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Yellow | Yrcw seeks economic relief from teamsters!

YRCW Press Release

Below is a paragraph from a press release today. Indicates the teamster membership has to ratify the give back.

"The consummation of the tender offer is not conditioned upon any minimum amount of Notes being tendered, but is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase. "One such condition is that the employees of subsidiaries of the company represented by the International Brotherhood of Teamsters who are subject to the National Master Freight Agreement, effective April 1, 2008 through March 31, 2013, shall have ratified an amendment to that agreement regarding a wage reduction.The company is currently discussing with the International Brotherhood of Teamsters a proposal to enter into such an amendment."
 
Double-Clutch said:
Below is a paragraph from a press release today. Indicates the teamster membership has to ratify the give back.

"The consummation of the tender offer is not conditioned upon any minimum amount of Notes being tendered, but is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase. "One such condition is that the employees of subsidiaries of the company represented by the International Brotherhood of Teamsters who are subject to the National Master Freight Agreement, effective April 1, 2008 through March 31, 2013, shall have ratified an amendment to that agreement regarding a wage reduction.The company is currently discussing with the International Brotherhood of Teamsters a proposal to enter into such an amendment."
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Next question is how this will affect Teamster represented YRC companies that have white paper contracts and not subject to NMFA or are Non - Union? All YRCW companies should have a hand in a wage reduction, not just Teamster represented ones. Teamster members should not bare the brunt of the company as a whole.
 
Docksteward said:
I do believe that the retirees and the pension funds are also big issues, here. If YRC fails and ABF becomes weaker, CSPF and a few others will fall under government control.

The key here is the possibility of YRC continuing to provide employment, h&w and pension payments to our members. It's easy to say "no, givebacks never saved a trucking company". But the idea of a chance is worth it, to me. DS
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I'd have to listen for sure. Under the Preston Bail-out, I still made $50,000 every year (in the 1990s) under the bailout, and still got my pensions and healthcare paid. For 6 addidtional years; and even then, Yellow shut usdown-- probably for reasons that were NOT tied to a giveback, but tax writeoffs, and being done with us as guinia pigs for the next day sector...

Another thought: I've been applying to almost 30 companies for a month now. With a perfect record, and still not many are hiring, or even taking apps. Might be better to vote yes and get more time than to vote no and be out in the streets. Those Non-Driver qualified will be completely out of luck. The only way to get hired now is to be qualified. (Of course, if YRCW fails, everyone will be hiring. At low non-union wages. Even lower for new hires. Think about that.

As to the Government bailing out the pension. I've read that IF the underfunded Pension Guarantee Board has to take over, retirees will get about 500-1,000 MAX per month. That includes current retirees. Imagine, a guy retired with 35 years, now drawing 3500 or more, plus SS; suddenly he gets checks for only 1,000 plus (maybe they sieze SS?) SS. He's retired. On a fixed income. What can he do to replace this money? YRCW falls, the pension goes. Then where is OUR future?

Besides, the adding of wage concessions isn't in the contract. So basically, they are opening up the current contract to renegotiations. If they can do this, they can put in anything they want. They really don't need to vote, for a new contract is whatever they decide.....

Just wandering thoughts from under the tin foil hat.....:popcorn:
 
All dollar bill has to do is work for what he and the other top dogs are worth 1 dollar for the next couple of years.They stole enough over the past years.It's all mismanagement not labor.If management is bad labor can only do what they tell labor to do ,so therefor in the long run labor would be made to be bad.
 
i hate to say this but for me to give back they better think about taking that non union freight they have siphoned off of us the last couple years and put it back on the union trucks it came from
 
From a revenue standpoint YRCW makes money, 58 Million 3Q, they just had a lot of writedowns which makes it look bad. Which leads me to believe the wages are not the problem. The problem they have is a debt problem from acusitions, poor decisions etc. That indicates to me a management problem. So why should labor pay for mis-management?

If we agree to a wage reduction the company is still going to be mis-managed with more money to play with.
 
