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Yellow | Jack Cooper Making $2 Billion Bid for Bankrupt Yellow

tailgunner said:
Read the whole article look on the web and explains the whole thing Democrats and Republican senators are trying to talk to the treasury department to get them to push back the payments that was due in 2024 700 million Dollars yellow went out of business because they couldn't afford the payment...... If they get that resolved they would sit down with the teamsters and work out a new contract and it said in the Wall Street journal article most of the 22,000 union jobs some will get there job back it didn't elaborate oi jobs just some let's keep our fingers crossed and hopefully we get our jobs back there was plenty of people there that had 15- 20 years 25 years and up we need to retire we've been through a lot of crap since 2009 give backs :::::: being treated like crap and there's a lot of people on here that just talk I don't think ever work for the company or they just ignorant:::::: if it wasn't for us the company would have would have been out of a business a number of years ago the only reason why they stayed in business because of reading way Holland and New Penn they were able to get the loans because of us yellow sucked always did suck .........the CEO back in 05 /06 started all this trouble off years ago by spending money like a drunken sailor on leave .......buying company in China taking over other companies and making bad investments and top management got bonuses all along the way never put any money back into the company or consolidating the 4 companies to run different lanes and all work together not overlapping each other with yellow new pen and roadway..... we should all say a prayer and hopefully this does go through and it's up to you if you want to go back and work I figure new company New Management you might as well take a shot it's better than what's out there now working non Union I'm still looking for a job it's pretty damn hard to find one
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Ted, that is like the longest sentence I have ever seen.
 
Cam1 said:
With everything going on,and I do mean ''everything''in our ''Truth is stranger than fiction'' society,would anyone really be shocked if this all 'panned out' in the end...I sure as hell wouldn't!!!!🙏...Saving Teamster jobs?....Let's DO IT!!!!...Thoughts and prayers to every family that has a ''stake'' in making this situation a reality!!!!
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There is no market for a teamster LTL carrier.
Companies spend a fortune to not get organized by the teamsters union because these businessmen well understand that is death to an LTL carrier
So this carrier, who never handled a pound of LTL Freight, with little to no infrastructure and 1/6 the revenue of Yellow will restart the company? All by taking the same exact formula that destroyed Yellow and using that to restart the company..
These people make Zolars look brilliant.
 
FatChance said:
Let's take a step back and look at the whole picture. I posted a while back that 30000 folks and families losing their jobs was horrific. And it is. Now a company that can't keep itself in good financial shape is going to somehow find however much money is needed to float a corporation that couldn't make a correct decision for decades? And 2 of the most out of touch people on planet earth are going to try to force this thru? ie 2 US Senators. How many shippers are going to sign up for this ride? My guess, only the mentally defective ones. I'm thinking these are folks that are just grandstanding. Just doing what they do best, jerking people around. My opinion, vent over
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Thats not the correct picture... the correct picture is that there is great investment opportunity for someone interested in reviving the 2nd largest LTL company in the country with already in place infrastructure, logistics, and a professional work force ready to go.
 
This company could probably fetch between $4billion to $5billion on the open market at auction, how is that considered a company with no value? If there is a surplus after creditors are paid off then it sounds like they were a good investment after all eh???
 
RumRunner1 said:
This company could probably fetch between $4billion to $5billion on the open market at auction, how is that considered a company with no value? If there is a surplus after creditors are paid off then it sounds like they were a good investment after all eh???
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If there is so much equity why is the company closed? They could have borrowed (again) on the huge amount of equity you mention???
There currently is excess capacity in the LTL market.
Biden's economy is slowing, that would make it an extremely bad time to add new capacity
I still stand by my diversion theory.... It keeps the heat off of the FUBAR situation created by the teamsters union....
 
Puff Driver said:
If there is so much equity why is the company closed? They could have borrowed (again) on the huge amount of equity you mention???
There currently is excess capacity in the LTL market.
Biden's economy is slowing, that would make it an extremely bad time to add new capacity
I still stand by my diversion theory.... It keeps the heat off of the FUBAR situation created by the teamsters union....
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Do you really believe that these politicians are doing it to "keep the heat off the Teamsters"? Even the Republican Senator? I think you are right as far as it probably won't happen though, but I think it is more about political posturing....
 
