yankee clipper
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spoke to my B.A. yesterday company has 200,000,000 note due soon 120,000,000 in cash no vote = close doors by 10/31/10 bank not playing,also ABF may create problem ,possible lawsuit pending .
Yellow | not bluffing
- Thread starter yankee clipper
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It is encouraging to see that some take the time to find out the truth! Few seem to understand that we are making money but NOT enough to service the debt that was incurred by $bill's spending binge. And ALL the crying about that debt does NOT change the fact that as far as the banks are concerned they want their money!
So how much money do they have tied up in foreign assets that the union knows nothing about?
How much have they hidden in impressed accounts for future purchases in subsidiary companies?
How much have they invested in non public traded stock, that may be worth hundreds of millions but has been booked off for accounting purposes as almost worthless, because their is no "established" value to the assets?
To explain the last one, think about the Yahoo article on the guy who started his own electric car company, owned 80% or so of the stock, but was bankrupt on paper and was borrowing money from his friends to live on regularly. He freely admits when the stock goes public, he'll make 100's of millions of dollars.
Do you actually believe the investors have been risking all the money they claim is at risk, with no security? Haven't you ever wondered how YRCW always manages to come up with that extra 100, 200 or 300 million out of thin air when forced to pay another obligation? Do you really believe the money fairy has kept blessing YRCW with endowments of cash at a rate JUST high enough to keep them from going bankrupt?
How much have they hidden in impressed accounts for future purchases in subsidiary companies?
How much have they invested in non public traded stock, that may be worth hundreds of millions but has been booked off for accounting purposes as almost worthless, because their is no "established" value to the assets?
To explain the last one, think about the Yahoo article on the guy who started his own electric car company, owned 80% or so of the stock, but was bankrupt on paper and was borrowing money from his friends to live on regularly. He freely admits when the stock goes public, he'll make 100's of millions of dollars.
Do you actually believe the investors have been risking all the money they claim is at risk, with no security? Haven't you ever wondered how YRCW always manages to come up with that extra 100, 200 or 300 million out of thin air when forced to pay another obligation? Do you really believe the money fairy has kept blessing YRCW with endowments of cash at a rate JUST high enough to keep them from going bankrupt?
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electraglideatl
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I agree with vwaggs..........Why in the world would a bank lend money then worry later about abunch of truckdrivers voting to take cuts.....?.....Does not make any sense.........Yrc has money and they want to line their pockets at the expense of poor truckdrivers and dockworkers..........nuff said
Cab Lizzard
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Look at Yahoo finance. Would a company on the brink of financial disaster have initiated selling stock in multiple countries for future expansion.[/QUOTE]
Ya think that they have used up all the stupid investors here and now have to tap a bigger market for more suckers
Ya think that they have used up all the stupid investors here and now have to tap a bigger market for more suckers
electraglideatl
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Vote this down and send them back to the table............Tyson Johnson you should be ashamed of even entertaining this to the rank and file.........nuff said
Its easy to say when you're not the one who has to go find another job.
Disgruntled
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I left work last night baffled by how some morons who've looked at this turd and say "it's not that bad", if this passes I may have to just quit.
Then I said it for him. Vote this down and send them back to the negotiating table.
Regular342
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That is pretty much what KK said the other day. There is NO reason to think this stupid a$$ company has a plan B. Whats funny is that the vast majority of NO voters are also the ones who say they can't find another job right now yet they are completely willing to possibly vote to eliminate everyone's job. And you older boys.....who do you think is going to want to hire an older driver/dockman who just happens to be a former teamster? Answer.......NO ONE. Just keep that in mind and know the risks that you are taking by casting either vote.
O.K. albag I'm one of the few so tell me when did YRC ever make money ?
T
turboj
Guest
Lets assume that this is true. If this latest bend-over passes on the 29th they will have just pi$$ed away 2/3s of their so called yearly savings with still a year to go for the first year. They'll be back November 2010 for more concessions or will have to close by the end of the year. And we all know if they're claiming they'll save 300 Million its closer to 50 cents. Just going by what they said about the 5% wage cut was the end to all the problems. What will these brain surgeons do when the economy tanks further. Oh, forgot, somebodys going to give them 300 Million!!!!!!:LMAO:
J
Jay C
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liquidity: to generate cash from operations..if they can't generate enough cash from operations to run the business day to day they won't take it from another source assuming they had another source
They are not one of the FedEx's of the world who could do that
it's non-negotiable.. the negotiations are over..they kicked it around for a week in Dallas
YRC is determined to stay in business up to now
but if you want to sit and play the last hand with the experts..good luck
deal the cards
They are not one of the FedEx's of the world who could do that
it's non-negotiable.. the negotiations are over..they kicked it around for a week in Dallas
YRC is determined to stay in business up to now
but if you want to sit and play the last hand with the experts..good luck
deal the cards
So taking 10 minutes of break and a week's vacation away is what it will take to save this company? if 10 minutes of break will cause yrc to go out of business, let them go under. Taking away break time will save no money, and how many times when a worker has gone on vacation, have they called someone in to work for them? NONE! I work in the office side, and every day a dispatcher says they can't deliver freight because someone is on vacation. I think either way it is a win/win for the company. If this passes, then they got more (again) than they need. If it fails, they go back, take out the break/vacation clause, and still get by with not really paying into the pension. people aren't shipping with yrc because employees get 2 15 minute breaks, they aren't shipping because their freight is always 2 days late. nothing in this contract will get freight delivered any faster. and the customers will keep leaving.
That's my point. YRC, since the operating results were combined (Roadway and Yellow) never have made more money than was spent making it (negative O/R). And that is the reason we face the situation we do. No easy answers here.
At 309 road drivers were recalled due to vacations by other road drivers. When that occurs you do understand that YRC is paying 2 H&W payments for 1 working driver!!!!
metalmikex
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I second that.......... All I can remember is after the first 10 percent cut..... Tyson Johnson says, "This is what the company needs to get back on track, A one time only deal" Then seven months later after the five percent cut and the say goodbye to your pension forever, The same clown says " We will not let them re-open or gut this contract, and the company will start paying into the pension plan again in Jan. 2011" Fast forward fourteen months later and this POS deal. Did they not look at the books after the first and second cuts? They have been wrong so far, What makes one think this is the one to make it right? Prove to me where they was right or at the very least telling the truth in the past. I'm willing to take a chance and if they happen to close, so be it.......... I will feel bad for the older guys who most companys won't take a chance on because of age, And also the ones who spent so much money and had to work overtime every day just to make ends-meat........ The rest of us who knew how to save money or take care of themselves will be just fine. Every trucking company in my area has been hiring
for some time now, as well as other places....... Won't be the same or as much money but we will survive.........
J
Jay C
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the country is goin broke paying extended unemployment and food stamps.
11M people out of work
The state of California is bankrupt with a quarter million people who exhausted their benefits and a loon out there said he's gonna quit if this passes
it's the perfect storm for a year of the give backs
it's the economy
always was
always will be
we take in good times
they take back in bad times
they take back in bad times