ABF | Did ABF Leak The YRC Story To Scare Teamsters?
- Thread starter Freightmaster1
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The only difference between you & joe the plumber is hes not here & you may be next....
D
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Here is an SEC filing, which KK has posted over on the YRC side.
Summary of ARKANSAS BEST CORP /DE/ - Yahoo! Finance
I'd say that all the excitement is for naught and we can relax.
Summary of ARKANSAS BEST CORP /DE/ - Yahoo! Finance
I'd say that all the excitement is for naught and we can relax.
D
Deleted member 5115
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That statement indicates that YRCW approached ABF in March and expressed an interest in buying. It looks like a third party asked about that offer. Not that YRCW had an investor lined up or anything else.
Canary thanks for looking at the Form 4's on the sec web site. Knowledge is a powerful thing when people are trying to blow smoke. You may not be familiar with reading Form 4's so if I may let me try to help. There are 6 Form 4's for Ingram, McReynolds, Newcity, Keenan, Johns and Slagle. Unfortunately, they are all net sellers of ABFS stock reported on 4/30. Both McReynolds and Slagle did buy 6,155 shares total for their individual trusts but only after selling 6,155 shares of what was probably part of their annual stock awards. Also on 4/30 Form 4's in separate transactions Slagle sold 1,472 shares and McReynolds sold 1,573 shares so they were both net sellers. Here is a recap:
Ingram sold 1,469 shares
McReynolds sold 1,573 shares
Newcity sold 257 shares
Keenan sold 1,465 shares
Johns sold 1,521 shares
Slagle sold 1,472 shares
Ingram sold 1,469 shares
McReynolds sold 1,573 shares
Newcity sold 257 shares
Keenan sold 1,465 shares
Johns sold 1,521 shares
Slagle sold 1,472 shares
Canary, I'm not sure if you are agreeing with me or not that unions are outmoded and need to change their mode of operation to better compete? Unions were a tremendous advantage years ago to help create better wages and working conditions for many laborers across the country. I also agree that executives today, in some cases, are a lot more creative in how they seize power and skim off of the company. Many regulations have been put in place over the years to try and curb unlawful executives. One most recent is Sarbanes Oxley. However, the best process is through anonymous whistleblowers. I hope, ABFS has a program in place and it is truly anonymous. If ABFS does not have such a program then shame on them. I have seen many executives fired for various forms of theft and the press release generally states the executive left for other opportunities or to spend more time with family. In some cases payback programs are quietly set up. For larger amounts of money there will be criminal charges. So, no executives are not invincible if they are corrupt. The union way of life is no longer viable without significant change and the facts bear that out. Why would you need to bow your head, lose dignity, and lose sense of pride for a job well done to accept concessions while at the same time keeping the best wages and benefits in the industry, if indeed that is what is in the contract? I would encourage your entire union organization to sit down and analyze the changing market place. How can unions work closer with their companies to provide a comprehensive plan to provide competitive pricing, service, sales and profits. While at the same time providing you the kind of benefits where every trucker and dock worker in the country in the country wants to work with you. Both ABFS and the union need to turn their venom on their competition not on each other.
Canary it is very time consuming to research a company. In looking at ABFS and unions in general I talked to a person in the transportation sector that either has managed union employees or is a union employee for their entire adult life. I was told that union shops are more expensive to operate primarily because of higher benefits. This is very apparent in the financial statements. The day to day operations are less efficient and effective because of slow work, outdated technology, and the inability to remove poor performers because the union protects them. This person also told me that in his opinion union executives are more concerned about keeping their jobs as unions falter, then they are concerned about fixing problems for you and your brothers. Maybe if union executives would get down in the trenches and see that they need to make changes for everyone to thrive and excel you would be better off.
ABFer that was a gutsy move by Robert Young. I did not know about that piece of history. Thank you and others on the board for sharing that information. Mr. Young currently owns 1,190,403 shares or 4.64% of the company. All directors and officers own 5.57% of the company. I would like to see that much higher so they have more skin in the game. Other, than Mr. Young, total ownership is pitiful. But I guess with the results over the last five years it would be stupid to watch the value of your stock go down. I would like to see the employees have a higher share ownership in the company. It creates a better team atmosphere if more people benefit from a better run, more profitable company that has a rising stock price. I also like bonus programs for employees. It does make a difference.
canaryinthemine
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Thank you, Brother, for digging out that piece of information. I wonder who the "third party" is who had asked about YRCW's offer. Still, what was Mr. Welch's angle in all this? Tuesday, April 16, was the day ABF re-filed an appeal of their lawsuit, the one that had been lost on appeal twice. That was the second day of our negotiations on the first extension. Miraculously, the lawsuit got put on hold til...July?,...around the time Mr.Welch made his offer. And....did YRCW's board of directors....containing two Teamsters....decide to offer to buy ABF as a strategy to eliminate the lawsuit? Did the two Teamsters inform Mr. Hoffa? I've still got some questions that I can't get my head around. I wonder if we'll see some explanations this week?
canaryinthemine
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Thank you for providing this information Go4Gold. Frankly, I'm out of my league trying to keep straight the machinations of stock sales. Apparently stocks are now bought and sold at the speed of a day trader. When does that give company managers time to manage their company? I still think the delayed release of the information about an offer from YRCW was more about positioning the right amount of stock in the right place, than it was about doing research as to whether YRCW's offer was a valid one. I'm curious about why the information was made public in a trade paper, by a "leaked" e-mail, instead of an announcement in the WSJ or even a Little Rock or Fort Smith newspaper. That's not a standard release of information, is it?
