profitable & that amount would have never been much over 5%. It would have been a win win for the company & employees if it had been approved.
I thought the company would fail after the stock option was voted down. I started making plans for a career elsewhere. I almost bought a local business was later forced out by a now nationwide chain.
The concession Bob Young asked for was actually a stock option for employees. The maximum percentage of wage concession was set at 10% & that was tied to operating ratio. The company was profitable & that amount would have never been much over 5%. It would have been a win win for the company & employees if it had been approved.
I thought the company would fail after the stock option was voted down. I started making plans for a career elsewhere. I almost bought a local business was later forced out by a now nationwide chain.