Regardless of investor lined up, third party investors, buy it with borrowed money or whatever spin U want to clean it up with. It's still dirty dealings and total disregard of your employees whom have sacrificed in order to keep the doors open. Don't forget those who's jobs were lost because the situations would not allow them to wait around for a call back. And its no different than if I owe U money but put off paying U....&... Then I go out searching for new money for doing other things besides paying my old debts. ....Its like I said before Teamsters need to STOP trying to put a positive spin on every bad decision this company does!!! It really does nothing for morale.
Yellow | YRCW Employees Are Waiting For An Official Response From CEO James Welch!
- Thread starter Freightmaster1
- Start date
Well at least we know why the stock price shot up so fast! It's funny how all the stock market big wigs knew to get in on it. Somebody leaked the word too soon and drove up the price. But isn't there some silly regulation about "insider trading" and shouldn't someone be going to JAIL???
teamster82
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i would like to know how much money the union made on the yrc stock or did they sell when the stock went up . not like they had any idea about the abf/ yrc deal 
i would like to know how much money the union made on the yrc stock or did they sell when the stock went up . not like they had any idea about the abf/ yrc deal
Correct me if I am wrong but I don't believe that the teamsters Ibt own any stock it is us the members with the equity credit. ? I might be wrong I have been before .
The ibt has no shares of yrc stock. It was given to you several years ago into a 401k account. It was then reverse split to reduce the value of what you have. The union ownes nothing
I was not around at the last MOU. Did the Union (IBT) actually get any stocks? I had assumed the members did. I think most of them did not enter the ranks of Millionaire.i would like to know how much money the union made on the yrc stock or did they sell when the stock went up . not like they had any idea about the abf/ yrc deal
Looks like the two posters type faster than me......did not mean to add additional thoughts.
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The reverse split itself did not reduce the value of what anyone had. Stock splits themselves don't affect the value of anyone's holdings. In the YRCW case, new shares were issued to lenders in exchange for debt. The issuance of the new shares diluted the value of the original shares. If you issue as many new shares as there were shares outstanding, you've effectively cut the share value in half. That is what caused the share value to drop. The reverse split was only done to bring the per share price up to a level that would allow the stock to continue to be listed.
Josey Wales
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I hope not ABFer, let's pray it's just scare tactic BS in this contract negotiations...man I would hate to see ABF go down like this...but it may just be the way the economics work these days, but it stinks, that a broke company can even make a ridiculous offer to buy a solvent company and the story even be newsworthy, but with these powerful folks that have 50 to 100 billion dollars at their disposal and vehemently hate Unions, they will give a wink and a nod to drop a measly billion to ink this deal, and probably have already shorted the stock to make it back...it's really sad
D
Deleted member 5115
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I'm with you an all of that but today nothing would surprise me. It happens all over the place all the time and so far I've escaped it. Might just be my turn but I pray not along with you.
Look what happened to our brothers at New Penn. They used to be the flagship of the freight industry.
KK you and rocketman are correct. The only thing I want to point out is the human betrayal factor. I will not vote yes on any contract less than full rate because of this...EVER.
Well, I may be jaded at this point, but, either we will be bought by YRCW, or, if the locals even let it come to a vote, we will vote until we get it right.....if you notice, the return address on those secret ballots is Washington, DC...but, I definitely understand your sentiment....Personally, if ABF is going to keep paying the pension, 5 more years would give me 30 paid in and 56 yrs old, so I could be flexible on some of the other stuff. With this new revelation from YRCW, about how greatly they are managed now, and that mega investors are lined up to write them checks, they will have no problem going back to full pension in 2015, and signing a 3 yr deal with full pay, then if ABF were merged into them at least all things would be equal. I say to all ABFer's, April 1, 2015, is the day of reckoning for YRCW, it may behoove us to help ABF see that day as a stand alone company.....that is, if our Union REALLY wants that to happen.
If I may post my opinion, I'd say put Suggs,Zollars, and Welch in the same basket,all they are is greedy and give a rats ass a$$ about the employees. But, what they or Welch don't understand is not only do they owe an explanation to the employees,but to everybody I think. For every employee they hurt, there is an average of 4 people in that person's family that they hurt as well. I've seen Yellow destroy to many companies that my own family and friends have worked for and enough is enough!!! Granted, I have many family and friends that work for YRC now that went there after their company was shutdown or merged together, but had no choice, they needed a paycheck. I always thought this was the best business to be in, but I'm really starting to second guess myself after going on 14 years . It would be horrible if they bought ABF, but can't pay back the hard work of every employee that helped YRC freight survive. I still tell family and friends and everytime I see a driver GOOD JOB and THANKYOU for still being around. My grandpa had almost 30 years at Yellow in brownsville,TX, he passed away right when Roadway was bought and he said and I qoute, " I'm glad I'm done with this business and what a mess the future holds with this company."
newpenn107
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[QUOTE=TurnCoat;they will have no problem going back to full pension in 2015, and signing a 3 yr deal with full pay,
You will never see full pension or pay...
You will never see full pension or pay...
Letter from Welch on the BB today, here is part of it
Timeline
On March 22 I met with Judy McReynolds of ABC for 1 hour.
ON March 25 I sent followup letter thanking her for her time.
On April 1 I got a letter back from Ms McReynolds that indictated timing is not right to consider a transaction
Matter was opened and closed in 10 days, end of story
38 days later a media report comes out, 3 days after ABF reaches a tentative agreement with IBT on new contract
We later leanred that ABF shared our proposal letter dated March 25 with Teamster leadership during negotiations
Further media reports surfaced and questioned ahy ABF leaked the story. Was it as leverage? Draw your own conclusions
Goes on with more blah, but I didn't feel like sticking around. Was under glass so I couldn't scan a copy
Timeline
On March 22 I met with Judy McReynolds of ABC for 1 hour.
ON March 25 I sent followup letter thanking her for her time.
On April 1 I got a letter back from Ms McReynolds that indictated timing is not right to consider a transaction
Matter was opened and closed in 10 days, end of story
38 days later a media report comes out, 3 days after ABF reaches a tentative agreement with IBT on new contract
We later leanred that ABF shared our proposal letter dated March 25 with Teamster leadership during negotiations
Further media reports surfaced and questioned ahy ABF leaked the story. Was it as leverage? Draw your own conclusions
Goes on with more blah, but I didn't feel like sticking around. Was under glass so I couldn't scan a copy
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Matter was opened and closed in 10 days, end of story. It may be that simple for him but what he doesn't realize is that 1/2 the workforce didn't trust him from the getgo and those that did now have a foul taste in their mouth and spitting won't help. Hey Welcher, you're on your own now, you and your third party investors, good luck, the workforce says scrooooooyooooo. Congratulations to the ABF folks, you got lucky.