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New Penn | YRC IBT term meetings

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crazy

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We are going to have one on the 15th I guess yellow is going to explain there side and why they need four years of givebacks and I guess the IBT will be there to pat them on the back..we went to one today at the nbg hall 707&445 and they tried to explain what is going on.It was another gloom and doom kinda meeting.When asked why it was for four years without renegotiating after say one year the answer was it is the banks want the assurance that the kickbacks are for four before they will free up there credit When asked what would happen if NewPenn turned it down:popcorn:Yellow wouldn't think twice to shut us down and put the freight on yellow roadway trucks..Just more scare tactics.To me it goes right back to when Hoffa let UPS parcel out of the pension and then failed to put UPS freight under the NMFA.Another question was if yellow was to shut down what would happen to our pension funds and basically what they told us was being ABF would be the only major player left they would have to assume the pension liability and they would be unable to do that and thus they would not survive..As far as this stock option and employee ownership they don't have a clue and it could take between 6 and 8 months :popcorn:Again didn't sound very inviting:popcorn:Can't wait for our meeting:TR10driving03:I guess the way things are I will have to bring my own popcorn..
 
crazy,really don't think it's a scare tactic, ok. but what is scarey is it will go on yrc trucks,for what 2-4 weeks, than they,the customers will be so fed up with **** service that , well, who you think will get the freight? fedx, conway, neme, ward, p/o, hell ,p-jax. if your going to get crap service,might as well get it cheap!!! you might be right about the ups, hoffa, pension thing, but really beleive yrcw, could care less whether there is a npme company around come 1-01-09.
 
i'll try to explain the stock option the way it was explained at our meeting. the union will recieve 15% of yrc stock( roughly 10,000,000 shares). whoever the union appoints to monitor this stock has until march 31st 2018 to sell or it becomes worthless. the appointee has the option to sell at any time between now and 2018 when he believes the best price has been reached. so lets say that we get the stock at 6.00 a share. three years from now the stock is worth 20.00, the appointee has to decide shall i sell now or maybe the stock will rise. if he sells then the union members will make 140,000,000. ($20 sell price-$6.00 stock value at time union took control= $14.00 a share profit= 140,000,000) this money would then be distributed to members based upon their time in the plan. so in theory based on this plan if a yes vote were to happen and yrc bounces back and the stock rises members could recoupe some of the money they lost in the 10% give back. will it work i'm not sure but theres only one way to find out.
 
nightowl said:
i'll try to explain the stock option the way it was explained at our meeting. the union will recieve 15% of yrc stock( roughly 10,000,000 shares). whoever the union appoints to monitor this stock has until march 31st 2018 to sell or it becomes worthless. the appointee has the option to sell at any time between now and 2018 when he believes the best price has been reached. so lets say that we get the stock at 6.00 a share. three years from now the stock is worth 20.00, the appointee has to decide shall i sell now or maybe the stock will rise. if he sells then the union members will make 140,000,000. ($20 sell price-$6.00 stock value at time union took control= $14.00 a share profit= 140,000,000) this money would then be distributed to members based upon their time in the plan. so in theory based on this plan if a yes vote were to happen and yrc bounces back and the stock rises members could recoupe some of the money they lost in the 10% give back. will it work i'm not sure but theres only one way to find out.
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We were told yesterday it would be 6 to 8 months before they had this worded correct ..They did explain it almost the same as you were told except we were told they would hold it till 2018 and that only if YRC was even still around...
 
nightowl said:
i'll try to explain the stock option the way it was explained at our meeting. the union will recieve 15% of yrc stock( roughly 10,000,000 shares). whoever the union appoints to monitor this stock has until march 31st 2018 to sell or it becomes worthless. the appointee has the option to sell at any time between now and 2018 when he believes the best price has been reached. so lets say that we get the stock at 6.00 a share. three years from now the stock is worth 20.00, the appointee has to decide shall i sell now or maybe the stock will rise. if he sells then the union members will make 140,000,000. ($20 sell price-$6.00 stock value at time union took control= $14.00 a share profit= 140,000,000) this money would then be distributed to members based upon their time in the plan. so in theory based on this plan if a yes vote were to happen and yrc bounces back and the stock rises members could recoupe some of the money they lost in the 10% give back. will it work i'm not sure but theres only one way to find out.
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Say the company does well for the next couple of years and the stock goes up, under the following scenerios the warrants are forfeited and terminated and we get nothing.

