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New Penn | YRC is seeking big concession by shareholders

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Irishman107

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By MARK DAVIS
The Kansas City Star

YRC Worldwide Inc. shocked its shareholders Monday by asking them to surrender 95 percent ownership of the embattled trucking company to its lenders as the “final step” in a recovery plan.

Investors drove down the Overland Park-based company’s share price by 64 percent, more than on any day since at least 1980, according to Bloomberg News. The stock fell $2.33 and closed at $1.32 a share.

Analysts said shareholders may have little choice but to give up significant control as YRC...

YRC is seeking big concession by shareholders - KansasCity.com

Getting 5 cents on the dollars. Wouldn't it be better to lose it all in a bankruptcy and write it off on your taxes as a total LOSS???
 
I read somewhere that if they don't get shareholder approval they can do a workaround by becoming a wholly owned subsidiary, whatever that means. So they have a contingency plan in case the shareholders don't cooperate.
 
Let's see:biglaugh:15% ownership with the first giveback:biglaugh:20% with the second giveback for a total of 35% ownership of YRC..I do believe that is what was voted on..So now if my figures are correct,we, the working fools at YRC now have have 35% of 5% and it seems that this was the plan all along.Where is Jimmy and Tyson on this??? Once again :Flame-On: we,the working fools have taken it up the pooper again....:ranting2:
 
crazy said:
Let's see:biglaugh:15% ownership with the first giveback:biglaugh:20% with the second giveback for a total of 35% ownership of YRC..I do believe that is what was voted on..So now if my figures are correct,we, the working fools at YRC now have have 35% of 5% and it seems that this was the plan all along.Where is Jimmy and Tyson on this??? Once again :Flame-On: we,the working fools have taken it up the pooper again....:ranting2:
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I could be wrong, but, We never had any ownership, we never owned actual shares, We only had the option to purchase shares at a given date for a specific price.
But I do agree with you, Just another screwing by YRC and the IBT for us
 
Wait a second dont bring tyyyyson into it..remember now, he said"we checkd their books" we feel the extra concessions will be enough.....dont give me the economical bs either..the economy is in the crapper yea yea, screw me once shame on you screw me twice shame on me.....btw wht the hell is our guy on the board of directors doing anyway ordering lunch.why is it that we havent heard one freakn thing
 
Boilerpeddle said:
I read somewhere that if they don't get shareholder approval they can do a workaround by becoming a wholly owned subsidiary, whatever that means. So they have a contingency plan in case the shareholders don't cooperate.
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One would need to have 10-12 yrs seniority on Wall St to have a grip on all of this but they do have ways of working around obstacles as we have learned




newpenn107 said:
I could be wrong, but, We never had any ownership, we never owned actual shares, We only had the option to purchase shares at a given date for a specific price.
But I do agree with you, Just another screwing by YRC and the IBT for us
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How illogical can you get mon? If this goes thru it means they could handle the aggressive pricing on Main St so to speak..keeps you working
 
thejoe said:
One would need to have 10-12 yrs seniority on Wall St to have a grip on all of this but they do have ways of working around obstacles as we have learned






How illogical can you get mon? If this goes thru it means they could handle the aggressive pricing on Main St so to speak..keeps you working
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I believe that after the first 10% pay cut YRCW said they would be competitive with the non-unions. Wrong!!!!!! So let go to a second 5% wage cut and no pension for 18 Months. This will put us at a price advantage over our Non-union competition. WRONG AGAIN!!!!! Lets go to the bank 11 or 12 times and get them to extend our credit.. This will straighten the company out...WRONG!!!! O.K. let's try to buy our 500+ millon dollars of worthless bonds back by giving the bond holders 1.2 BILLION shares of Worthless stock(but it is preferred stock):biglaugh:. And don't worry about those Teamsters and other people who have invested in our stock which is now worthless.. AS A COMPANY THEY HAVE SCREWED OVER THE EMPLOYEES,THE BANKS,PEOPLE WHO INVESTED IN YRCW,THE TEAMSTERS... And according to you Joe this will make them more competitve.... You seem to be the illogical one or suffering from dementia!! Everything this TITANIC of a company has tryed has failed. All the other trucking companies have been able to turn a profit in the 3rd quarter except YRCW, which lost 158 Million and these idiots say things our turning around. Yes the economy is bad but you can't blame this all on the economy. Zollar and his stooges bought everything they could and to top it off,they way OVERPAID FOR ALL OF IT. So lets give the Bill to anyone involed with this POS company and let them pay for YRCW mistakes..Joe you are always saying they are going to turn it around. Tell me how much have YOU GIVEN TO HELP THE TURNAROUND EFFORT??????
 
Irishman107 said:
I believe that after the first 10% pay cut YRCW said they would be competitive with the non-unions. Wrong!!!!!! So let go to a second 5% wage cut and no pension for 18 Months. This will put us at a price advantage over our Non-union competition. WRONG AGAIN!!!!! Lets go to the bank 11 or 12 times and get them to extend our credit.. This will straighten the company out...WRONG!!!! O.K. let's try to buy our 500+ millon dollars of worthless bonds back by giving the bond holders 1.2 BILLION shares of Worthless stock(but it is preferred stock):biglaugh:. And don't worry about those Teamsters and other people who have invested in our stock which is now worthless.. AS A COMPANY THEY HAVE SCREWED OVER THE EMPLOYEES,THE BANKS,PEOPLE WHO INVESTED IN YRCW,THE TEAMSTERS... And according to you Joe this will make them more competitve.... You seem to be the illogical one or suffering from dementia!! Everything this TITANIC of a company has tryed has failed. All the other trucking companies have been able to turn a profit in the 3rd quarter except YRCW, which lost 158 Million and these idiots say things our turning around. Yes the economy is bad but you can't blame this all on the economy. Zollar and his stooges bought everything they could and to top it off,they way OVERPAID FOR ALL OF IT. So lets give the Bill to anyone involed with this POS company and let them pay for YRCW mistakes..Joe you are always saying they are going to turn it around. Tell me how much have YOU GIVEN TO HELP THE TURNAROUND EFFORT??????
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Joe your on this board all day long...How about a answer to the QUESTION!!!!!!!!!!!!
 
