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Yellow | Who's going to pick up the tab?

Keepingon said:
I read it when the company put it out and it said “they were ASKING the Union To ALLOW them to delay those payments. Our BA from the local had a meeting with us on Wednesday and was asked and he said “ Every local in the country said no to it and the payments are being made”

If payments were not being made into your healthcare your local is legally required to notify you by mail and send you the COBRA information.
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Not true.
The ERISA Act makes it the funds responsibility to collect, not the employers responsibility to pay. If you work the required number of hours, you must be covered. Contractually, the union has the right to strike if contributions are not made. If the union does not strike, they assume the liability to make those payments. That is why every fund pushes coverage out at least one month. For example, payments made for January hours worked provide coverage for March.
 
Keepingon said:
I read it when the company put it out and it said “they were ASKING the Union To ALLOW them to delay those payments. Our BA from the local had a meeting with us on Wednesday and was asked and he said “ Every local in the country said no to it and the payments are being made”

If payments were not being made into your healthcare your local is legally required to notify you by mail and send you the COBRA information.
Click to expand...
The last time this was done, the IBT continued to offer benefits (no cobra needed). But Yellow didn't pay the debt until the Federal Loan money was provided. The problem now is that Yellow is counting on those deferrals to add to their cash on hand. If the IBT denies the deferral, the burn rate on Yellow is only a month (or so).
Everyone keeps focusing on the lender agreement, but the lender agreement doesn't provide Yellow with any cash. So with revenue decreasing, and bills coming up, without the deferral the timeframe for running out of actual cash gets shorter. The lenders aren't allowing Yellow to defer payments. Only allowing them to have lower liquidity, increased reporting and an outside COO.
 
Razorblade said:
Not true.
The ERISA Act makes it the funds responsibility to collect, not the employers responsibility to pay. If you work the required number of hours, you must be covered. Contractually, the union has the right to strike if contributions are not made. If the union does not strike, they assume the liability to make those payments. That is why every fund pushes coverage out at least one month. For example, payments made for January hours worked provide coverage for March.
Click to expand...
I never said it was the employee’s responsibility to pay it. But according to fed law you are required to carry health insurance.
Under our contract the company is in agreement to pay those benefits if they are not being paid on your behalf the local is required to notify you that you will have no coverage and send you the cobra Information.
 
TruckMoney said:
The last time this was done, the IBT continued to offer benefits (no cobra needed). But Yellow didn't pay the debt until the Federal Loan money was provided. The problem now is that Yellow is counting on those deferrals to add to their cash on hand. If the IBT denies the deferral, the burn rate on Yellow is only a month (or so).
Everyone keeps focusing on the lender agreement, but the lender agreement doesn't provide Yellow with any cash. So with revenue decreasing, and bills coming up, without the deferral the timeframe for running out of actual cash gets shorter. The lenders aren't allowing Yellow to defer payments. Only allowing them to have lower liquidity, increased reporting and an outside COO.
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The deferral for healthcare payments has been denied. The deferrals from the lenders extended the burn rate a little longer and they supposedly have 10 property sales pending.

My point to replying to the original post was that they are currently paying healthcare.
 
Payment due tomorrow here.
Find out by Tuesday if it's been paid.
We go by quarters so no matter what we are covered until Oct 1 here
 
That's the point I'm trying make. The lenders didn't defer anything. They only allowed Yellow to have lower liquidity standards (meaning they are allowed to have less cash on hand without violating their loan contract). And sales, may or may not, provide Yellow with cash. To me it looks like almost all of the property is tied up as loan collateral, which means the sale of the property sends all the money to the lender (which is why I think the lender wanted an internal monitor so that they could make sure the sale was handled in their interest). But these sales may not provide any cash if they are already leveraged.

So, my issue is: If they only had around $100M as of 6/30/23, and they had $168M as of 3/31/23, they would appears to be losing $22.7M/month. Considering they are in a freight downturn, probably losing clients and revenue is going to be down. And, they have mid-year accounts payable coming due (which are normally higher than the simple monthly amounts). I can't imagine, without an influx of cash, they can make it more than 3 months.
 
Keepingon said:
I never said it was the employee’s responsibility to pay it. But according to fed law you are required to carry health insurance.
Under our contract the company is in agreement to pay those benefits if they are not being paid on your behalf the local is required to notify you that you will have no coverage and send you the cobra Information.
Click to expand...
I also never said it was the employee's responsibility to pay the premium. I said it was not the employer's responsibility to pay it based on the federal Erisa Act. It is the funds responsibility to collect it. Why do you think the union paid those premiums in the past when Yellow did not? They had no choice but to pay or strike. The IBT will never strike Yellow and be accused of forcing them into bankruptcy.
 
Keepingon said:
I read it when the company put it out and it said “they were ASKING the Union To ALLOW them to delay those payments. Our BA from the local had a meeting with us on Wednesday and was asked and he said “ Every local in the country said no to it and the payments are being made”

If payments were not being made into your healthcare your local is legally required to notify you by mail and send you the COBRA information.
Click to expand...
Did that happen this past year when Yellow quit making payments and then repaid it with half of the money from the government loan?
 
Triplex said:
How long does it take to transfer funds from the Cayman Islands? :hilarious:
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It takes about 15 minutes for amounts under $100-K , but they can just write a check for it too !! Cayman Banks are pretty good about working with a good customer like us !
 
All that really matters is that the top at Appollo and the Yellow Execs and investors in both, and that the top IBT has all their insurances taken care of and money rolling in, and their vacations for them and their families all booked at really cool places at the very best weather and temperatures. Screw you guys and families. It's all about them.
 
American Pie said:
Did that happen this past year when Yellow quit making payments and then repaid it with half of the money from the government loan?
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My point exactly, however, they don't have an extra 350 million laying around this time, to get it caught up. So who's going to pay, if this goes on for an extended time?
 
Don't worry about Zollars or his kids or grandkids or great grandkids or nothing. They'll be flying that big American flag high. Living large. Not worrying about any loans taken to screw tens of thousands of families.
Nope. Don't worry about them. They are all doing A-O- K.
 
slavenomore said:
All that really matters is that the top at Appollo and the Yellow Execs and investors in both, and that the top IBT has all their insurances taken care of and money rolling in, and their vacations for them and their families all booked at really cool places at the very best weather and temperatures. Screw you guys and families. It's all about them.
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Yellow has a $613 million loan with Appolo Global. Should Appolo just forgive that loan and tell their investors to eat the loss because Slave wants another vacation week?
 
Keepingon said:
I read it when the company put it out and it said “they were ASKING the Union To ALLOW them to delay those payments. Our BA from the local had a meeting with us on Wednesday and was asked and he said “ Every local in the country said no to it and the payments are being made”

If payments were not being made into your healthcare your local is legally required to notify you by mail and send you the COBRA information.
Click to expand...
May's payment was paid on time at the end of June, the June payment is due the end of July.
So if the wanted to defer July's payment it would not be due until the end of August and we won't find out until September 1st .
 
Razorblade said:
Yellow has a $613 million loan with Appolo Global. Should Appolo just forgive that loan and tell their investors to eat the loss because Slave wants another vacation week?
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One day they might wish they done some stuff like that....not for slave...but for 30,000 families added to millions of others this system has screwed over. Yep one day they might wish they would've.
By then it might be to late.
Sometimes when people have enough, the rules change. Last first and first last.
 
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