The company could beat the Trustees to the punch and do any of the following, thus they have taken our 10% for two years and we are out the warrants.

13. Employer terminates the plan before the expiration date of 2013 NMFA.

14. Voluntary or involuntary bankruptcy proceedings

19. Sell the company
 
Double-Clutch said:
Say the company does well for the next couple of years and the stock goes up, under the following scenerios the warrants are forfeited and terminated and we get nothing.

The company could beat the Trustees to the punch and do any of the following, thus they have taken our 10% for two years and we are out the warrants.

13. Employer terminates the plan before the expiration date of 2013 NMFA.

14. Voluntary or involuntary bankruptcy proceedings

19. Sell the company
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We are F--ked either way. Its a dark gloomy day in Teamster History:smillie_flag:
 
I hope everyone realizes what a fraud sales pitch the stock warrents are. Our ballots get counted on Dec 30th. If it passes on a Yes vote then the stock price will be driven up and our price for the Stock "trust" will be higher because the price will be set by the market close on the 31st. A one dollar increase on that day will save YRC about 10 million dollars. Which means 10 million dollars less for those teamsters in the trust. If you read the example that the IBT has given us about the stocks, they tell us about distributing the 70 million gain to the Teamsters in the fund. What they fail to tell us is that it will only be about 1500.00 dollars to each teamster. And that's before the capital gains tax we will pay on the money. That amount of money is less than 10% of the total amount of our wage cuts over the remaining 4 years of Our contract
 
how do you know what each member will recieve? you don't even know what the price of the stock will sell for. it could be more than 1500 it could be less.
 
I dont know what the stock will sell for. I stated that if you read the example that the IBT gave us (which was a 70 million gain) and divide that by the approx number of teamsters under the YRC umbralla (which is 47000) you dont get squat back in return for what we are asked to give up
 
They can do it piecemeal too a few million shares at a time.....I'd have felt better if they would have just given each employee X amount of shares and let me be my own administrator..........
 
Also..be clear about this...They are not giving us the shares. They are only giving us the right to have the trust fund sell them. And we profit any gains on the sale.
And like I posted earlier..The set price is the market close on Dec 31st. The day after the vote count!!! If the vote passes for a yes then Bet your house the price of the stock gets driven up on the 31st. Which means a higher cost price of the shares in the trust and less profits for us if the stock sells at a gain!!
 
If I am that bitter then Quit??? Well I have heard that before. And guess what.. It came from management everytime someone has something to say..So it sounds like you are management to me. Also..Stating the facts of what we are being told and/or asked for is not bitter. And I won't have to quit. I will make my statement heard with my vote....and it will be a big hell NO
 
The Yellow/Roadway guys can vote yes. Maybe it will save the company. I am voting no!! I work for Newpenn and if I thought that we would stay in business under YRC then I might vote yes also. But every company bought by YRC has been put out except for yellow.. And NewPenn is next no matter how we vote! NewPenn was profitable and owned all their buildings and equipment! Now they own nothing!! all the company is worth is their name. And i will not vote yes so it can fatten up YRC while they destroy a good company. Vote how you want! but vote! I don't believe I told anyone to vote no..But no one is sure as hell gonna tell me how to vote.
 
newpenn107 said:
The Yellow/Roadway guys can vote yes. Maybe it will save the company. I am voting no!! I work for Newpenn and if I thought that we would stay in business under YRC then I might vote yes also. But every company bought by YRC has been put out except for yellow.. And NewPenn is next no matter how we vote! NewPenn was profitable and owned all their buildings and equipment! Now they own nothing!! all the company is worth is their name. And i will not vote yes so it can fatten up YRC while they destroy a good company. Vote how you want! but vote! I don't believe I told anyone to vote no..But no one is sure as hell gonna tell me how to vote.
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SAIA was once owned by Yellow and was spun off years ago because of the debt Yellow incurred and they are still in business and are still going strong. now you cant say the same thing for Preston & Jevic but being spun off by YRC after the banks get what they want ( $$$ ) may be the road that us at NPME will be traveling.
 
UnionTrucka... I hope your right. I know Newpenn can be bought at a good price. Even if the buyer needs to buy back the properties from the bank.
 
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