Puff Driver said:
If there is so much equity why is the company closed? They could have borrowed (again) on the huge amount of equity you mention???
There currently is excess capacity in the LTL market.
Biden's economy is slowing, that would make it an extremely bad time to add new capacity
I still stand by my diversion theory.... It keeps the heat off of the FUBAR situation created by the teamsters union....
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They had a line of credit which was revealed in the bankruptcy proceedings which was never used and seems to be overlooked by everybody involved... I would like to know why it wasnt drawn upon and I hope the judge asks the same question as that line of credit had enough to keep the company going without the need for bankruptcy or missing any H&W contributions. I believe it was at Apollo's instruction that was 80% behind the failure of the company in the end to not act in a proper fiduciary manner to the rest of the stakeholders which led the current closing events and would hope the emails and conversations will be subpoenaed at some point in time. The line of credit was, I believe, listed as being through Citizens bank.
 
ABF381 said:
Do you really believe that these politicians are doing it to "keep the heat off the Teamsters"? Even the Republican Senator? I think you are right as far as it probably won't happen though, but I think it is more about political posturing....
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Any politician will give away other people's money. Extending the deadline for the loan is easy for anyone, they then claim to be heroes.
I think the folks buying into this are getting fooled.
Cooper is not a great company, they have major issues to contend with. For guys out of work I wish it were true but I suspect they are getting played....
I've seen this tactic before......
It certainly changes the conversation........
Why is the question???
 
Puff Driver said:
Any politician will give away other people's money. Extending the deadline for the loan is easy for anyone, they then claim to be heroes.
I think the folks buying into this are getting fooled.
Cooper is not a great company, they have major issues to contend with. For guys out of work I wish it were true but I suspect they are getting played....
I've seen this tactic before......
It certainly changes the conversation........
Why is the question???
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Why are you against this?? Does your hatred for unions come into play??
 
crazy said:
Why are you against this?? Does your hatred for unions come into play??
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No I live in realville.
This is a company with extremely large recent USDOT fines, poor FMCSA OOS Statistics, that recently survived Chapter 11, has no experience in the LTL industry, who is 1/3 the size of the company they are trying to resurrect and now will take on the mega debt of a carrier killed by the very same debt?
Hence why I see this not happening.
This is nothing more than a distraction, typical of socialists/communists.
They divert the attention of those they just screwed by creating false hope.
Do you have some of that false hope? I hope not...
 
RumRunner1 said:
Thats not the correct picture... the correct picture is that there is great investment opportunity for someone interested in reviving the 2nd largest LTL company in the country with already in place infrastructure, logistics, and a professional work force ready to go.
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Looks like a lot of that infrastructure is owned by other trucking comapanies that Yellow destroyed some of them. I dont think they will be leasing them back after getting the finger by Yellow.
 
steercrazee said:
Looks like a lot of that infrastructure is owned by other trucking comapanies that Yellow destroyed some of them. I dont think they will be leasing them back after getting the finger by Yellow.
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Good point, remember it was Yellow that invented the LTL discount.
Yet another first for Yellow.....
 
RumRunner1 said:
Thats not the correct picture... the correct picture is that there is great investment opportunity for someone interested in reviving the 2nd largest LTL company in the country with already in place infrastructure, logistics, and a professional work force ready to go.
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Let me ask you this? Every LTL carrier and for that matter truckload carrier or private carrier ( Walmart) have some of the best and most professional drivers in the industry. With the skills and knowledge also comes good decision makings, otherwise they wouldn’t be where they are at professionally. Not to mention personal appearance. How many of those people who have found work union or non union jobs are going to take that chance and make a change on a hope and a dream? For all practical purposes all of those including myself did just that in 2009 and stayed on.
I remember a union meeting during that time of the concession talk when a high ranking member said “ boys to date no company who has asked for concessions has survived, it’s just a matter of time” companies have came out of bankruptcy and thrived. Remember what Satish said
“ this patient isn’t on live support, they are dead”
 
dokman said:
Let me ask you this? Every LTL carrier and for that matter truckload carrier or private carrier ( Walmart) have some of the best and most professional drivers in the industry. With the skills and knowledge also comes good decision makings, otherwise they wouldn’t be where they are at professionally. Not to mention personal appearance. How many of those people who have found work union or non union jobs are going to take that chance and make a change on a hope and a dream? For all practical purposes all of those including myself did just that in 2009 and stayed on.
I remember a union meeting during that time of the concession talk when a high ranking member said “ boys to date no company who has asked for concessions has survived, it’s just a matter of time” companies have came out of bankruptcy and thrived. Remember what Satish said
“ this patient isn’t on live support, they are dead”
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I would bet 65% of the workforce would return to Yellow on a days notice..some even the same day :1036316054:
 
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