I've been quiet on this thread to see where it went. It's simple. Rob kept this cash in the "smart investment fund" 1.4 M buys alot of crappy steel buildings with doors these days, that for him, can be put to good, immediate use. Whether leasing, or backing Big E trucks up to them. YRC begged a bank for 1.5 M last month, and got it. Somewhere there is a loan officer who is not sleeping well. Rob, on the other hand is sleeping like a baby, as he should. Why? Because he is brilliant! Who in this economy, can find a win-win situation?
Estes | Estes to make major investment in transportation industry real estate with yrc
- Thread starter Quiddler
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1.4 million ... 1.5 million ... where did you find those amounts. The reports I read state the total amount of the sale / lease back of terminal facilities Estes purchased from YRC amounts to 122 million, slightly more then the figures you posted. Doubt Rob had that in his back pocket, but the banks did that Estes does business with.
YRC didn't beg the banks for anything. They renegotiated their loan terms, sold other excess property's and have now restructured their business plans to position themselves for the long term of this economic downturn. Also the next major dept payment is not due until April 2010, so don't expect YRC to go anyplace in the short term, and they could possibly remain the dominant and largest LTL corporation in the world for the long term.
1.4 M = 125 M1.5 M = 150M
Must be the new math !
rattlehead
he said member uh huh huh
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legshot heheh that must be where most of his brain ended up during his conception. :loser:
1.4=125 1.5=150 since when?
roaddriver21
TB Lurker
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saw on cnn today that mr estes got the money from some chinese investors.
ok cool lets get into a pissing match
how much more money did YRCW end up spending per year to refinance this debt........... let me help ya
42 MILLION a year.
rob did have this money
no he did not barrow it nor did he finance it.
soo i understand trying to make good of what is a desperate move on YRCW's part and cutting estes down makes everyone feel good
estes will be in the industry long after some of these heavy debited companies
one more question what does YRCW have to put up for their loans now ???
I'm just saying if i was gonna forclose on a house i owed 100 grand on and its worth 200 k why would i let the bank profit ??? i would sell it for whatever profit i could pay the debt off and walk with what little profit i make.
think about it
or you guys are right we [estes] as a debt free company are the dumb ones. we are the ones who are scared that our company is gonna close any minute
noo wait thats not estes employees at all
I'm sorry what you guys are going through but don't come in estes and spread immature bullshit just to make your selves feel better
this is not directed just to flstc2000, this is for everyone LAST AND ONLY WARNING
I would like a link or dont spread bullshit !!!
roaddriver21
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it was on cnn this morning 2/24/09.am not spreading anything
1.4 M = 125 M
Your math is a little fuzzy to me also!!
$1.4 million to me would equal $1,400,000.00
$1.5million would be $1,500,000.00
$125,000,000 would equal $125 million.... or $125.0 million. if you were to add $500,000 to it then it would be $125.5 million.:smilie_132:
It would be nice if you could prove that, however you can't. If you can, please post the links. I would think most large corporations use the banks for major acquisitions and loans. They don't use their own money, especially 122 million.
Once again, only an assumption on your part. The fact is you have no way of knowing who will survive and who won't. I believe most of the large trucking companies will survive and a few of the smaller ones will either fade away or be acquired.
All the property, equipment and other assets they own. Estes purchase was for 22 terminals, YRC currently owns ( after the last rounds of sales ) over 500 terminals and property's. ( thats 500 + )one more question what does YRCW have to put up for their loans now ???
About what ? Once again, YRC is selling ( without much problem ) commercial property's that are valuable AND that they don't need as their long term business plans are to trim existing facilities to around 400 terminals. What should YRC do ... watch the cob webs grow on the places they don't need ?
Others on this forum opened the discussion about YRC, the property's that were purchased by Estes and YRC's long term viability to survive. I only commented on those issues and reported what I know are facts, not speculation like you have. Warn me all you want, but I will comment on inaccurate facts posted on any forum. So long as I don't break the "RULES" I believe I can do this. Facts ... just the facts !
Kings disciple
Ecc. 12:13
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flstc2000 I can tell by your avatar that your a real pro at pickin a winning horse.
Kings disciple
Ecc. 12:13
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Ok lets look at the facts then. This report came out on the heels of the Estes/yrc property deal....
"Earlier this week, Standard & Poor's revised the implications of its CreditWatch review on the company(yrc) to positive from developing. Given the company's new bank amendment, S&P stated it could also raise the company's ratings after further evaluation."-CreditWatch
So the FACT is that because Estes shot $122 million into yrc by buying property, that caused yrc's credit rating to be upgraded from "developing" to "positive". So now the banks can loan yrc money for payroll and other overhead that they can't pay because of sagging revenues. Those sir are the "facts". So like it or not Rob saved thier butts.
Funny, your a real charm. The company I worked for provided me with an outstanding job, with great benefits for many years. The company was in business for over 75 years, profitable enough to spawn many divisions within the corporate structure, including the remaining Con-Way, which is a story by itself that I won't elaborate on here.
You should think before shooting from the hip. I don't care who you work for since that has no bearing on why we have these discussions. I only respond to some posts only to refute inaccuracies concerning some these posts.
Wrong, the fact is "Rob" didn't do anything but enhance his financial position in this world. The banks, creditors, lenders didn't do anything except "amend" the terms of previously negotiated revolving credit terms and loans. That little 122 million ( by the way, it's not payable all at once either ) wouldn't pay fuel for the year within the YRC corporate empire, much less see us though a prolonged economic downturn.
You should read further into corporate finance and boardroom dealings before attempting to say that the Estes purchase of 22 properties would effect the long term survival of YRC.
Finally, as many of you seem to ignore, the statement also explains that YRC also leases terminal facilities to Estes, and many other companies do the same thing. It's the corporate game of letting another own while they pay leasing, affording the company a tax deduction.
Kings disciple
Ecc. 12:13
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Not shooting from the hip, just making an observation that must have hit a nerve. The only inaccuracies that need refuting are yours. You have come on this thread as an outsider seeking to portray yourself as the final authority on a deal made within a company that you know very little about.
How much do you know. I only made statements concerning the property sale between Estes and YRC. None of us are outsiders on this forum, we all contribute something. Read the rules yourself, unless I break a rule, I am allowed on any forum except the "non-union drivers" forum.
Like I said, how much do you really know ? Have you read the SEC filings ? Do you really know what happens in the Estes executive boardroom ?
The only nerve you hit was your sarcastic comment about a previous employer of mine. It seems like I have hit a nerve commenting about your present employer .... seems about the same, right ?
Kings disciple
Ecc. 12:13
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Be assured that I am well read on this issue and you are the one in the wrong.
You can call $122 million "little" all you want but the fact still remains that $122m will by yrc the time they need to get thru the winter and the economic slowdown. What they do after that will be up to them. I never said it would secure yrc in the long term. All I'm saying is they have a chance here so maybe they won't blow it.
As far as Estes leasing terminals from others that is true. This is usually because the owner will not sell. As soon as we can buy the property we do and we never sell it after that unless we buy something better down the street.
I am wrong, you are wrong, matter of opinion only. I can assure you I have have read as much as you concerning YRC and this recent sale to Estes is only the tip of what has been going on for years within YRC.
I don't think they will blow it either, like so many others have wished. However, the money mentioned is only a drop in the bucket to any large global corporation. Estes included ....
You missed my point again ... it says that Estes leases terminals from YRC. Never say never, that word is absolute and I don't think you know enough about any corporate business dealings within Estes to say that.