YRCW Plan’s Effect on Wages, Vacation, Sick Leave

Discussion in 'New Penn' started by Benny Hill, Jan 14, 2009.

  1. Benny Hill

    Benny Hill I'm Back (kinda)

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  2. road hog

    road hog Member

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    this is another thing they didnt tell you at the meeting on the wage reduction. they didnt tell you this so you would vote yes. if people knew this more people would have voted no
     
  3. road hog

    road hog Member

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    also another thing is that they didnt tell you they were not going to reduce the dues. now they will probably increase dues like normal even though we will be making less
     
  4. wheeler500

    wheeler500 New Member

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    Rumor now is that our hrly pay is not going to be cut, but that we will be paying the 10%after taxes.. That the 10% will be taken off our net as our stock option payment

    any info
     
  5. pj2004

    pj2004 Member

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    Read all of SEC filing


    In exchange for the modification, the affected union employees will receive the right to participate in the equity of the Company through a vehicle that economically functions as a warrant or similar instrument to purchase 15% of YRC Worldwide's common stock. Further details regarding this plan are being finalized between the Teamsters and the YRC Subsidiaries.

    � If (1) a Change of Control (defined below) occurs without Teamster approval of the acquiror, (2) the Company files a Chapter 7 or 11 bankruptcy petition or is placed in involuntary bankruptcy proceeding or (3) the Company terminates the modification with Teamster approval, the modification will terminate, wages and cost of living increases will revert to their original levels on a prospective basis and the equity vehicle for affected union employees will terminate. For this purpose, a "Change of Control" occurs if a third person, including a "group" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, purchases or otherwise acquires shares of YRC Worldwide after the effective date of the modification that, together with stock held by such person or group, constitutes more than 50 percent of the total voting power of the stock of YRC Worldwide where the current directors of YRC Worldwide (or directors that they nominate or their nominees nominate) no longer continue to hold more than 50% of the voting power of the board of directors).

    � The Company is required to provide a certification to the Teamsters on or before February 15, 2009 that no event or condition exists that constitutes a default under the Company's credit facility, or which upon notice, lapse of time or both would, unless cured or waived, become or lead to such a default (or an alternative certification that the union representatives under the Plan find acceptable). If such a certification is not provided, the wage modification will terminate, wage reductions taken shall be restored, including any reductions beginning on January 9, 2009, the equity vehicle for affected union employees will terminate, and the other provisions of the Plan will terminate.


    http://biz.yahoo.com/e/090114/yrcw8-k.html
     
  6. deville00

    deville00 Member

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    They did say at the meeting our dues would be reduced
     
  7. newpenn107

    newpenn107 Active Member

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    I want to know how the hell they can take taxes on pay we dont receive!!! And say its for the stock options that might be worthless in a year when we can exercise them???!!!

    Hoffa jr should move in with his dad!!!!
     
  8. wheeler500

    wheeler500 New Member

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    The talk this morning @ our shop was that our pay rate is staying the same and our deduction will be on our net income..??
     
  9. motorhead

    motorhead Member

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    no way in hell they can do that
     
  10. wheeler500

    wheeler500 New Member

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    That was the talk in our shop yestorday morning.. dont know if its true..
    http://www.tdu.org/node/2767I

    read this and got fired up..

    I cant beleive our union is throwing us to the wolves like this..!!! How can they legally do this..???

    If our pay is going to be ratified since Jan 1st then why is our stock option price as of jan 11th..??!!

    This is what our infamous union leaders are doing... tossing us in the FIRE
    "The International Union agreed to interpret the contradictory language in favor of the company"
     
  11. crazy

    crazy Well-Known Member

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    Do you really think that your going to make a killing with this stock option crap:duh:Lets see you give back say $25000 over the course of the contract and if the stock does good you might get back $2500 The way I figure it :popcorn:you give 10% :popcorn:and get back 10% of what you gave up.. 10 for 10 that seems like a fair deal so why are you crying:popcorn:
     
  12. wheeler500

    wheeler500 New Member

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    NO I dont think we are going to make a killing on the stock option!!! That is not the point obviously you are not in this situation because if you were you would feel as if you were getting screwed too..

    I am NOT crying I am simply stating a fact that we are taking a 10% paycut.. glad we still have a job but taking a paycut.. yes we get a stock option... NO we are not going to become millionaires on it and I dont think I ever said that ... What I said is.....

    We are not only giving 10% of our pay back to the co... we are buying stocks @ the higher price which we should NOT!!!

    If our pay is going back to the 1st of the yr so should our stock options... (this is NOT crying this is fighting for what we agreed on in the contract...) which obviously you didnt have to read....!!

    I appreciate anyones take on this I just do NOT appreciated someone telling me or asking me why I am crying over this.. that is a buch of ****!!!
     
  13. crazy

    crazy Well-Known Member

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    Yes it does effect me and I don't even work everyday so yes it does effect me Do I like it?? Hell no but you learn somethings you just have to deal with it.. If I had to do it all over?? I doubt it..Look around you people losing jobs all over, economy is in the crapper nothing we can do about and do your self a favor lighten up a little it will help your health...as far as the stock goes ""we'' are not able to buy stock,it is the IBT that will do that WE have no control at all Have a nice day:popcorn:
     

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