Tripping over dollars to pick up penniesI'am glad Mr. Trump gave us 3 mores years to work with the $700 Million Bail out back in 2020, because congress didn't want to approve it. Hawkin could have save at least $3 Million dollars by leaving YRC name on the Equiptment, how dumb was that.
The entire $700 million was collateralized by terminal property. PLUS the government got 30% ownership of the company.I don't believe the CARES act funds could have been used to re-brand the truck inventory. My issue with the CARES act funds is that the Fed Gov't paid $700M for a 30% stake in a company worth (at the time) about $60M. The sharks in the "Shark Tank" would have rolled over.
The good news is that the Fed Gov't looks like it'll get the money back and my Tax Dollars won't have to pay for this 'investment'. I'm all for a public-private partnership when there's a benefit to the common good. But if Yellow would have gone bankrupt during early COVID, while the rest of the Trucking world was growing like gangbusters, I think more Yellow employees would have found jobs easier.
"was collateralized by terminal property."....No, no it was not. Just the equity stake.The entire $700 million was collateralized by terminal property. PLUS the government got 30% ownership of the company.
There was no chance the Treasury was ever going to lose.
That is my understanding. The CARES act collateral IS the equity stake. This is why it was a bad investment and should not have been done w/o clear physical collateral."was collateralized by terminal property."....No, no it was not. Just the equity stake.
Well, you're absolutely correct. I read it wrong."was collateralized by terminal property."....No, no it was not. Just the equity stake.
I will point this out to @Steward of the Rock ...I bet he could use a new trailer....Vote Democrat and pick you out a new trailer to live in.