Holland | Question about getting sold.

New owner or bankruptcy filing automaticly returns our wages to full rate. I never understood that, if they file bankruptcy how do they pay us full rate? Guess thats why I drive a truck and don't negotiate contracts
That snap back clause is just smoke and mirrors mudpuppy. When they go broke, you're not getting returned to full rate. And also when a company is making a purchase.....they will decide the wages, NOT the Union. I don't care what the Union (B.S.) language says, the purchasing company will make that decision on pay and pension, or they won't make the purchase. The Union wouldn't have any choice but to accept what the company offered......or the Union gets the boot. That whole section of the "so called" agreement is just an attempt to show the members something positive, but there will never be any "snap back" provisions applied. Just smoke and mirrors.
 
If it is going to be sold - it has to before or after a ----------YES---------vote. If the vote is no it will be a CHAPTER 11 LIQUIDATION of assets. It would take a chapter 7 bk to continue to operate. This includes all of us and New Penn also. Last week was one Hollands best financial weeks in ages. The whole 3rd qrtr was very good, beating all forecasts. The fact is though that YRC takes all cash from us and N/P. Anyone that works with me knows who I talk to in mgmt at the top and it simply wouldn't be right for me to say who it is in these forums. Guys the bottom line is a no vote is LIQUIDATE. We have to remain open for a possibility of a sale. I understand the disgust with everything but what I've said is true. This is the hand were dealt. I'm so tired of reading this and thinking about this for 2 yrs.
You HAVE GOT TO BE REAL! Quit with the conspiracy rumors and it is a bluff.
Also before I go - same individual tells me that they are very confident the lendors are ready to recapitalize with a YES vote. There wil be no going back to renegotiate with a NO vote. They will simply start closing down the operation.
 
Sorry Superstar - you have it backwards. Chapter 11 might keep the doors open. Chapter 7 is total liquidation. I work for a Chapter 7 trustee.
 
That snap back clause is just smoke and mirrors mudpuppy. When they go broke, you're not getting returned to full rate. And also when a company is making a purchase.....they will decide the wages, NOT the Union. I don't care what the Union (B.S.) language says, the purchasing company will make that decision on pay and pension, or they won't make the purchase. The Union wouldn't have any choice but to accept what the company offered......or the Union gets the boot. That whole section of the "so called" agreement is just an attempt to show the members something positive, but there will never be any "snap back" provisions applied. Just smoke and mirrors.
If a buyer said they would buy Holland if the concessions passed I would vote yes in a heartbeat. Until then it will still be a NO! I just want out from YRC's thumb and get back to doin what Holland does best!
 
we were told at new penn in baltimore last night by the regional manager that there was investers looking to buy. when asked who they were looking at the reply was all of yrcw. take it for what it's worth.
 
Dont think they are looking to buy. They are hoping this vote passes and that will entice more people to invest in yrcw, knowing there is a business plan and commitment in place.
 
If a buyer said they would buy Holland if the concessions passed I would vote yes in a heartbeat. Until then it will still be a NO! I just want out from YRC's thumb and get back to doin what Holland does best!
Same here shoeman. But nightowl saying that he was told that "invsters were looking to buy us" don't cut it. NO it is.
 
I work for YRC & just wanted to comment on someone buying Holland. This question was asked @ the conference call last night, the response was, The entire company "all divisions,(YRC National, Holland, YRC Glen Moore, New Penn, Reddaway, Reimer, etc...) real estate, & equipment" were put up for collateral to the banks. If YRCW goes bankrupt, we all fall, there will be no selling of divisions, was stated. The banks will call in their $100 million loan, YRCW had $147 million in operating costs Sunday. The pensions will then call in their payments on Jan. 1, 2011, $300 million. Once YRCW is under $30 million, they won't be able to make payroll & will be forced to liquidate.

