I started with Preston in late 1987. They were debt free. Then, like you said-- they bought Saia. By Thanksgiving of 93 we should have closed our doors. That's when Yellow bought us. Yellow built our Richfield, Oh, 300 door terminal for us, and put Preston's name on it (although apparently keeping the deed in Yellow's name-- it went back to Yellow within a month after Preston closed). Yellow put Preston on its own, apart from Saia, so they could then put PTC real estate up for loan collateral.....and they wrote off PTC on their books as an IRS write-off. From 1993-1998,, PTC seemed to be guinia pigs for Yellow, perfecting next-day service. We worked for a wage concession-- ironically(?) equal to the same amount Yellow paid for us????? In 1998, Yellow sold PTC to 3 YFS VP's, and declared us debt-free. Yellow Corp got some cash out of the deal, but mainly the chance to write us off again......in 1999-- just about a month after the deadline where, if we closed, Yellow would have to absorb us and dovetail our seniority into their boards, PTC closed............(Yellow again refiled, and retook us off their taxes. Yellow took over our 600 refurbished 48' trailers we had on order, and the 600 pup trailers we had that had no name on the side.....)
Why would you ever be suspicious of Yellow?