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imported_dejabo

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YRC’s Pension Deal Moves Along
April 22, 2009: YRC’s plan to defer making contractually-required payments on behalf of their employees to Teamster pension funds is moving forward. They have the approval from their banks, including J. P. Morgan Chase, to use real estate as collateral for the money they would owe the pension funds. Reportedly, they also have a handshake deal with the Hoffa administration to try to finalize the deal with various pension funds.

This plan would allow YRC to defer payments of some $40 million per month, if all pension funds go along. Three pension plans – the Central States Fund, the Western Conference Fund, and the New England Fund – cover the great bulk of YRC employees.

Here is what YRC is asking:

•Deferral of several months of pension contributions until 2010 in exchange for a first lien security position on a group of properties.

•YRC is offering to pay interest on the loan during the deferral period.

•YRC claims they are unable to make the payments at this time; they have not made April payments (for March hours) to at least some pension funds.

YRC management is bargaining with the Central States Fund, which covers about half of YRCW’s 40,000 Teamsters at YRC, Holland, New Penn, and Reddaway.

Some pension funds cover just one local union (including the Chicago Locals 705 and 710 pension funds), so the local officers will have the final say on any deal.
 
Isn't it nice being thrown around like a THREE dollar WH**e. It is great GOOOOOOOOOOOO TEAMSTERS. BESTEST CONTRACT EVER.:puke::eck15:
 
lmao if it looks like crap and smells like crap guess what it's ::shit::.... If they can't pay for it know, how it the heck are they going to later... Just another sorry excuse to take more money from us.
yeah, things are going to get better, yrc is going to become the leading ltl company out there.

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dejabo said:
Reportedly, they also have a handshake deal with the Hoffa administration to try to finalize the deal with various pension funds..
Click to expand...

It is not the union's call on whether they can accept real estate as collaterial. It is the call of the fudiciaries, specifically Goldman Sachs and Northern Trust. And it damn well should be. This idiot Hoffa slammed the 30 and out provision down the throat of the fudiciaries on the last contract when the fudiciaries told them it would not cashflow.

Contact your attorney if they accept this because they are not acting in the best interest of the pension. This will make them liable for a serious and significant lawsuit.
 
West Coast Looking For Pension $$$$

Jan - Feb no March yet probably soon...The pension trust said they usally get it on or near the 20th of the month..
 
sirduckjr said:
It is not the union's call on whether they can accept real estate as collaterial. It is the call of the fudiciaries, specifically Goldman Sachs and Northern Trust. And it damn well should be. This idiot Hoffa slammed the 30 and out provision down the throat of the fudiciaries on the last contract when the fudiciaries told them it would not cashflow.

Contact your attorney if they accept this because they are not acting in the best interest of the pension. This will make them liable for a serious and significant lawsuit.
Click to expand...


Theory here for a minute...If they do not take the property as colateral....and they still can't make payments what do you do?

Got any ideas how to get blood out of a turnip?

At least with the colateral...you will have something to fall on if there are any losses.....Give us a better idea what to do driver.....just my 2 key strokes worth.....KK
 
I just hope the union is smart enough to make sure the property the co. uses isnt already used for collateral to the banks:nutkick:
 
dejabo said:
YRC’s Pension Deal Moves Along
April 22, 2009: YRC’s plan to defer making contractually-required payments on behalf of their employees to Teamster pension funds is moving forward. They have the approval from their banks, including J. P. Morgan Chase, to use real estate as collateral for the money they would owe the pension funds. Reportedly, they also have a handshake deal with the Hoffa administration to try to finalize the deal with various pension funds.

This plan would allow YRC to defer payments of some $40 million per month, if all pension funds go along. Three pension plans – the Central States Fund, the Western Conference Fund, and the New England Fund – cover the great bulk of YRC employees.

Here is what YRC is asking:

•Deferral of several months of pension contributions until 2010 in exchange for a first lien security position on a group of properties.

•YRC is offering to pay interest on the loan during the deferral period.

•YRC claims they are unable to make the payments at this time; they have not made April payments (for March hours) to at least some pension funds.

YRC management is bargaining with the Central States Fund, which covers about half of YRCW’s 40,000 Teamsters at YRC, Holland, New Penn, and Reddaway.

Some pension funds cover just one local union (including the Chicago Locals 705 and 710 pension funds), so the local officers will have the final say on any deal.
Click to expand...

dejabo, not trying to cause trouble but is your source for this info reliable? Talked to my local yesterday and the payments were suppose to be paid to central states, dont know who to believe anymore.
 
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