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Yellow | Is it just a matter of time?

Pitchfork_Smith said:
There's a lot I don't get about this company. Revenue and tonnage seems to be steady if not rising and I keep getting offered overtime, so somebody is making money somewhere. Nobody moves freight just to move freight.

In 2015 the company posted $700k (lol) in profit, the first year in the black since restructuring. In 2016, it was something like $21.5 million. (http://www.kansascity.com/news/business/article131084564.html) They also paid $70 million down on the debt, which seems like a lot until you remember that YRCW (not Freight, not regionals, but the holding/parent company) still has about $997 million (!!!) in total debt. (http://marketrealist.com/2017/02/how-is-yrc-worldwides-debt-stacked-among-peers-after-4q16/)

Overall, staying in debt seems like a great way to permanently plead poverty. The union has gone from adversary to a cost control mechanism--the IBT is so desperate to maintain a foothold in freight that the top brass will sacrifice over a decade of making any gains for members just to keep dues payers in the industry. Of course, this also prevents us from organizing any of the non-union, since they can just say "why would we want to be like YRC?" Not that I think the union is that committed or competent in freight organizing anyway (that's for another post).

Is YRCW planning on shutting the doors if there's any real pushback in 2019, more than another "vote until you get it right" scenario? What do the people who are still benefitting from its operation (banks? investors?) lose or gain if the doors close or if bankruptcy is declared?

What do we have to gain by keeping the doors open at YRCW at any cost? CDL jobs are everywhere. Non-union companies to be organized are everywhere. We are not saving CSPF by keeping YRCW open, considering they are barely even paying into it. And if the "Cadillac Tax" from Obamacare (and preserved in Trumpcare) hits, our healthcare is screwed anyway too.

I don't have any definitive answers, but I do know that there really isn't much to preserve by just extending the concessions yet again.
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Staying in almost a billion in debt,and paying the interest is a huge task along with all other expenses when your OR is flurting with 100. Takes a long time to pay it down. Even if yrc had been paying in full amounts to CSPF all these last 8 years,it would not save the fund. As far as CDL jobs everywhere,yes you are correct. But at years end with our wages and health insurance,it still is way better than some LTL's and most truckload. The lacking of a 401 is a big thing though,which I would hope most people at least are trying to save something on the side. I would like to know what the union would try and negotiate as far as a pension plan with say FedEx and xpo.. would certainly have to be a 401 and not a CSPF fiasco..just my opinion...
 
runawaytrain said:
How can this company keep losing money and still stay in business? Are the regionals enough to keep it from becoming another CF?
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Until you guys man up and hold the teamsters union accountable. There is 0% chance things will ever change for you my brothers & sisters. This is not union bashing but its just a fact of life & the undeniable reality. YRC has absolutely no intention of improving your working conditions or situation without being forced to do so. Its getting close to a decade of lies and shafting the rank and file members without consequence for good ole YRC. If you are paying union dues to protect your interest then you should get protection from obvious blatant unfair labor practices. YRC has with the unions approval constantly violated the AGREED concessions contract and that my brothers & sisters is a total travesty.

Accept it or Fight it the Choice is YOURS!
 
BIG R GUY said:
Staying in almost a billion in debt,and paying the interest is a huge task along with all other expenses when your OR is flurting with 100. Takes a long time to pay it down. Even if yrc had been paying in full amounts to CSPF all these last 8 years,it would not save the fund. As far as CDL jobs everywhere,yes you are correct. But at years end with our wages and health insurance,it still is way better than some LTL's and most truckload. The lacking of a 401 is a big thing though,which I would hope most people at least are trying to save something on the side. I would like to know what the union would try and negotiate as far as a pension plan with say FedEx and xpo.. would certainly have to be a 401 and not a CSPF fiasco..just my opinion...
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I totally agree with you Big R..
 
j-dawg50 said:
Until you guys man up and hold the teamsters union accountable. There is 0% chance things will ever change for you my brothers & sisters. This is not union bashing but its just a fact of life & the undeniable reality. YRC has absolutely no intention of improving your working conditions or situation without being forced to do so. Its getting close to a decade of lies and shafting the rank and file members without consequence for good ole YRC. If you are paying union dues to protect your interest then you should get protection from obvious blatant unfair labor practices. YRC has with the unions approval constantly violated the AGREED concessions contract and that my brothers & sisters is a total travesty.

Accept it or Fight it the Choice is YOURS!
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Most of the guys I talk to think by posting these losses it gives them more leverage to ask for more concessions in 2019. Like perhaps asking for some contribution to your healthcare plan. I just can't see you guys giving up anymore and they should know that. I don't accept that theory. Are the losses real? Who knows? I will say if YRC continues to post losses the rest of the year that something will give. The banks like anyone else will have a breaking point. Where that is remains to be seen.
 
runawaytrain said:
Most of the guys I talk to think by posting these losses it gives them more leverage to ask for more concessions in 2019. Like perhaps asking for some contribution to your healthcare plan. I just can't see you guys giving up anymore and they should know that. I don't accept that theory. Are the losses real? Who knows? I will say if YRC continues to post losses the rest of the year that something will give. The banks like anyone else will have a breaking point. Where that is remains to be seen.
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Train. I cannot believe any company,wanting,to pay 40 million plus a year on debt, just to try to show a poor us profile...
 
hilo342 said:
So runaway, do you have some inside information on YRC or do you just enjoy talking smack on the YRC thread? Maybe someone would like to go to the Saia thread or you're former employer Central Transportation and talk s**t.
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Its obvious that runaway doesn't know how this company manipulates things.
 
