The deal hinges on two conditions. YRC must secure a ratified memorandum of understanding from the International Brotherhood of Teamsters, the union that represents a contingent of YRC's employees, and it must also convince 90% of holders of its pension fund debt to amend and extend their debt
The most important word here is the word Hinge or hinges as you see above. I walked into work yesterday and everybody threw this at me saying look, see, they got the money, the banks already approved them. You have to read this slow. First nobody has given anybody anything, if he (Welch) has convinced us (the Teamsters) to sign yes yet once again he will get the money. If the answer is No which I assume it will be he doesn't get a dime. Or really we don't a dime, depending how you see this.
I will tell you again I have voted no and I still stand by it. You always have the *but* though, or maybe it's another view I'm trying to understand. This company is in trouble and that's no lie. We also know why this company is in trouble and that reason is gone now. So to fix this huge problem there has to be a fix. I would be willing to bet like many of you, you would think just give me my full rate of pay and give me my dam pension back and things will fix themselves. That's what I want anyway, so I'm selfish sue me.
I don't think it's going to happen that way though. We and I mean "we" need someone in a suit to go tell other people in suits that we are good for the money. Unfortunately the people that lend big money believe everyone's a liar and no one will pay them back. I know what you might be thinking, YRC has the money, that just popped in my head as well. Somewhere there is a vault full of money that YRC just doesn't want to spend. So they send Welch down on a begging spree to talk to all these lenders and have him explain we need the money we just don't want to spend ours. Wait what about the ABF deal? OK what about that? Ever buy a house and down the road refinance then include the new car the house and even a boob job for the wife. That was the ABF deal, they didn't want ABF.
So instead of getting pissed because that just so easy to do, come up with a solution a real solution to this problem. First is understanding you have one the second is fixing it. I was taught you have a problem that's ok but tell me the solution. The chances of this company calling one of us into the office for the answer is most likely not going to happen. I don't know Welch, some have posted his past and from what I can see he's been in corporate awhile and has had or has some corporate back ground. If he said -oh screw this I'm out- who would we trust? He's not spending the money and as far as I can see he's not walking away from this fight.
so then you have this;
"If YRC fails to find a solution for those notes, it will be in default under its senior credit facility starting on Feb. 13."
I'm not a bank guy but that don't sound good. If this vote is no, again I'm thinking it will be, what's next? I saw somebody say that we should strike, REALLY? Before you could put marker to cardboard the freight would be gone. We are about 48k to 50k bills per day (so says the white board in the break room). Ever see other companies bills per day? I think Fed EX is around 78k.
I say or I hope there is a plan B. I don't like any plan I just want things normal. When I see some of these young vets come home missing parts I'm betting they say the same thing. I just want things normal. Well the only thing normal is a dryer setting. I'm sure there are those that will argue these points especially Welch. but things aren't normal anymore.
what do you say we do?
as you can see I don't have a solution
