Please enough with the bs.
dockmen know little about company,s for sale but six months before roadway purchase new penn .they knew about the deal and that my freind,s is fact.
So the Dockmen knew?! Man am I talking to the wrong people!!
There is an element of truth in all rumors...........figuring out that truth is the tough thing. ABF having interest in New Penn would make sense: both teamster, both underfunded pensions......then in X # of years, they could go "Big Brown"!!
What pension funds are not underfunded? It's my understanding that all pension funds, union, non union, multi employer & single employer, have taken a big hit in the past couple of months. I heard from our pension administrator that the single employer pension funds are in far worse shape than the MEPFs.
What I am speaking of it the Central States Pension fund that is the majority holder (or administrator - please correct me if my working is incorrect) for the Teamsters. This is what UPS bought out of so they are their own pension group and I believe their own bargaining group. This ends up as a large liability for the carrier. Now this does really stink for those that have put in 20-30 years and may have a risk of not getting out what they are due.
salesman from ups freight said this week one of yrc company is going to be sold. I hope it,s new penn. yellow is to far deep in depth, plus a real bad economy:d6625240:
ABF said they are looking to possible make a purchase of a company that has the right fit.