BIG R GUY said:
Staying in almost a billion in debt,and paying the interest is a huge task along with all other expenses when your OR is flurting with 100. Takes a long time to pay it down. Even if yrc had been paying in full amounts to CSPF all these last 8 years,it would not save the fund. As far as CDL jobs everywhere,yes you are correct. But at years end with our wages and health insurance,it still is way better than some LTL's and most truckload. The lacking of a 401 is a big thing though,which I would hope most people at least are trying to save something on the side. I would like to know what the union would try and negotiate as far as a pension plan with say FedEx and xpo.. would certainly have to be a 401 and not a CSPF fiasco..just my opinion...
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BRG, to fully understand the state of the industry, a suggested read: https://www.amazon.com/Big-Rig-Trucking-Decline-American/dp/0520278127
 
silent trucker said:
BRG, to fully understand the state of the industry, a suggested read: https://www.amazon.com/Big-Rig-Trucking-Decline-American/dp/0520278127
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I read what was there to read, ST, and it is a good look at what this industry has been turned into. But the yrc financial problems started with a CEO that had no previous transportation experience, who thought he could buy his way to controlling a huge share of the ltl freight in this country. We all know the rest of the story.
 
BIG R GUY said:
I read what was there to read, ST, and it is a good look at what this industry has been turned into. But the yrc financial problems started with a CEO that had no previous transportation experience, who thought he could buy his way to controlling a huge share of the ltl freight in this country. We all know the rest of the story.
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All well and good...except XPO seems to be succeeding at that exact game. The argument can therefore be made that the Teamsters are the impediment? The book is surprisingly balanced on the issues. Great read.

ST
 
Snark Monkey said:
Was just listening to two friends from 211 talk about Drivers getting written up for going on the sick board even if they had sick time available to use. YRC would rather fight with their employees then move freight. Its just that simple.

No one wants to work in a hostile environment and certainly not for the lowest paid LTL company. I hear a few Guys are over due for termination, but the company won't fire them because the Company does not have anybody to replace them with. And yet Management still would rather pick fights.

Can you imagine going to work every day with that level of stress at your work?! Thanks but no Thanks!
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I couldn't do it Snark. At my age it would start to affect my health. No job is worth that. We go back a long way Snark so you take care of yourself. I don't want to read about you in the obituary.
 
Snark Monkey said:
Was just listening to two friends from 211 talk about Drivers getting written up for going on the sick board even if they had sick time available to use. YRC would rather fight with their employees then move freight. Its just that simple.

No one wants to work in a hostile environment and certainly not for the lowest paid LTL company. I hear a few Guys are over due for termination, but the company won't fire them because the Company does not have anybody to replace them with. And yet Management still would rather pick fights.

Can you imagine going to work every day with that level of stress at your work?! Thanks but no Thanks!
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Your right.
They would rather nit pick the employees over diddly ::shit:: than focus on how frickednup up their system of moving freight and the incompetence of their dispatchers and supervision.
As I see it.
It's an easy job. Easy work. I could. Do it another ten years into my 70's no problem physically.
Mentally. I can't leave soon enough.
Just have to block all that ::shit:: out because it won't change and hasn't.
:17142:
 
runawaytrain said:
I couldn't do it Snark. At my age it would start to affect my health. No job is worth that. We go back a long way Snark so you take care of yourself. I don't want to read about you in the obituary.
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No worries my Friend. I work at Holland, and at this point, you just go to work and do your job. End of story. I enjoy my job and the people I work with.
 
If the holder of the YRC debit can collect his interest on the loan, and his cost to hang on to that debit is less than what they would get in a bankruptcy, then YRC still operates. If the cost of keeping the debit is greater than their income from the interest, and they can afford the loss in bankruptcy, then another one bites the dust. What it cost to hang on to that debit is what dictates if the doors are open or shut. YRC debit
 
vongrimmenstein said:
If the holder of the YRC debit can collect his interest on the loan, and his cost to hang on to that debit is less than what they would get in a bankruptcy, then YRC still operates. If the cost of keeping the debit is greater than their income from the interest, and they can afford the loss in bankruptcy, then another one bites the dust. What it cost to hang on to that debit is what dictates if the doors are open or shut. YRC debit
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You said it, von. At the end of the day, YRC is not an attractive prospect for liquidation because the company doesn't own anything of real value anymore. The creditors would only benefit from YRC going under if YRC simply could not find a way to turn a profit. Otherwise, they'll take what they can get.

And make no mistake, YRC has a lot they can do before they could be legitimately declared a total, hopeless loss by creditors.
 
Canadian Flyer said:
You said it, von. At the end of the day, YRC is not an attractive prospect for liquidation because the company doesn't own anything of real value anymore. The creditors would only benefit from YRC going under if YRC simply could not find a way to turn a profit. Otherwise, they'll take what they can get.

And make no mistake, YRC has a lot they can do before they could be legitimately declared a total, hopeless loss by creditors.
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I agree. Nothing for the creditors to grab hold of if they force the bankruptcy. And other reasons they are not ready for that road. I also think POTUS or someone from the feds would step in & try to keep it running. von.
 
Elwood said:
Ya, POTUS stepping in. Why didn't I think of that?:17142:
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Because he is President & you are not. Na that is to mean. I have no idea what he might do. I think it is the Taft/Hartley Act he could force strikers to go back to work. But, I don't think a labor action would get that far. To many company yes men that would not stand up to the company or the Union. In other words remove the word Brotherhood in IBT & replace it with Measter. Ya can call it the International Union of Measters. If the shoe fits? Wear it. mememememememememe.von.
 
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