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Yellow | We've Been Had!!!

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JWor

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CHICAGO, Dec 24 (Reuters) - YRC Worldwide Inc (YRCW.O) said on Wednesday it canceled a debt tender because its union workers have not yet ratified a wage reduction. The U.S. trucking company also announced a $150.4 million contract to sell and lease back some of its facilities.

The company is also holding talks with its banking group on modifying some terms of its credit agreement, the company said in a filing with the U.S. Securities and Exchange Commission.

YRC said in late November it would spend up to $100 million on buying up to $230 million in debt at a discount. But in Wednesday's filing, the Overland Park, Kansas company said it canceled the tender because the union had not agreed to a wage reduction by the time the tender expired on Dec 23.

I don't know what the End Game is here, but I thought the bebt tender offer was to shore up YRCW, if the ratification was approved. I have to go back and do some research, but I don't remember anything saying this offer was good until the 23rd. If that was so, why would they set the vote count for the 30th, knowing the offer expires on the 23rd.

Nice how they change the rules after you vote has been mailed. Wouldn't want you to change your mind based on new info.

I don't claim to be a coporate wiz, but I know a rat when I see one. We've been Had! (glad I voted No). :nutkick:
 
The bond buy-back scam was idiotic to begin with. The bankers probably woke up before it went down and body slammed $Bill. If they do not shut us down they should be able to make payroll till the end of Jan.
 
Lol.....I voted no also.I don't believe in the crying shame game.I'm going to buy some stock while its at bargain prices.
 
JWor said:
CHICAGO, Dec 24 (Reuters) - YRC Worldwide Inc (YRCW.O) said on Wednesday it canceled a debt tender because its union workers have not yet ratified a wage reduction. The U.S. trucking company also announced a $150.4 million contract to sell and lease back some of its facilities.

The company is also holding talks with its banking group on modifying some terms of its credit agreement, the company said in a filing with the U.S. Securities and Exchange Commission.

YRC said in late November it would spend up to $100 million on buying up to $230 million in debt at a discount. But in Wednesday's filing, the Overland Park, Kansas company said it canceled the tender because the union had not agreed to a wage reduction by the time the tender expired on Dec 23.

I don't know what the End Game is here, but I thought the bebt tender offer was to shore up YRCW, if the ratification was approved. I have to go back and do some research, but I don't remember anything saying this offer was good until the 23rd. If that was so, why would they set the vote count for the 30th, knowing the offer expires on the 23rd.

Nice how they change the rules after you vote has been mailed. Wouldn't want you to change your mind based on new info.

I don't claim to be a coporate wiz, but I know a rat when I see one. We've been Had! (glad I voted No). :nutkick:
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Lets take from Peter to pay Paul.Problem is Peter is broke!!!!
 
They

have 250 million cash on hand from what they said.......again it comes down to liquidity........why pay off a loan that is not due until 2023 even if it saves you 150 million now.......if they did that then they wouldn't have but 100 million on hand......paying .45 on the dollar drove down the stock, I am not sure they thought that one out but what is done is done......which is better pay off loan and not have cash to make payroll or maybe save the cash and try and tough it out ?:popcorn:
 
As Howard R., Secretary Treasurer of Local 771 always says for everything that comes to pass; It is what it is...
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Blame the IBT . If they REALLY looked at the books , any finance guy worth his salt would have picked this up .
Or they did pick it up ,and bought some stock at a bargain . Trust your union,they are old school. One hand in your pocket and the other hand in the companies pocket.
 
TeamCujo said:
Can it get any more bizarre.:drama:
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the way it was presented to me was if it wasn't voted Yes they were going to lock the gates 1/1/09. The buyback deadline of 12/23 was a joke on us as the deadline for the Teamster vote was 12/30. We've been had boys and girls. You've been lied to and there's no going back to change your vote.
 
I still beleive this give-back has been in the works since they started talking about the contract 2 years ago. Why do you think that YRC and the Teamsters rolled over so fast. YRC puts a little cash in some pockets to look the other way. If you are gaining 150 million on a give-back, whats a few million in a back pocket.
 
shorty30ship said:
I still beleive this give-back has been in the works since they started talking about the contract 2 years ago. Why do you think that YRC and the Teamsters rolled over so fast. YRC puts a little cash in some pockets to look the other way. If you are gaining 150 million on a give-back, whats a few million in a back pocket.
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True, the International was well aware of the deep trouble that YRC was in before the NMFA was negotiated. I am not sure about the give-back being in the works from the get-go.

I think the International is giving YRC a lot of slack in hopes they can make this thing work for all parties involved. If they didn't think YRC had a chance (after looking at the books) they would have written them off months ago.
 
iamtruth said:
bill never said lock the gate ba for the union did
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I posted this on another thread. It will work here also.

I am going to have to call BS on you pointing fingers solely at your BA. I heard this statement come out of a company spokespersons mouth. (Jeff Groat of Yellow's western region) said in a meeting at our terminal (SLC) last month that "If YRC didn't get the liquidity they needed they would be forced to shut the doors in early January." This statement came after a previous meeting a few months earlier when (Phil Gaines, President of Yellow Corp) told us that the company had enough cash to operate for approximately 9 months if nothing changed. The banks turned the screws down and this is where we are today according to the company. Take it for what its worth.
 
i believe the union executives know more than they have let on for quite a while now. why else would they hand us that sub-par contract this year. but they had no way of knowing the economy was going to tank just before the election, so i think the concession conspiracy theory is far fetched.....still things just dont add up. 1...why would the company fight so hard for ue's just to drop them back to the road board, not to mention all the moving expense. 2...why would zollars cancel debt buy back and blame it on concessions not being ratified before the ballots have even been tallied. 3... after losing share holders all this money, why are they not insisting on his removal? i dont think we are being allowed to see the whole picture. did someone say smoke and mirrors?
 
The country is in it's 10 year down turn.look back to those that are old enough to remember.In 78,88,98 now 08 all were economic downturns.maybe 6 more month's of down then start coming back.Hard to say though with BO coming in office he is the first president that scares me.And I go all the way back to IKE.
 
wild thing said:
The country is in it's 10 year down turn.look back to those that are old enough to remember.In 78,88,98 now 08 all were economic downturns.maybe 6 more month's of down then start coming back.Hard to say though with BO coming in office he is the first president that scares me.And I go all the way back to IKE.
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All the way back to IKE and BO is the first president that scares you.I have my doubts,but I was more afraid of others as well.
 
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