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Yellow | YRC to Apply for Bailout Funds

Jet Moses said:
By applying to the U.S. Treasury for money under the Troubled Asset Relief Program, Mr. Zollars said he hopes to "get the conversation started" with federal authorities about reducing the company's pension obligations. He said YRC will submit an application to the Treasury Department as early as Friday.

Experts say the company's odds of actually getting TARP money appear to be slim. A Treasury spokesman didn't return a call seeking comment.

"We're making really good progress on our financial-recovery plan and we think this is an extra burden we shouldn't have to be carrying," Zollars said, adding that applying for the TARP funds is a "way to get the dialogue started about the pension issue."

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I think he's just trying to buy some more time.
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If your theory is true, it's the same problem as the Automakers--- dumping the "Legacys"; or Orphans, from the Pension Plan. In my Opinion, YRC's main problem is, Obama's completely killing capitalism and manufacturing in this nation. Which then lays people off and then they can't/ won't buy anything. So more manufacturing closes. Which is Freight. No Freight; No Freight-Hauling Jobs......Trickle-Down works every time, and this new Administration does exactly the Opposite of every economic truism to save jobs there ever was; except more government jobs, caring for the laid off.....
 
Their is a chance a capital market transaction could take place whereby the pensions pickup the company and its debt for 20 to 30 cents on the dollar.
New management, and even less employees. The new company would continue to liquidate real estate and get some help from the government. The company would be as small or smaller than ABF.
 
maddadkeith said:
Mein Kempf (yeah, I spelled it wrong) is a thick book, but all you need to read is the first 50 pages to learn why union labor has wrecked YRC, GM, Chrysler, and most all of the others. You got what you paid for with those union dues.
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Your post aside, the new Adminstration HAS started recreating the 1930s of Germany that set the stage for ಠ▄ಠ to storm in thru his Beer Hall Putsch. Bread was 4 million DeutscheMarks. Free Speech was limited; private guns were banned; books had to be approved by the Government, and Capitalism was a bad word.
 
jimmy g said:
If your theory is true, it's the same problem as the Automakers--- dumping the "Legacys"; or Orphans, from the Pension Plan. In my Opinion, YRC's main problem is, Obama's completely killing capitalism and manufacturing in this nation. Which then lays people off and then they can't/ won't buy anything. So more manufacturing closes. Which is Freight. No Freight; No Freight-Hauling Jobs......Trickle-Down works every time, and this new Administration does exactly the Opposite of every economic truism to save jobs there ever was; except more government jobs, caring for the laid off.....
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No doubt. B.O. will have double digit unemployment and double digit inflation until 2012. He's a one termer, I just hope the idiots in the repub party can actually manage a primary that presents a decent candidate.
 
sirduckjr said:
Their is a chance a capital market transaction could take place whereby the pensions pickup the company and its debt for 20 to 30 cents on the dollar.
New management, and even less employees. The new company would continue to liquidate real estate and get some help from the government. The company would be as small or smaller than ABF.
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What I heard months ago was the Government Guarantee the Orphans, letting YRC to only pay for their own. Might save YRC and its pensioners; those already retired from somewhere else would suddenly go from $3,000 a month to $800. Better than nothing, but not good for retirees that can't go get another job....

The Union owning YRC would be no better than the UAW saving GM. Not happening.
 
Jimmy G, you hit the nail on the head so hard I think I felt it here in MO. All I can say, is you have got to be friggin kidding me. They are going to use the excuse that they are paying into a pension system that pays employees that never worked for them as a reason to get bailout money.?...This is just absurd. How about the fact that they haven't been profitable in God knows how long now. Another loss of 415mil. in just the first quarter of this year alone. I think we've seen what happens when you throw money at a sinking ship (see GM and Chrysler). Its time to stop the madness. I'm sad having to say this, because I've gotten to know and enjoy several YRC drivers in the past few years, but either they pull themselves out of this mess, or down with them. I would say the same thing if FedEx were in this mess.......who knows we could be soon. There is no justification of wasting taxpayer money on private businesses. Period. I wish you all at YRC nothing but the best, but stay out of my pockets.:ranting2:
 
Nice, nothing like another billion stolen from the people.
What the hell, it's all free anyway.
I'll leave the door open for the IRS when they come for payment.
 
