SAME OLD SONG AND DANCE!

Discussion in 'ABF Freight System' started by Muler, Oct 20, 2015.

  1. Muler

    Muler Banned

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    It appears that yellow has been doing their DOG AND PONY SHOW for a long time.

    Does this article sound like something the current yrc Teamsters have heard lately.?


    OVERLAND PARK, Kan., June 1 /PRNewswire/ -- Yellow Corporation (Nasdaq:
    YELL) announced today that it has reached agreement in principle to sell
    Preston Trucking Company to a management group of three senior Preston
    Trucking officers. The three senior officers of Preston who are buying the
    company include David J. Letke, President; J. Sean Callahan, Senior Vice
    President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice
    President and Chief Operating Officer.
    The sale is subject to successful negotiation of a new five-year labor
    agreement for Preston with the International Brotherhood of Teamsters and the
    Preston management group securing financing for future working capital needs.
    "We are informed that the sale is being positively viewed by the Teamsters and
    that labor negotiations are scheduled to commence no later than June 11. The
    new owners are in the process of finalizing lending arrangements with a major
    financial institution," said A. Maurice Myers, Chairman, President and CEO of
    Yellow Corporation.
    The financial impact of the sale is estimated to result in a second
    quarter non-recurring charge of between $55 and $65 million. Yellow
    Corporation estimates it will realize positive net cash flow principally from
    income tax benefits of approximately $20 million. In addition, Yellow
    Corporation will restate its historical results to segregate Preston results
    from continuing operations. For example, in the first quarter of 1998, the
    loss of $.02 per share will be presented as net income from continuing
    operations of $.14 per share and a net loss of $.16 per share from
    discontinued operations.
    Preston is a regional carrier serving the Northeast, Mid-Atlantic and
    Central States. It currently operates 62 terminals and substations. Preston
    delivered 2.4 million tons of freight in 1997, and serves approximately
    190,000 customers. "We look forward to providing the outstanding level of
    service our customers have come to expect," Letke said, "not only now, but
    well into the next century."
    Yellow Corporation is a holding company with operating subsidiaries
    specializing in national, regional and international less-than-truckload
    transportation. Headquartered in Overland Park, Kansas, Yellow employs
    approximately 34,000 people, including 5,700 Preston Trucking employees.

    http://www.prnewswire.com/news-rele...o-sell-preston-trucking-company-78002332.html

    DATE PUBLISHED: JUNE 01, 1998
     
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  2. Muler

    Muler Banned

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    One would have to ask themselves why ups was cut a break. I guess money talks and BS walks. Notice the article said all ups was charged was the price to cover their employees only. INTERESTING!

    A little more than five years ago, the increasing costs associated with withdrawing from pension plans caused one large company, UPS Inc. (United Parcel Service), to buy its way out. In December 2007, UPS paid $6.1 billion to withdraw from the Teamsters Central States fund. At the time, UPS was large enough to cut a deal. Under the arrangement, UPS was still liable for its own employees' retirement, but was excused from having to pay for the retirement of other Teamsters who never worked for it.


    http://www.michigancapitolconfidential.com/18574
     
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  3. Muler

    Muler Banned

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    Doesn't anyone else wonder why yellow could buy Roadway or Holland and for that matter New Penn? I would like to know when yellow ever had enough money to cover the pension liability for just one of the companies that they bought.

    Nobody lifted a finger while they sold off all the assets of Roadway to fund their high salaries and spending sprees.

    Yes Brothers all that property they sold was your pension money going out the window. hoffa nyhan and company can't say they did not know.
    Remember they did not come to us until yrc had nothing to seize if they went into default. Now we are at risk of having very little if any pension in the future but all that money went somewhere but not towards our pensions.

    It is time we start calling out the people that got us to this point and DEMAND that the government launch an in depth investigation into all parties involved. We need to start screaming to the heavens that it be done. YOUR BROTHER ALWAYS!
     
  4. Muler

    Muler Banned

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  5. Cubbie bear

    Cubbie bear New Member

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    I think ABF also was trying to buy out of the teamster pensions about the same time as UPS. Don't know what happened or maybe I should say why it didn't happen. I believe their liability would have been like 1 billion.
    B F
     
  6. Muler

    Muler Banned

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    600,000,000.,,
     
  7. ABFer

    ABFer Super Moderator Staff Member

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    And the IBT wouldn't let them out. UPS yes, ABF NO! :wtflol:
     
  8. Freightmaster1

    Freightmaster1 Well-Known Member

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  9. LarWoo

    LarWoo Member

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  10. 6PakAbs

    6PakAbs Active Member

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    Muler...I have missed reading your insights..where have you been?
     
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  11. Bloodweiser

    Bloodweiser New Member

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    Overall consensus among my peers is no one is willing to strike if the same bs is thrown at us just like last contract. Everyone is happy to have a job.....lol
     
  12. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    How did the consensus come to that? What a shame,......In this day of severe QUALIFIED driver shortages, any company should be grateful you've condescended to come to work that day.....

    The driver with a clean CDL is the HOT PROPERTY nowadays,.......yet company propaganda will bend heaven and earth just to convince guys that ain't so.......
     
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  13. SAC75

    SAC75 Well-Known Member

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    I don't even believe the post. I don't know anyone that isn't upset about this last contract. Just my opinion I guess.
     
  14. Bloodweiser

    Bloodweiser New Member

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    Do you people think anything is going to change the second time around? If you think changes for the better, your living in a pipe dream! Cuts are coming again..... last contract passed by a slim margin. My guess is whatever gets proposed this time around will pass with flying colors
     
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  15. SAC75

    SAC75 Well-Known Member

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    Troll
     
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  16. LTLAnonymous

    LTLAnonymous Active Member

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    Maybe not. There are a lot of new, "lucky just to HAVE a job" people at ABF.
     
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  17. SAC75

    SAC75 Well-Known Member

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    Smells like rollin 62 rebranded to me.
     
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  18. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    Oh, No!.........Don't mention his name!..........He'll re-appear like some hillbilly Mephistopheles in a blaze of sulphur-smelling smoke........I had to burn incense and spray Glade for three days last time he resurrected himself here.........
     
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  19. ABFer

    ABFer Super Moderator Staff Member

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    Besides, he's not banned and has no need to rebrand.
     

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