"One such condition is that the employees of subsidiaries of the company represented by the International Brotherhood of Teamsters who are subject to the National Master Freight Agreement, effective April 1, 2008 through March 31, 2013, shall have ratified an amendment to that agreement regarding a wage reduction.[/COLOR]The company is currently discussing with the International Brotherhood of Teamsters a proposal to enter into such an amendment."[/QUOTE]

BRILLIANT MOVE BY YRC. THEY ARE FULLY AWARE THAT ABOUT EVERYONE IS WILLING TO STAB EACH OTHER IN THE BACK TO SAVE THEIR OWN JOB, SO WHY WOULDN'T YOU TAKE A WAGE REDUCTION TO SAVE YOURSELF. STOCK PRICE ALREADY MOVING UP :popcorn:
 
I say no not ever. I have nothing to lose. To all of you who do good luck. I have tried to stay positive. It is getting really hard. I really want to say to hell with it all. Life is to short to put up with this crap. Pension or not it is just not worth it.
 
Docktewad is right!!!!

Docksteward said:
I do believe that the retirees and the pension funds are also big issues, here. If YRC fails and ABF becomes weaker, CSPF and a few others will fall under government control.

The key here is the possibility of YRC continuing to provide employment, h&w and pension payments to our members. It's easy to say "no, givebacks never saved a trucking company". But the idea of a chance is worth it, to me. DS
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I have no idea what they will ask for. I do believe it is a last ditch effort, a hail Mary pass if you will. Sitting on the side line and watching, I thought from the beginning that putting so many union companies under one tent, was a signal to end the union. I must believe in conspiracies, or have no trust in company management. However I have been through this a couple of times at 15% givebacks that did and did not work. What I mean, They lasted long enough for me to get to retirement. I also noticed, that with the giveback I actually took home more in my paycheck than I did with the 15% on the pay. Less in taxes. The companines sold or went under anyway. Just make the dicision that is right for your Family. less is better than none.
Doing this is only buying time, or it will make a difference in you finding a good job or retiring. What do you have to lose?
 
labor didn't make any mistakes, i see less damaged freight now than when i started to work for roadway, the company that has been outperforming yellow for god knows how long, sorry to say this to the yellow workers but yous suck cause you let your company go in the crapper it seems from a roadway workers point of view (also see less of it due to poor global economy and less of a market share cause of our competitors market share has gained), i give lower mgmt credit for training us workers the right way (except for the ones that are cowards and have favorites and too scared to ask them to do something) and getting off our backs over the years (maybe because they didn't give a crap cause they were going to be laid off soon anyways, some places still have way too many or too little but i'm not upper mgmt so i'll stop there) but i feel ashamed of a FEW of the workers (union and non) that try to get over on doing a fair days work for fair days pay, it's not all of yous but some that just love to do nothing for something and take hour breaks and 2 hour lunches, if anybody gets laid off cause of a slumping/bad economy think about the idiot that was too lazy at work (but think about their morale too, the morale at some terminals can be high, some low, some borderline so if they are lazy cause of low morale, they'll be getting laid off soon anyways and it's a shame that one more brother will soon be out of work) and then tell the idiot that gave you that letter in the mail to stick that letter up their a$$ or the a$$ of the person that told them to send you that letter cause the employers outside of yrc are still keeping as many employees afloat so they can pay their bills and come home to their loved ones and if companies like yrc don't think twice on laying people off (treating us like a number more than a human being, so let's think like an accountant for a minute, maybe we should layoff all these moron accountants we hired to ruin our companies' balance sheet and income statement, maybe that might raise our profit margin, oh yeah let's not care about how it will affect their families either) yrc OVERALL will pay a bigger price through bad reputation (nobody good will ever apply) and the good workers they have trained and laid off will work for their competitors or somewhere else for less pay but will know how to produce the yrc way so yrc is doing the competitors a favor in laying off the good employees cause they are getting those laid off employees at a discount, only people making out on these layoffs is yrcs competitors that hire GOOD people to make their company NUMBER ONE or TWO, i guarantee ups and fed ex got some of us rdwy and yellow guys and are doing a hell of a job being number ONE and TWO leaving yrc in the dust at number THREE and if you think it ain't going to happen you wait and see cause if i get laid off and my uc checks run out, i'll be looking for work and i'll be expecting less cause i was getting less when i was on my uc checks, make sure all you laid off teamsters take every red cent out of them too, you deserve it! sorry if any or all of this post don't make any sense just tired from work and just rambling on here before i hit the hay
 
The company has a liquidity problem. Not a value problem. Giving us common stock as exchange for 10% of our income will give us a return on our money and them the liquidity they need.
 
they are gonna give us something vwaggs. its not stock either just hope they dont twist it when they stick it in . dont hurt so much then.
 
