I'm concerned over the popular belief that YRC had money in the bank to purchase ABF. In 2009, ABF was one of he companies actively campaigning for the closure of YRC, telling customers that we were so close to bankruptcy that they should diver their fright to ABF or risk having it stuck in the pipeline, and most recently the company suing YRC and IBT over the concessions. ABF has a real interest in seeing YRC go under.
Given the timing of the YRC offer for ABF there are two options. 1) YRC could have been trying to induce a strike vote or at least a nasty and protracted negotiations process over ABF's contract. 2) YRC was interested in acquiring the equipment and property of ABF before putting everything up for sale to try to raise additional operating cash. Between selling off assets and the diverted freight, I'm sure some hotshot MBA was arguing that they could generate the cash to meet any interest obligations regardless of the increase in total debt.
Also the books are open. IBT owns 25% of the company and has the responsibility to demand transparency, additional audits, and overall accountability. I know we like to blame management, but they are all hired by the board and the shareholders. I hate to say this, but if IBT has elected not to watch the books over the past few years then they are the ones that have been negligent. Who owns a quarter of a company and doesn't look at the financials?