"IF" Holland were to be sold now, the purchasing company would be liable for "all the unfunded liability" to the pensions. Thats why nobody wants to purchase "any" part of this unionized company. It was stated that there is a reliable investor willing to put up $300 - $500 million & would be in place by the end of the year. The investors wanted a 5 year labor agreement & monies removed from the contract to show the seriousness of becoming profitable again. Thats it in a nutshell. If this does not go through, YRCW will liquidate all entities.

If you vote yes, you can take a leave of absence & find another job, you will have till June 1st to return. Vote no & there will be nothing to return to.
 
I work for YRC & just wanted to comment on someone buying Holland. This question was asked @ the conference call last night, the response was, The entire company "all divisions,(YRC National, Holland, YRC Glen Moore, New Penn, Reddaway, Reimer, etc...) real estate, & equipment" were put up for collateral to the banks. If YRCW goes bankrupt, we all fall, there will be no selling of divisions, was stated. The banks will call in their $100 million loan, YRCW had $147 million in operating costs Sunday. The pensions will then call in their payments on Jan. 1, 2011, $300 million. Once YRCW is under $30 million, they won't be able to make payroll & will be forced to liquidate.

"IF" Holland were to be sold now, the purchasing company would be liable for "all the unfunded liability" to the pensions. Thats why nobody wants to purchase "any" part of this unionized company. It was stated that there is a reliable investor willing to put up $300 - $500 million & would be in place by the end of the year. The investors wanted a 5 year labor agreement & monies removed from the contract to show the seriousness of becoming profitable again. Thats it in a nutshell. If this does not go through, YRCW will liquidate all entities.

If you vote yes, you can take a leave of absence & find another job, you will have till June 1st to return. Vote no & there will be nothing to return to.
Who is the investor? There is none, I already know, dont make a fool of yourself trying to explain that. I'll still vote NO! Liquidate Baby! Hell'Obama free ride for a 2 yr. break!
 
It is hard to believe that so many people are willing to vote no on this plan. if you vote no you are voting yourself right out of a job, and last time i checked jobs are hard to come by right know. unless you found some magical job fairy at one of the halls. trust me i think it sucks but i would rather have a job then be standing in line. you have to right to vote which ever way you choose but just consider everyone else you will be hurting. i am in sales for Holland and have no say in what goes on but i am one of the people that will be out in the cold with you if the doors close. i have a family to support and i am sure a lot of you do also, so how can you look into their eyes and tell them i am going to vote no on this plan and will loose my job. trust me i believe yrcw has mis-managed the heck out of this great company i watched it when it was just that, built on your backs and the best there is, but now is not the time to call the bluff. you have to trust that the new management that will be coming in returns us to that glory, we just have togive them the chance. the financing will be there at the end of the year because a long term solution is in place, and we would have you to thank, but just remeber, we will close our doors if this does not pass. please i beg of you do the right thing and let us move on from all this crap and go out there and take down the non-union competition.
 
Who is the investor? There is none, I already know, dont make a fool of yourself trying to explain that. I'll still vote NO! Liquidate Baby! Hell'Obama free ride for a 2 yr. break!

amen brother, good to see your sick and tired of the excuses also.
 
If the banks, who own us, requests to go into chapter 11, they would be granted. There would be a bankrupcy judge appointed. Under bankrupcy code 11-13b, holland could be sold off. The bad news, the contract would be void, the judge can't amend the contract it would be voided altogether. Now its a non-union company for sale. We don't own our terminals and our equipment is aging. The buyer would be buying a brand name with a proven business model that has and is making money (some value in itself). I seriously doubt this restructuring agreement will pass. Gentlemen,there isn't a right or wrong answer, only repercussions." Good luck to everyone...
 
The bad news, the contract would be void, the judge can't amend the contract it would be voided altogether. Now its a non-union company for sale.
From what the proposal clearly states, it looks like our contract has already been voided if we vote yes on this POS.

Non union????? That is the direction that this proposal takes us in, if not below. If I'm going non-union, it damn sure isn't going to be here, under these conditions.
 
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