canaryinthemine
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No, Go4Gold,..I wasn't agreeing with you about the viability of Unionism....I tend to be heavy on the sarcasm, sometimes, ...especially when the point I was making should be...(in my opinion..)..self-evident. Yes, Sarbanes-Oxley is designed to rein in rogues like the aptly named Mr. Made-Off,...but Sarbanes-Oxley is hated by the business/banking community, and the minute there's a Republican majority in the Senate, you can kiss Sarbanes-Oxley goodby. Wasn't that one of Mr. Romney's campaign promises? And.....good legislation like Glass-Steagal,..that stood for 50 years was trashed out pretty quickly, and pretty quickly, the very thing that ACT was designed to prevent....occurred. The Republican Senator from Texas?...the one who was the head of the Senate Finance committee...name escapes me, maybe you remember who.........he lobbied heavily to have that ACT removed.....retired from the Senate and now works for Goldman-Sachs?......Ahh...from the depths....Sen.Phil Gramm...that's the one. My point being that just like in government, where there's checks and balances.....Legislative, Executive, Judicial........you know this,...high school civics....the very same checks are in commerce. Business exists to make money, and Labor exists to remind them of the human cost of how they make that money. Is Business more important than People? Does Business exist to serve People, ...or is it the other way around? For working people to eliminate Unions.....because they're "outmoded" in the 21st century....requires a great leap of faith from working people, that they'll be treated fairly, honestly, and with respect......especially if they have no means of demanding that respect..(...A Union...). Do you truly see a class of enlightened business people who will respect and care for the working people they employ? If you do,....then why does Foxconn,...China's largest employer, maker of I-Pads, and Apple electronics....Why does Foxconn have ******* nets around all of it's factories in China? Yeah, I know,...that's China. Would you like to come with me on a tour of businesses in south-western Pennsylvania....especially Fayette County,.....commonly known as "Fayette-Nam"? Truck drivers get the "back-door" tour through the loading dock....not the "Front-Door" tour that the politicians get. After that,...then you can tell me how well businesses treat their employees.....when no ones' watching.......or cares.....
canaryinthemine
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Go4Gold....we're waiting to see what's in it..we are like little children at Christmas...dancing from foot to foot...."Let me see!...Let me see!"....and we are being told ...by the presumably adult ones....to be patient...and everything will be absolutely great!...............(Big sigh of exasperation..........).........Many of us have been around for decades....have had carriers and employers pull some pretty slimy tricks on us.........I can tell you how carhaulers got their yearly wages cut by a third by a dirty, underhanded trick known as the "Scottdale Agreement" back in the early 80's.....................................................for one example. Would you like more?....How can I put this delicately?...so as not to offend anyones' sensibilities?................I know the "taste",...and I know the "smell"..................and the longer I wait, the heavier the stench gets. Does that explain how well I think we'll be treated in this tentative agreement?
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canaryinthemine
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Is there any other reason you're here on the ABF site, other than to provide comic relief through inane comments? Your punctuation and spelling aren't quite up to the standards we try to hold ourselves to here, either......or are you doing that on purpose, too? If you really have nothing to offer in the way of helpful and intelligent comments,...why then, your best bet would be to do what you always do when you're in a room full of adults....and that would be to be quiet, and keep your ears open while you sit in the corner.....I'm sure you know how to do that. If you've come here to gibber and caper like a rabid squirrel monkey, and interfere with the reasoned and intelligent debate,...I'm afraid you're out of your league.
Turncoat, I need some help understanding the employees benefits. ABFS says they pay $250 million a year in health care and pension costs. The pension costs are $133 million so the health care would be $117 million a year. Do all employees (union and non-union) working for ABFS receive free health care? Do they pay any health insurance premiums at all? Are the medical bills paid at a 80%/20% split.? Do all employees (union and non-union) receive pensions? Turncoat, you may not be on their medical plan. If not, can someone else give me an answer? The 10K says there are 11,250 employees working for ABFS and 7,537 are union. I am trying to break down the costs. Thanks in advance to anyone that can help!
If you take $250 million divide it by the whole employer pool of 11,250 employees it comes to $22,200 for each employee in benefits per year. If the $250 million is pertaining to just the union contract and union employees it comes to $33,170 per year per employee for health care and pension benefits. Throw in the company fee and employee fee that ABFS pays the government for social security and unemployment compensation. Holy bat mobile, Batman. No wonder this company is losing money!
If you take $250 million divide it by the whole employer pool of 11,250 employees it comes to $22,200 for each employee in benefits per year. If the $250 million is pertaining to just the union contract and union employees it comes to $33,170 per year per employee for health care and pension benefits. Throw in the company fee and employee fee that ABFS pays the government for social security and unemployment compensation. Holy bat mobile, Batman. No wonder this company is losing money!
Pulled Both Ways
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Union employess pay nothing for health care and non-union employees have been paying a premium and deductible that have increase every year for the past 3 years. We lowly non-union employees have also not seen a raise in several years (maybe one) while others continue with their raises. Love the conspiracy theories and waiting for the next reality TV show.
The premiums are paid by the company, it is part of the compensation package negotiated in our contract. I highly resent it being called "free health care" CEO's or managers who get benefits in their package, would resent a term like "free stock options" Like us, they would feel they EARNED IT. Perhaps in these tough times, we may decide to carry more of the costs of the EARNED healthcare benefit, but, that is yet to be seen.