Yellow | Dear fellow employee:
- Thread starter Jeff
- Start date
I agree with that!best post today this topic
Freightmaster1
TB Legend
- Credits
- 608
The Gift That Keeps On Giving!
The parting gift from Dollar Bill Zollars to YRCW...$1.4 Billion In Debt! The give that keeps on giving!
The parting gift from Dollar Bill Zollars to YRCW...$1.4 Billion In Debt! The give that keeps on giving!
slavenomore
TB Legend
- Credits
- 803
My letter says that we still owe $1.4 Billion. No joke in the world economy....and with our dollars value on shakey ground, perhaps the whole Zollars and lenders who put this all together should be exposed. And some kind of justice should be done. Who, except corrupt individuals, would loan a union carrier that kind of money, knowing how many union carriers have failed since deregulation?
How is $1.4 Billion made up if we vote no?
We should get opportunity for proposals also. They trample our collective bargaining rights by saying our way or we close the place. It is wrong and i cant help but believe the whole thing was intentional and corrupt, immoral. anti-american and probablly illegal.
Maybe the bankers need to eat their foolish billion dollar mistake. Good luck convincing New Penn to vote yes. I think we've seen enough.....Either we have a say.......or stick it where the sun dont shine.....no just shoving a one sided contract down our throats......if the country is destroyed by their intentional destruction of the NMFA and unions.......the blood is on their hands not ours.
slavenomore
TB Legend
- Credits
- 803
Prayers go out for your father also. Sorry to be so rude above........but my kids are going from elementary school right out of high school with a broke father working for a busy profitable company serving arrogant fools in YRC corporate and the financial sector who do nothing but ruin the unions and the country and the world.
YRC holds the losing hand. They owe the banks. And they NEED US in order to repay them. The banks could lose over a billion.
YET THEY HAVE THE ARROGANCE TO WRITE THEIR DEMANDS AND USE OUR UNION TO GET IT. THEY NEED US. WE DONT NEED THEM. THEY DONT EVEN GIVE US TIME FOR PROPOSALS YET THEY KNOW FOREVER WHAT THEY NEED AND WHEN THEY NEED IT.
THEY WANT? THEN THEY NEED TO QUIT TALKING AND START LISTENING.....OR LET THE WHOLE ECONOMY TAKE ANOTHER NOSE DIVE AT THE HANDS OF GREEDY LENDERS AND CEO'S...............$1.4 billion + 32,000 families with outstanding debt, most probably, makes for more damage to an already fragile dollar and economy. Perhaps the bigshots need some govt oversite before wrecking the world some more.
bigtruk_us
TB Legend
- Credits
- 0
When Welch says "COMPETITIVENESS" its kind of a buzz word for we are going to buy ABF and before that happens we will get 8% back.Putting us at 7% paycut just like ABF.All this will happen with an extension of our current MOU.ABF used the same buzz word.Hoffa will let them have it.Even if you vote no.Because the union administration, has a 25% stake in this entity.Us members have been tossed to the curb.YRC and ABF have already tested each others lanes.Remember all the ABF trailers in our system? The movement of those ABF trailers lasted far more longer than just a trailer pool imbalance.Its going to happen.Whether you or me like it or not.
Sent from my SAMSUNG-SGH-I317 using Tapatalk
Sent from my SAMSUNG-SGH-I317 using Tapatalk
You better put down that crack pipe truck driver! You'll be lucky if YRC is still in business by Xmas if they don't get refinancing.Maybe ABF will buy YRC for it's current bargain price of $9.00 a share.
Why buy something that will be practially free by the end of the year.
Sedimentary, metamorphic or igneous?
Coniferous
It would have to be written into the language of a new MOU. If not, forget about it. Remember, a leave of absence can be denied by the company, and sometimes is, that's why the language needs to be specific. Call your BA and tell them you want that language to be included IF a new MOU is approved by the members.
Truck drivin' man
TB Lurker
- Credits
- 0
Why support another extension..Not NO by Hell No !! We have sacrificed for 4 years now, and You Welch, have sacrificed nothing! You TOOK our sacrifices...You said your bonuses you gave yourselves back in March were "all worth it"...Where is the investigation in Jeff Rogers...If he took money, why is he not being prosecuted ? Oh, And don't forget you tried to buy ABF too !!
Truck drivin' man
TB Lurker
- Credits
- 0
Thought I would post a letter Welch responded to an e mail I sent him in April, 2013:
Many thanks for taking the time to write me a message expressing your concerns and thoughts. Trust me – I take no offense to your comments and appreciate what you have to say.
Some things for you to consider:
1. YRC Worldwide was a company just about Dead on Arrival in 2011. $1.35 billion in debt and had lost $2 billion dollars between 2008 – 2011.
2. I left in 2007 because I was fed up with Zollars and the direction he had the company headed in. I had no plans or desires to ever return.
