I respect your opinion Henry,but you do realize that prior to the economy crash in 07-08, before yellow and roadway were combined, each company was still moving roughly 70,000 bills per day. Then after they combined the 2, and lost customers freight for like 3 weeks,then tried the failed velocity system, they then lost over half their total bills per day,along with all that revenue. YRC now,moves barely 40,000 bills per day,almost 3/4 less tonnage and revenue since 2009. I did not look up the regionals daily bill count since then, but I really have to ask you guys. Do you honestly believe that this corporation is holding 15 percent pay,and 75 percent of the pension money somewhere? This corporation is broke. Comp claims,damaged freight claims, repairs on aging equipment ,operating an out of date breakbulk system, decisions made by incompetent management, anti competitive work rules, paying roughly 40 million a year on the standing debt, all,will be what finally puts this thing in the ground...
To be honest with you - I don't know WHAT YRCW is doing with that amount of money.
I re-ran the figures a couple times again using different figures of :
$200 per wk giveback x 52 wks = $10,400 per employee per year,
$10,400 x 32,000 employees = $332,800,000 ($332.8 million) given back to YRC per year
$332,800,000 x 8 years (since Jan 2009) = $2,662,400,000 ($2.62
billion) given back to YRC in 8 yrs
$200 per wk giveback x 52 wks = $10,400 per employee per year
$10,400 x 26,000 employees = $270,400,000 ($270.4 million) given back to YRC per year
$270,400,000 x 8 years (since Jan 2009) = $2,163,200,000 (over $2.16
billion) given back to YRC in 8 yrs
Now they say they need more ? These people are either the most inept, worst, most incompetent company executives in US and world history or they are as smart as foxes. With that kind of coerced monetary assistance from their employees it is impossible to believe they are still "struggling" to survive as a company. In my opinion we are being played for suckers. In my opinion they are either ;
#! - As I said, the worst managed company in history, ever, being managed by people that couldn't manage a mom & pop candy store OR
#2 - They are as corrupt as corrupt can get - making even Bernie Madoff look like an amateur. The books are being cooked. OR
#3 - They are banking the money somewhere, maybe offshore - preparing to re-open as a non-union company (or series of companies) sometime AFTER they intentionally bankrupt YRC using the banked give-back money AND any monies left over after the sell-off of all assets of all the YRC subsidiaries such as Holland, New Penn and the parent original Yellow Frt . By doing this, they could shed the union, then cherry pick which terminals, which employees and which areas to re-acquire under the NEW company management plan. The "fox" just ate all the chickens, and is looking for more, but next time he'll make sure the "chickens" don't have a pesky owner around with a shotgun (Teamsters) to have any say in just what he does with the next batch of chickens
(By the way - I DID NOT figure in the amount of money they are banking from not contributing to the CSPF) That has to another substantial amount of cash annually. Where is THAT going?