I Received the Earl C DVD and enjoyed listening to it. I met Earl ten years ago and it is good to know that he is still in pretty good shape. He is truly a good man. Also he put in one little piece of a possible direction that I was not aware of that OD might go.
As much criticism as we get from others on this board this DVD bolsters me. Yes us linehaul drivers work for less than many others in the LTL end of the trucking business but we still make a substantial amount more than our closest type of job title in this corporation P&D drivers. We work for a publicly owned corporation that makes a profit that is much larger than most of our closest competitors. (yes this is due to a large part to us being paid less) OD is a publicly held corporation there balance sheet, insider trading and much more is regulated by the SEC and is viewable by everyone including its employees. OD is largely held by insiders (the Congdon family) who have a vested interest in the corporation. (Todays investors look for corporations such as this to invest in) This helps us with job security and the drivers with the most seniority may benefit from this the most if it ever comes to that.
Of course the test would be if the economy ever bottomed out or if there is ever a big disruption in the structure of the Congdon family or both. I think as long as there are big profits the insiders will hold on to there share of the corporation. OD would probably demand a lot of money to be bought out. Another possibility is if the corporation was inherited by multiple family members and there were conflicts in the direction of the corporation. There are directions that OD could go in that I also do not foresee.
Overall though I think we are in a more secure position than many LTL trucking companies and my hopes are that David has much of the same pride in his family legacy as Earl does.
As much criticism as we get from others on this board this DVD bolsters me. Yes us linehaul drivers work for less than many others in the LTL end of the trucking business but we still make a substantial amount more than our closest type of job title in this corporation P&D drivers. We work for a publicly owned corporation that makes a profit that is much larger than most of our closest competitors. (yes this is due to a large part to us being paid less) OD is a publicly held corporation there balance sheet, insider trading and much more is regulated by the SEC and is viewable by everyone including its employees. OD is largely held by insiders (the Congdon family) who have a vested interest in the corporation. (Todays investors look for corporations such as this to invest in) This helps us with job security and the drivers with the most seniority may benefit from this the most if it ever comes to that.
Of course the test would be if the economy ever bottomed out or if there is ever a big disruption in the structure of the Congdon family or both. I think as long as there are big profits the insiders will hold on to there share of the corporation. OD would probably demand a lot of money to be bought out. Another possibility is if the corporation was inherited by multiple family members and there were conflicts in the direction of the corporation. There are directions that OD could go in that I also do not foresee.
Overall though I think we are in a more secure position than many LTL trucking companies and my hopes are that David has much of the same pride in his family legacy as Earl does.
