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Yellow | Tremendous outcome,’ judge says in approval of Yellow terminal sales

Gotta love this statement from the article, shows who really benefits (banks and hedgefunds):

"Yellow’s liquidation is expected to generate proceeds in excess of the roughly $1.8 billion in debt held by secured lenders and the hedge funds providing bankruptcy financing."

If they drew on the line of credit from Citizens which they had and avoided missing the H&W payment and avoided bakruptcy, how much would they have saved in bankruptcy fees and interest paid to all the leeches since July 31? Probably enough to fund the entire payroll of any deficiencies until contract renewal in March 2024. This should have never made it to bankruptcy!
 
RumRunner1 said:
Gotta love this statement from the article, shows who really benefits (banks and hedgefunds):

"Yellow’s liquidation is expected to generate proceeds in excess of the roughly $1.8 billion in debt held by secured lenders and the hedge funds providing bankruptcy financing."

If they drew on the line of credit from Citizens which they had and avoided missing the H&W payment and avoided bakruptcy, how much would they have saved in bankruptcy fees and interest paid to all the leeches since July 31? Probably enough to fund the entire payroll of any deficiencies until contract renewal in March 2024. This should have never made it to bankruptcy!
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Rum, I agree this doesn't pass the "smell test", but in bankruptcy the lawyers get paid first (imagine that!!) followed by the secured creditors, which includes the supplier of the DIP (debtor-in-possession) financing. Then comes priority unsecured (that's us, the employees) followed by the unsecured creditors. If there's anything left after all that, the shareholders get theirs.
 
I dont like the article.

Lets say that Yellow is broke. Borrowed two billion from Uncle Sam two years ago. That gets paid back first. They failed to do it. Storing that in cash that eventually ran to zero like a leaky fuel tank. Then they were forced to file BK and thats that.

The Land under the Yellow Yards and Ternimals have value yet. Yellow should have simply sold off half the yards and closed those that does not produce freight and profit to pay overhead. That would put alot of people out of work. Thats the American Way. A company too fat for its own good eventually goes belly up and no one can fix it then. Bury that mess.

The problem with Yellow is that Upper Management knew they were sunk. But continued for over a year to soothe the frayed feathers of the old hands who can see a sinking ship months or a year before the company finally rolled over and sank. And then prevaricate everyone else with stories about how strong their cash reserves and all that mess.

Eventually shippers who smelled BS sent the freight with anyone but Yellow. Poof no more Yellow. Serves the stupid prevaricating upper Executives right.

Now its all gone. and for what? What a waste.
 
Bird Man said:
I dont like the article.

Lets say that Yellow is broke. Borrowed two billion from Uncle Sam two years ago. That gets paid back first. They failed to do it. Storing that in cash that eventually ran to zero like a leaky fuel tank. Then they were forced to file BK and thats that.

The Land under the Yellow Yards and Ternimals have value yet. Yellow should have simply sold off half the yards and closed those that does not produce freight and profit to pay overhead. That would put alot of people out of work. Thats the American Way. A company too fat for its own good eventually goes belly up and no one can fix it then. Bury that mess.

The problem with Yellow is that Upper Management knew they were sunk. But continued for over a year to soothe the frayed feathers of the old hands who can see a sinking ship months or a year before the company finally rolled over and sank. And then prevaricate everyone else with stories about how strong their cash reserves and all that mess.

Eventually shippers who smelled BS sent the freight with anyone but Yellow. Poof no more Yellow. Serves the stupid prevaricating upper Executives right.

Now it’s all gone. and for what? What a waste.
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YRC already sold and leased back roughly half the yards over the years to raise money. I’m sure they hit a point where they couldn’t do this anymore because the banks wouldn’t allow it, they needed enough collateral to be paid back in case of this exact situation.
 
Debt & the refusal to modernize the work rules caused the slow death of Yellow.
The union goon posting the Yellow Tombstone caused the rush of customers off of Yellow's Trucks
Yet SOB still refused to open the contract in an emergency of this magnitude.
Every option should have been on the table to save the company. Instead the union chose to obey the contract as it was written. In such a crisis the teamsters had to be flexible or the result is what actually did happen!
 
The auction of Yellow’s more than 140 leased terminals is set to resume on Monday with a sale hearing set for Jan. 12. ???? Confused on how they can they sell Leased Terminals that somebody else owns ???
 
Bird Man said:
I dont like the article.

Lets say that Yellow is broke. Borrowed two billion from Uncle Sam two years ago. That gets paid back first. They failed to do it. Storing that in cash that eventually ran to zero like a leaky fuel tank. Then they were forced to file BK and thats that.

The Land under the Yellow Yards and Ternimals have value yet. Yellow should have simply sold off half the yards and closed those that does not produce freight and profit to pay overhead. That would put alot of people out of work. Thats the American Way. A company too fat for its own good eventually goes belly up and no one can fix it then. Bury that mess.

The problem with Yellow is that Upper Management knew they were sunk. But continued for over a year to soothe the frayed feathers of the old hands who can see a sinking ship months or a year before the company finally rolled over and sank. And then prevaricate everyone else with stories about how strong their cash reserves and all that mess.

Eventually shippers who smelled BS sent the freight with anyone but Yellow. Poof no more Yellow. Serves the stupid prevaricating upper Executives right.

Now its all gone. and for what? What a waste.
Click to expand...
Yellow, never was worth moosetits
 
Bird Man said:
I dont like the article.

Lets say that Yellow is broke. Borrowed two billion from Uncle Sam two years ago. That gets paid back first. They failed to do it. Storing that in cash that eventually ran to zero like a leaky fuel tank. Then they were forced to file BK and thats that.

The Land under the Yellow Yards and Ternimals have value yet. Yellow should have simply sold off half the yards and closed those that does not produce freight and profit to pay overhead. That would put alot of people out of work. Thats the American Way. A company too fat for its own good eventually goes belly up and no one can fix it then. Bury that mess.

The problem with Yellow is that Upper Management knew they were sunk. But continued for over a year to soothe the frayed feathers of the old hands who can see a sinking ship months or a year before the company finally rolled over and sank. And then prevaricate everyone else with stories about how strong their cash reserves and all that mess.

Eventually shippers who smelled BS sent the freight with anyone but Yellow. Poof no more Yellow. Serves the stupid prevaricating upper Executives right.

Now its all gone. and for what? What a waste.
Click to expand...
Not sure where you came up with 2 billion borrowed from the government, they borrowed 700 million there is a huge difference.
 
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