ESP said:
I have no idea what they will ask for. I do believe it is a last ditch effort, a hail Mary pass if you will. Sitting on the side line and watching, I thought from the beginning that putting so many union companies under one tent, was a signal to end the union. I must believe in conspiracies, or have no trust in company management. However I have been through this a couple of times at 15% givebacks that did and did not work. What I mean, They lasted long enough for me to get to retirement. I also noticed, that with the giveback I actually took home more in my paycheck than I did with the 15% on the pay. Less in taxes. The companines sold or went under anyway. Just make the dicision that is right for your Family. less is better than none.
Doing this is only buying time, or it will make a difference in you finding a good job or retiring. What do you have to lose?
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Exactly. All of you saying screw the company I'm voting NO, in affect are saying screw you to your fellow teamsters working and those collecting a pension. Yea, this probably won't save the day, but it will probably keep the doors open longer. The longer the doors are open the better it is for everyone. We are currently in the middle of a bad recession and I for one do not want to have to look for a job at this time. While this may be a bandaid on a gunshot wound at least we still have a job and in my opinion those of you wanting to vote No without hearing anything are being a bunch of selfish babies. I will probably vote yes just to try and keep the doors open. Sorry, but my family is more important than some childish screw the company attitude and my family needs my income and insurance.
 
regular342 said:
exactly. All of you saying screw the company i'm voting no, in affect are saying screw you to your fellow teamsters working and those collecting a pension. Yea, this probably won't save the day, but it will probably keep the doors open longer. The longer the doors are open the better it is for everyone. We are currently in the middle of a bad recession and i for one do not want to have to look for a job at this time. While this may be a bandaid on a gunshot wound at least we still have a job and in my opinion those of you wanting to vote no without hearing anything are being a bunch of selfish babies. I will probably vote yes just to try and keep the doors open. Sorry, but my family is more important than some childish screw the company attitude and my family needs my income and insurance.
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amen ........great post :1036316054:
 
regular342 said:
Exactly. All of you saying screw the company I'm voting NO, in affect are saying screw you to your fellow teamsters working and those collecting a pension. Yea, this probably won't save the day, but it will probably keep the doors open longer. The longer the doors are open the better it is for everyone. We are currently in the middle of a bad recession and I for one do not want to have to look for a job at this time. While this may be a bandaid on a gunshot wound at least we still have a job and in my opinion those of you wanting to vote No without hearing anything are being a bunch of selfish babies. I will probably vote yes just to try and keep the doors open. Sorry, but my family is more important than some childish screw the company attitude and my family needs my income and insurance.
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Finally someone is talking the truth Thanks "342" !!!!
 
I am a Holland road driver who is currently laid off. I wanted to see what you guys think about all this pay cut deal. I know it's my opinion but honestly I think it is time we all work together. We are one company like it or not and we need to stand together as brothers during this turbulent time....Here is what I have posted on the Holland truckingboards....

"Has anyone ever checked out Zollars salary. Forbes.com has a profile on him and all the board of directors. You can obtain this information at William D. Zollars Profile - Forbes.com
I think that he should be the 1st on to take a pay cut in order to preserve the company. I am not opposed to doing my part and taking a pay cut if it means keeping a job. However, I am a laid off road driver. I was laid off in January, brought back in August and laid off again the 7th of November. I haven't heard of Zollars or any of the other execs being laid off or taking pay cuts. We need to stand together as brothers and make the union work for us. They should require that whatever paycut we have to take the exectives take double of... With a total compensation package of $5,000,000.00 per year, he could afford to take a 50% paycut and put drivers back to work."
 
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