Bailout

pj2004 said:
YRC to Apply for Bailout Funds - WSJ.com
YRC Worldwide Inc., one of the nation's largest trucking companies, will seek $1 billion in federal bailout money to help relieve pension obligations, the chief executive said Thursday.
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:Violin:I hope it happens to keep YRC going. But the 39yrs. that I have been in this business. The USA Government has never bailout a "Freight Company" and I have seen some :shift:great company's go down better then YRC and no help from the Government. Again, I hope it happens so it will open the doors for other company's for help.:3dflagsdotcom_usa_2
 
Now will you listen?

Now...will you listen? I have not been negative against dollar bill and his peons for no reason. Look...YRC (Teamsters)...GM (UAW)...Delta Airlines (Pilots and Stewardess)...I do not care which big union affiliated company's you come up with...this is a design to bring (us) the unions to our knees... If we do not shut this ::shit:: down and keep it from taking place, you will not have to worry about anything except whether you will still be able to get a social security check...any of you coolaid drinkers waking up yet? Or do I have to slap you. ('shut up deuce...you are too negative').:Flame-On:
 
On Target!!!

jimmy g said:
Your post aside, the new Adminstration HAS started recreating the 1930s of Germany that set the stage for ಠ▄ಠ to storm in thru his Beer Hall Putsch. Bread was 4 million DeutscheMarks. Free Speech was limited; private guns were banned; books had to be approved by the Government, and Capitalism was a bad word.
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You are on target jimmyg (Fire for Effect) I can't for the life of me understand why the American People does not see what is happening!!! :clap:
 
Take a number and stand in that long line, Cali asked first...and the girlyman who couldn't say NO to anyone in Sacramento is on his knees today. I see Massachusetts may be the next Kennedy run state to come a beggin. Imagine Michigan won't be far behind. After all their infamous and perverted representatives in WDC have finally drained the sacred cow dry to the bone.
Start the presses...print more money for the poorly managed banks, insurance companies, states, and now add to the list one of the worst run and politically charged trucking companies in America.

Can you say.... grovel.
Hyper inflation here we go....
Back to Carter days and 21% mortgage interest rates.
 
Why do the articles always 'headline' YRC? not YRCW???

pj2004 said:
YRC to Apply for Bailout Funds - WSJ.com
YRC Worldwide Inc., one of the nation's largest trucking companies, will seek $1 billion in federal bailout money to help relieve pension obligations, the chief executive said Thursday.
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Why do all of the 'headlines' say YRC?... Company?... Bill Zollars? and then when you start to read the article it says 'YRC Worldwide' (Corporation). The problem is with YRCW dollar bill, not YRC. Bill Zollars....Billy Boy...you are very very slick...but not slicker than me, maybe more slimy. BillyBoy. YRCW is the culpret here, not YRC (Roadway Yellow and Yellow Roadway!!!).:Flame-On::shift:
 
Under a complicated system that Mr. Zollars labeled unfair, roughly half of YRC's contributions to a multi-employer union pension fund cover the costs of retirees who never worked for the Overland Park, Kan., company.
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Well you should have thought about that before buying all those companies. Don't come running to me (yes, that's my money he's asking for) and ask for a hand out. Why is it that there are several other LTL companies out there making things work without asking Uncle Sam for a hand out?:ranting2::ranting2:
 
Also...Does Anyone Have a License?

Also, the drill sergeant says...'does anyone have a license'? I says , yea...he says...'grab that wheel barrel' !!! :shift:
 
I see alot of union bashing in a union companies section. But when there is any pro union talk in a non union companies section the post is deleted and the poster is warned or suspended. Doesn't this rule exist anymore? Or is it just double standards?
 
Actually Kathy YRC has a better airlines that we get freight from.American Airlines.I was wondering when they were going to get around to asking for bailout money.they have already done the restructuring. That congress asked the automakers to do.I see all this as a money grab by most corporations at the expense of taxpayers slash employees expense.US workers are in the middle being used.until the bailouts are divied out our economy isn't going anywhere.oh I heard on the local news that unemployed workers will be able to get free prescriptions including viagra....wow.wats next free krispy kreme donuts with coffee.....just my opinion
 
you said it fedexman , stay out of our pockets your co created there own mess , let them get themselves out of it , and i'm sure the YRC new what they had for pension obligations before they made the decision to merge , don't hurt the retired folks too many are eating cat food now and it is creating a shortage for my cat
 
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