3. I was contacted in July of 2011 and asked if I would consider returning. My first thought was “hell no” – but as time progressed – decided to return to see what I could do to help turn the company around.
4. If the Lenders had brought back a true Wall Street “turnaround” specialist CEO --- trust me --- his or her salary would have been double to triple of what I make.
5. I make $700,000 a year base salary --- well below the average pay for a job like mine in a $5 billion company ($1.2 million base salary is average).
6. Trust me --- I’m working 13 – 15 hours per day – and I work just about 7 days a week. I understand --- there is a big difference in what I make versus our hourly employees. But the path I chose throughout my life and career is different from the paths most of our hourly employees chose. I totally value the work that our hourly employees do. I have had a lot of hourly jobs in my earlier life – and was raised to understand the value of a job.
7. Since YRC Worldwide is a “distressed” company – our Lenders chose to compensate our efforts with restricted stock (which may or may not be worth anything) and cash bonuses IF we perform and turn the company around.
8. Our EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) plan in 2012 was $233m. We actually did $241m – so we were rewarded. Anyone else who would have taken the CEO or CFO job, or President of YRCF would have either demanded bonus opportunities or would have received the opportunity from the Lenders.
9. Jamie Pierson lives in Dallas. He is absolutely one of the key individuals in this company and that is why we pay for his temporary living in KC. So much of our issue is the high interest rates we are paying on $1.35 billion of debt (10 – 12% interest). If we can perform better – we can potentially refinance our debt and lower our interest rate. Jamie has a tremendous background in debt restructuring and we would be screwed without him. So he is worth every single penny we are paying him --- trust me.
10. In a “distressed” company that may or may not make it – it is very difficult to attract the right kind of senior level management talent. Michelle Russell was a former Yellow GC and had taken a very good job with Spirit AeroSystems in Wichita KS. We needed her to come back to help us turnaround this company --- but we had to incent her to leave a very secure job and take on a job that was less secure. That is why paid Michelle a relocation Bonus.
11. As far as travel expenses go – unlike the Zollars management team --- our management team does not have a private jet. We all fly the cheapest flights available and fly coach. We also stay a reasonably priced hotels. Not sure if you travel much, but there is not glamour or perk to traveling a lot. If you haven’t traveled a lot – it is a grind, especially at the airports.
12. We are working to upgrade our computer system. Unfortunately, the previous management team chose the wrong technology to move forward with and we are trying to deal with that.
13. Employee morale ---- hopefully it is getting better. At some point employees need to understand that we still have a long ways to go to turn YRC Freight around and it will take continued dedication and hard work to do so. I’m sure you can give me bad examples of management issues. But I can also give you many examples of managers who care a lot about their employees and who go out of their way to make the working environment better for employees.
I can go on and on but hopefully you are getting the drift here. I totally get that employees have sacrificed --- no doubt. This company would already be out of business without that sacrifice. But I can also tell you that just because Rogers, Pierson, Russell and myself make what sounds like a lot of money (and it is) --- we all are still very much underpaid when comparing like size companies ($5b) and their executive pay packages. So in effect – we are sacrificing as well. I should be making $1.2 million --- but I make $700,000. And the bottom line -- this company is not “flourishing” as you said in your e-mail. We burned almost $90m in cash in 2012 and our net loss was $135 million. I’m not sure where you are getting your numbers from. No doubt we are making progress.
Again – thanks for your message and I hope the above comments alleviate some of your concerns. Working together --- we will turn this company around and hopefully keep wages and benefits competitive with what other companies pay in the trucking industry. Thanks, James
Many thanks for taking the time to write me a message expressing your concerns and thoughts. Trust me – I take no offense to your comments and appreciate what you have to say.
Some things for you to consider:
1. YRC Worldwide was a company just about Dead on Arrival in 2011. $1.35 billion in debt and had lost $2 billion dollars between 2008 – 2011.
2. I left in 2007 because I was fed up with Zollars and the direction he had the company headed in. I had no plans or desires to ever return.
3. I was contacted in July of 2011 and asked if I would consider returning. My first thought was “hell no” – but as time progressed – decided to return to see what I could do to help turn the company around.
4. If the Lenders had brought back a true Wall Street “turnaround” specialist CEO --- trust me --- his or her salary would have been double to triple of what I make.
5. I make $700,000 a year base salary --- well below the average pay for a job like mine in a $5 billion company ($1.2 million base salary is average).
6. Trust me --- I’m working 13 – 15 hours per day – and I work just about 7 days a week. I understand --- there is a big difference in what I make versus our hourly employees. But the path I chose throughout my life and career is different from the paths most of our hourly employees chose. I totally value the work that our hourly employees do. I have had a lot of hourly jobs in my earlier life – and was raised to understand the value of a job.
