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New Penn | Pension withdaw liability

NP Driver1
Still New Penn Proud! Join Date: Apr 2007
Location: West Springfield MA
Posts: 144




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Now that we know multiple definitions of the word "bankrupt" can you tell us in 100 words or less where you are going with your point? If YRCW enters bankruptcy, it will emerge with some of it's entities intact and operating. My point (backed up with the link) was that closure of New Penn by YRCW invokes a pension withdrawal liability that will be charged to YRCW. Also affected are the three terminals sold to Pyle. A bankruptcy court can void the sales due to YRCW attempting to transfer assets that would be used to pay pension withdrawal liability. Are you following this? If not then hang on for newpenn107 to get here when his shift is up!
 
I refuse to have a battle of wits with an unarmed person. Go play in the sandbox trucker999.
 
NP Driver1 said:
Thank you for sharing that information. It would be safe to assume YRCW ended up on the hook for that $35 million either as part of the USF purchase price, or as new owner of the surviving USF entities.
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That $35 million was only for the Newark NJ terminal. I'm sure that USF shelled out a hell of a lot more for the other 1500 Teamsters.
 
2631 said:
That $35 million was only for the Newark NJ terminal. I'm sure that USF shelled out a hell of a lot more for the other 1500 Teamsters.
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I agree with you on that point. I am hoping people reading these posts are understanding that a NO vote from New Penn employees DOES NOT guarantee YRCW will close us! It would cost them big $ in withdrawal liability. The banks that YRCW owes billions might have an issue with YRCW closing down one of its profitable companies thus eliminating a huge source of cash flow that could be used to pay down YRCW's debt. Add to this millions of $ in pension fund withdrawal liabilities and it makes sense to vote NO. New Penn will still survive and make $ while we all work for 10% less and have our pension contributions paid. If it would benefit YRCW in any way to close New Penn, they would have done it by now! Instead they downsized Holland and gave US their freight-NOT YRC!
 
they gave us the holland freight,basically saying -make this profitable-or else. i don't know figures,but say 30 mil.a year in profit, from a basically 350 mil.a year in revenue. thats my guess when things were at least ok,business wise.if they take 5%of profit every quarter,that would be,6 mil @ year they get from us.anybody have more solid numbers feel free to do the math and plug them in. holland i read was a 1billion a year in gross revenue company,and yrcw was getting a mil a week in there management fee's. makeing that 52 mil a year there getting from holland. so they are getting what , almost 9 times the cash from the losers than they are getting from the profitable npme. you dont' think they would shut us down? they could liquidate us , rest of properites, equipment, etc. for what,200,maybe 250 mil in cash. they need cash!! they-yrcw- doesn't care that we are the best at next day in the north east, if they did,they would be takeing our best practices and money makeing ways and putting them to there use .whether it's there ego's or they're just plain old stupid i don't know,but one thing for sure is , they don't need npme to keep yrc afloat. if they would liquidate us today,what 2-250mil in cash,and maybe keep at most 20% of our freight. bottom line here is that is more than several yrs of our profits they are getting now, and a lot less than there bleeding from holland ,and there losers. you guys vote any way your gut takes you, i not trying to sway one way or another, i am trying to show you that being a well run and profitable company doesn't mean ::shit::,when the parent company needs CASH to survive,and they get more from losers than from us.
 
newpenn107 said:
I know where #22 is and what local they are. You telling me they only get 3 weeks after 18 years???
But it all may be a moot point.. because now I am hearing even though newpenn votes seperate, the total will be lumped in with yrc...sounds like bull ::shit:: to me. But you never know with the ::shit:: deals the IBT is making.
And trucker999....if you know your TM so well , ask him what he was told to tell his employees if they asked about the vote or any questions regarding newpenn. No . I'll tell you what he was told to do. He was told to tell the employees they should vote yes!
And thats a fact from a source better than any you will ever know.
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He couldn't ask him very much as the TM here at 22 has been on vacation for the last week...and all this ::shit:: that he has been saying doesn't sound like our TM at all..
 
allnightrain44 said:
they gave us the holland freight,basically saying -make this profitable-or else. i don't know figures,but say 30 mil.a year in profit, from a basically 350 mil.a year in revenue. thats my guess when things were at least ok,business wise.if they take 5%of profit every quarter,that would be,6 mil @ year they get from us.anybody have more solid numbers feel free to do the math and plug them in. holland i read was a 1billion a year in gross revenue company,and yrcw was getting a mil a week in there management fee's. makeing that 52 mil a year there getting from holland. so they are getting what , almost 9 times the cash from the losers than they are getting from the profitable npme. you dont' think they would shut us down? they could liquidate us , rest of properites, equipment, etc. for what,200,maybe 250 mil in cash. they need cash!! they-yrcw- doesn't care that we are the best at next day in the north east, if they did,they would be takeing our best practices and money makeing ways and putting them to there use .whether it's there ego's or they're just plain old stupid i don't know,but one thing for sure is , they don't need npme to keep yrc afloat. if they would liquidate us today,what 2-250mil in cash,and maybe keep at most 20% of our freight. bottom line here is that is more than several yrs of our profits they are getting now, and a lot less than there bleeding from holland ,and there losers. you guys vote any way your gut takes you, i not trying to sway one way or another, i am trying to show you that being a well run and profitable company doesn't mean ::shit::,when the parent company needs CASH to survive,and they get more from losers than from us.
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I am not sure which way you are leaning here but it sounds like you think YRCW could shut us down at any time. Am I understanding you correctly? As far as taking our best practices and putting them to use at YRC- what are they waiting for? If that would have helped turn a profit it would have been done already.
 
allnightrain44 IF yrcw wanted to close new penn because of a no vote(or any other reason), yes they could gain some cash(you say 2-250mil), BUT they would have this pension withdraw liability which I couldn't even begin to guess how much $ it could be! I believe that its is cheaper for yrcw to keep all regionals operating even at losses than it would be to close them! Same goes for bill z cheaper to keep em than pay to get rid of em, just my opinion
 
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