:twisted:
Joe your on this board all day long...How about a answer to the QUESTION!!!!!!!!!!!!

Everything this TITANIC of a company has tryed has failed.
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What? They're still operational

All the other trucking companies have been able to turn a profit in the 3rd quarter except YRCW, which lost 158 Million and these idiots say things our turning around. Yes the economy is bad but you can't blame this all on the economy.
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Wise up..:twisted: there is a lot of predatory pricing going on especially from Con-Way. That hurts big time

Zollar and his stooges bought everything they could and to top it off,they way OVERPAID FOR ALL OF IT. So lets give the Bill to anyone involed with this POS company and let them pay for YRCW mistakes
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This is true. Rapid expansion and the meltdown made a mess.
Get over it

..Joe you are always saying they are going to turn it around. Tell me how much have YOU GIVEN TO HELP THE TURNAROUND EFFORT??????
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There is nothing I could do. I paid my dues..33 hard yrs total. Last twenty never got laid off. Ask me if miss the 10-12hrs a day at the zoo
You gotta stop the
AddEmoticons04219.gif
and whining and do something about it. It won't be goin away for a couple or three years. It will get turned around despite the predatory pricing
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Boilerpeddle said:
I read somewhere that if they don't get shareholder approval they can do a workaround by becoming a wholly owned subsidiary, whatever that means. So they have a contingency plan in case the shareholders don't cooperate.
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" If the Shareholders’ Approval is not obtained at the special meeting of shareholders, unless a request is received by the Company in writing from the holders of not less than 50% of the aggregate amount of shares of Preferred Stock then outstanding to have a second shareholder’s meeting to obtain the Shareholders’ Approval, the Company will use reasonable best efforts to promptly obtain shareholder approval of, and will promptly consummate upon obtaining such shareholder approval, a merger of YRCW into a wholly owned subsidiary, the result of such merger would have the same effect as the transactions contemplated by the Shareholders’ Approval (and for purposes of this term sheet, the items conditioned upon the Shareholder’s Approval shall occur upon the effectiveness of the merger) (the “ Merger ”). "


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Justice said:
" If the Shareholders’ Approval is not obtained at the special meeting of shareholders, unless a request is received by the Company in writing from the holders of not less than 50% of the aggregate amount of shares of Preferred Stock then outstanding to have a second shareholder’s meeting to obtain the Shareholders’ Approval, the Company will use reasonable best efforts to promptly obtain shareholder approval of, and will promptly consummate upon obtaining such shareholder approval, a merger of YRCW into a wholly owned subsidiary, the result of such merger would have the same effect as the transactions contemplated by the Shareholders’ Approval (and for purposes of this term sheet, the items conditioned upon the Shareholder’s Approval shall occur upon the effectiveness of the merger) (the “ Merger ”). "


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What does all this mean Irishman?
 
thejoe said:
What does all this mean Irishman?
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It means they have the stockholders by the nuggets. And if they vote No they will go around them. And after they give away the 1.2 billion shares of New stock which will only be worth pennies they are going to turn around and have a reverse stock split and every 35 shares you own, will get 1 brand spanking new share. They are doing this to artificially push the stock price up. But none of this effects you so why ask????
 
thejoe said:
:
You gotta stop the
AddEmoticons04219.gif
and whining and do something about it. It won't be goin away for a couple or three years. It will get turned around despite the predatory pricing
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Funny they lost over a billion before companies tryed to give them a push off the cliff. And you blame the terrible decisions by management on predatory pricing. You and Zollars sound like a broken record. Its not YRCW fault its all these other bad companies trying to kill us off. YRCW would do the same thing and I would do it to. Finish your opponet when he's down, dont let him get back up. Sorry Joe no whining from me, If they close I will have to find a New job. Thats life in the big city...
You tell me to do something about it, I think giving like 30% of my pay and benefits back is doing plenty more than your contribution which consists of distorting the facts, giving wrong numbers etc...
 
Irishman107
YRCW would do the same thing and I would do it to. Finish your opponet when he's down, dont let him get back up. Thats Business.
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Ya, ya gotta love a brawler. I wish I had a dollar for every time I said..'kill or be killed'. Elbows, knees, kicks to the head..like WTF whatever it takes.
But none of this effects you so why ask???? why, you ask. I'll tella you why. They're good against the ropes. They're the biggest baddest meanest brawlers and bully's in the industry. That's why I ask. ps [size=+2]they certainty brawl better than you..you gave up a long time ago..you wouldn't make in a UFC cage brawl..you give up too easy..wimp[/size]
 
If you call standing your ground giving up then i must of gave up. See I didn't take the "Live to fight another day" route. And maybe I was wrong? As for you Joe you didn't take a stand cause you have nothing to lose. Your just a spectator in this,who as YRCW is getting the butt kicked still swears they are winning. Blow as much smoke up peoples rears as you like. But the truth doesn't change....SORRY
 
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