7. Since YRC Worldwide is a “distressed” company – our Lenders chose to compensate our efforts with restricted stock (which may or may not be worth anything) and cash bonuses IF we perform and turn the company around.
8. Our EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) plan in 2012 was $233m. We actually did $241m – so we were rewarded. Anyone else who would have taken the CEO or CFO job, or President of YRCF would have either demanded bonus opportunities or would have received the opportunity from the Lenders.
9. Jamie Pierson lives in Dallas. He is absolutely one of the key individuals in this company and that is why we pay for his temporary living in KC. So much of our issue is the high interest rates we are paying on $1.35 billion of debt (10 – 12% interest). If we can perform better – we can potentially refinance our debt and lower our interest rate. Jamie has a tremendous background in debt restructuring and we would be screwed without him. So he is worth every single penny we are paying him --- trust me.
10. In a “distressed” company that may or may not make it – it is very difficult to attract the right kind of senior level management talent. Michelle Russell was a former Yellow GC and had taken a very good job with Spirit AeroSystems in Wichita KS. We needed her to come back to help us turnaround this company --- but we had to incent her to leave a very secure job and take on a job that was less secure. That is why paid Michelle a relocation Bonus.
11. As far as travel expenses go – unlike the Zollars management team --- our management team does not have a private jet. We all fly the cheapest flights available and fly coach. We also stay a reasonably priced hotels. Not sure if you travel much, but there is not glamour or perk to traveling a lot. If you haven’t traveled a lot – it is a grind, especially at the airports.
12. We are working to upgrade our computer system. Unfortunately, the previous management team chose the wrong technology to move forward with and we are trying to deal with that.
13. Employee morale ---- hopefully it is getting better. At some point employees need to understand that we still have a long ways to go to turn YRC Freight around and it will take continued dedication and hard work to do so. I’m sure you can give me bad examples of management issues. But I can also give you many examples of managers who care a lot about their employees and who go out of their way to make the working environment better for employees.
I can go on and on but hopefully you are getting the drift here. I totally get that employees have sacrificed --- no doubt. This company would already be out of business without that sacrifice. But I can also tell you that just because Rogers, Pierson, Russell and myself make what sounds like a lot of money (and it is) --- we all are still very much underpaid when comparing like size companies ($5b) and their executive pay packages. So in effect – we are sacrificing as well. I should be making $1.2 million --- but I make $700,000. And the bottom line -- this company is not “flourishing” as you said in your e-mail. We burned almost $90m in cash in 2012 and our net loss was $135 million. I’m not sure where you are getting your numbers from. No doubt we are making progress.
Again – thanks for your message and I hope the above comments alleviate some of your concerns. Working together --- we will turn this company around and hopefully keep wages and benefits competitive with what other companies pay in the trucking industry. Thanks, James
Truck drivin' man
TB Lurker
- Credits
- 0
Welch replied to me in an e mail that he makes $700,000 a year; which in his opinion he should be making more.
Where has all the "extra" money gone?
As far as the West Coast, ever check out Reddaway equipment? All new.
Ever browse the YRCW web site? Do some research!
A lot of $ spent on promoting our subsidiaries! Glorification!
After all the closed barns, lay-offs, BS, now we are at the bargaining table AGAIN???
How about this "feel good" video by YRCF, 3 months ago?
Did no one return to such a wonderful employer?
Truck Driver Jobs at YRC Freight - YouTube
YRC Freight is still the King of the corporation!
Do some research on gross earnings, tonnage, etc. compared to our subsidiaries.
You are right. The current MOU does not allow the corporation to "dissect " the companies involved.
Otherwise, I would be enjoying 2 years of unemployment as we type.
D
Deleted member 5115
Guest
$9.00 is no bargain price and don't give them any ideas. I know you were elsewhere in 1995 when the Fort thought Carolina went for a bargain price.
slavenomore
TB Legend
- Credits
- 803
Mr. Banker, who is owed $1.4 billion, and who will look pretty bad coming back to your shareholders with a bunch of rusted junk trucks and trailers instead of your huge interest profits, should YRC go down, time to shut up and listen, before the FED decides to cut your banks sorry ass out of the FED public welfare program for bankers at th Dicount Window.........
ALLOW YRC TO CUT NEW PENN LOOSE, OR GET RID OF YRC FREIGHT AND HELP YRC CORPORATE MAKE IT HAPPEN.......OR NO DEAL FROM THIS NEW PENN TEAMSTER. P.S. I WANT IT IN CONTRACT FORM.
ALLOW YRC TO CUT NEW PENN LOOSE, OR GET RID OF YRC FREIGHT AND HELP YRC CORPORATE MAKE IT HAPPEN.......OR NO DEAL FROM THIS NEW PENN TEAMSTER. P.S. I WANT IT IN CONTRACT FORM.