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Yellow | YRCW FOR SALE.......?HOW IS YOUR GERMAN?....CAN YOU SAY NEW OWNERS....DHL??????

Skidmark said:
Nobody in there right mind would buy YRCW 1.3 BILL I ON in debt. YELLOW bought Roadway for 1.1 billion got 590 terminals for that amount. Now we are down to 267 terminals broken down equipment on the road and dock. They would have to upgrade all the equipment and gives us back our 15% too. Yes that makes a lot of business sense. Bet you guys who believe it could happen are expecting Santa Claus to bring you more gifts next week too.
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Santa's not coming next week? Nooo Way...
 
buffalobill said:
what pension are they in then?

maybe with this bill, the liabilities wont scare away buyers, huh?
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They are in Central States, a much lower level though, something like the old level 14

Had one of our drivers go there to get away from the YRC penalty, he stayed about 5 days longer than needed. Central States advised him not to stay too long or it would mess his benefit calculation up.
 
buffalobill said:
what pension are they in then?

maybe with this bill, the liabilities wont scare away buyers, huh?
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Apparently I'm not explaining it right? Companies that would buy a yrcw division would then be liable for the unfunded liabilities of the nmfa pension. That means orphans. Companies like CF. One article says that's 22 billion dollars...

If we had 2 or 3 threads on this I'd search and post the article. With 17 same titled threads on this FreightMaster forum, that would take hours....
 
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thats what i mean though, if this bill forces pension funds to be shored up, what underfunded liabilities? it would all be shored up to a solvent plan, thru reductions and cuts in benefits.....
 
albag said:
They believe in the tooth fairy, too!
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they will have to change the rules about returning back to work too allow two tiers to stop drawing there pensions come back to work to make up or offset there reduction,they will have more workers than they know what to do with that need to increase there monthly pension amount before they retire again,it is only now that each person affected will know how much they will get and therefore how long they will need to work. the buyer of yrcw that returns to full pensions has a captive unlimited work force that have to work for someone that is in the cspf,the value of yrcw and ark best just got richer based on the new pension law and could actually correct amajor portion of the problem for the plan by having more people not drawing and more people paying in if you are a company that is looking to grow in an environment where there is not enough workers!! this would be the cheapest one,you cant work for ups eit her anymore and pay into this plan this is more likely now!!
 
topdowg said:
they will have to change the rules about returning back to work too allow two tiers to stop drawing there pensions come back to work to make up or offset there reduction,they will have more workers than they know what to do with that need to increase there monthly pension amount before they retire again,it is only now that each person affected will know how much they will get and therefore how long they will need to work. the buyer of yrcw that returns to full pensions has a captive unlimited work force that have to work for someone that is in the cspf,the value of yrcw and ark best just got richer based on the new pension law and could actually correct amajor portion of the problem for the plan by having more people not drawing and more people paying in if you are a company that is looking to grow in an environment where there is not enough workers!! this would be the cheapest one,you cant work for ups eit her anymore and pay into this plan this is more likely now!!
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Don't forget you had to resign from the company when you retired, there is no guarantee the company will bring you back at full pay and seniority.
 
All I got is my own experience. YRCW hasn't got enough Money. Pension be damned, I never drive another day for that place. 12 years I lived with the misery to finish my time, they got nothing to offer now. :1sm057crazy:
 
wolf said:
All I got is my own experience. YRCW hasn't got enough Money. Pension be damned, I never drive another day for that place. 12 years I lived with the misery to finish my time, they got nothing to offer now. :1sm057crazy:
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I wish Maislin would come back. I have a couple of old gal friends in Montreal I'd like to see again. Oh wait, it's been over 30 years, never mind. :hysterical:
 
buffalobill said:
thats what i mean though, if this bill forces pension funds to be shored up, what underfunded liabilities? it would all be shored up to a solvent plan, thru reductions and cuts in benefits.....
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You can't think of it as the pension having enough money in the bank to cover all liabilities, that is not the case. Companies signatory to the pension still owe money to cover their employees. When the companies go belly up the fund gets burnt and we are back to square one with being underfunded. If YRC were to go bankrupt Central States and the other funds would have a claim against what assets they might have left that are sold off. I don't think rusted and worn out old Volvos, Sterlings, and junk trailers are going to come close to cover YRC's unfunded liability.

Also YRC owes Central States in excess of $100 million due in 2019, anybody want to put some money down if the pension fund will every see it ?
 
I don't think it is going to matter about pension liability. If and when they ever get back on their feet or are bought out they will institute a 401k, and guess who will be managing that fund ?????
 
The Teamsters already offer a 401K program, they just make it available, they don't run it, it's managed by Prudential, the account is in the name of the individual, the indeividual pays the management fee which is minimal. The Teamsters have no control over it.
 
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