ABF | YRCW stock down another 25% today trading as low as $3.29
- Thread starter Sumting Wong
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a little lower and ABF can swoop in and buy them for pennies! We can all be one big happy family!
No thanks, I’m still trying to force down the :
: sandwich from yellow/ Roadway debacle....
joes bar and grill
TB Legend
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Buy what? a customer list of discounted freight that nobody wants? 15 to 20 year old tractors? worn out fork lifts?
The pension liability & debt makes YRC unattractive to any buyer. YRC would be much like CF was. Property was the only valuable asset. Used equipment has relatively little value.
Don’t forget they sold a lot of their properties to Estes & R&L....
Why does no one talk about the years and years of Very little or no pension contributions to the funds? Its like "Taboo".. How many billions are the funds short due to this? I hate to pile on, The Brotherhood, yadayada,, But it angers me that the workers of YRC voted in concessions, folded and voted for again.. Now claim no givebacks, strike, And most of all i see them now saying no money to pensions, give it to me or invest elsewhere.. OUr (ABF workers) Funds are hurt by this, not to mention the years of heartburn, concessions we gave due to YRC/Teamsters deal on concessions.. Shut the doors already.
No one talks about all the carriers that went out of business in the late 80’s and 90’s either, that owed the pension millions, and received the unions blessing to defer paying, and other operational changes to try and survive. I don’t have the figures but know many companies went out of business and the union was behind the banks in line for funds from their liquidation..
So your okay with the 6 givebacks as long as their still in business? Are you good with a possible 7th in April or will you be content as long as they don’t take anything away from you? Not picking a fight, just curious what your thoughts are about the upcoming contract....
Didn’t say anything about givebacks, or contract. Just commenting on the pension, and how many other carriers from years past still owed the fund when they closed... Not picking a fight either. Just would not comment on any contract without seeing a proposal...
Contract or no.. my thoughts were on past votes, and the Non Talk of the Billions not paid into. My thoughts as well, Operating and not paying.. alot different than being shut down. Non union execs making bonuses, raises, perks.. Our fund Bust
I believe the workers that voted cuts need to pay the piper, or be held accountable. All YRC employees for that matter, Retirees cut them, Orpans whos companies closed and dont or cant contribute, Cut them.. Plain and simple..
I believe the workers that voted cuts need to pay the piper, or be held accountable. All YRC employees for that matter, Retirees cut them, Orpans whos companies closed and dont or cant contribute, Cut them.. Plain and simple..
You guys are way to serious....relax....smile....I was joking! I'll be more careful next time I post something I will put "JOKE" before hand so I don't get you guys wound up! Have a Happy New Year Brothers! By the way I think the thing that would make YRC an interesting takeover candidate for the right company would be the thousands of drivers, I could see where that could appeal to someone like a Amazon or even a large trailer load company that wanted to get into LTL like Hunt or Schneider or someone from over seas, you never know? I really think we will get offered some BS contract and they will threaten to close the doors if the guys don't accept it and maybe they will throw in a signing bonus like you guys took and the guys will panic and sign on for a small anual raise of the current reduced wages we currently have. If your wondering why some guys like me stick around...I like my job! Wish it paid more but I like my job! Take care!
vongrimmenstein
I stand for our flag, & kneel for the fallen
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Why would ABF buy that much debit? They would not. Let the go thru the bankruptcy process, then buy the few tings of value left for 10 cents on the dollar. Besides, the ABF Board of Directors won't approve the purchase. von.
I knew you were joking, that’s why I gave you a like....
Another one trying to hamper my lavish style, if this comes to pass, I may have to cancel the order on my Tesla.
I'm also not trying to stir up any hard feelings but could you please explain your reasoning for wanting YRC to close? Or, more specifically, how is YRC closing its doors going to help the pension?
YRC is currently paying 25% of what ABF is paying (I think that is correct?) into the pension but if they shut down they will be paying 0%, correct? What is the monetary gain to the pension?
Well since you asked. If YRC dies then all these pensions are frozen until 65 years of age which give the fund more time to make up the slack in investment returns. Also new guys with less than 5 years are owed nothing(free money for the fund), No different then waiting to draw on your 401k, the longer you let the money sit to accrue interest the more you have.
Thank you. They say the devils in the details and I didn't know any of those details. I don't understand why they just don't freeze it now? Hint, any idea?
canaryinthemine
Retirement....The Job I Was Born To Have!
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A severe "Qualified" driver shortage....and the ability to pick up a large pool of automatically "Qualified" drivers may outweigh any negative debt factor.
It would also place those drivers,...provided we're talking about ABF buying YRC,...back into the full pension scale,...as mentioned above...Would cure a lot of pension "ills".......
Now,....back to reality..........Do we think Hoffa and crew will allow this? Why did they allow a crippling buyout by UPS of their biggest fund? Why did they allow the second-largest contributor of most funds....to get away with only 25% of their pension contributions,...? For how many years?....
Mr. Hoffa originally supported the Kline-Miller Act,...which amended the ERISA Act of 1974 to allow pension cuts to retirees,...based on Thomas Nyhan's recommendation....When he .........woke up out of his ..coma.. and saw how wildly unpopular that legislation was,...he put on his acrobat costume and did a backflip.....
What......He didn't realize that BEFORE his support of the pension cuts?
I don't see Mr. Hoffa pushing for,...or allowing,....a potential sale of YRC,...especially to ABF. There seems to be some sort of obstruction emanating from his office,....even though a combination of the companies would....cure a lot of problems,....and, more importantly,...restore a National Master Freight Agreement,..covering just about all Union LTL carriers......
Why he destroyed his father's Life's Work is beyond me........
And ....Don't Forget!....Once we have ABF,YRC/Roadway/Holland/New Penn under the ABF NMFA,......we've got to start the push to get UPS Freight under that contract!.....
Yeah,....Right.......
It would also place those drivers,...provided we're talking about ABF buying YRC,...back into the full pension scale,...as mentioned above...Would cure a lot of pension "ills".......
Now,....back to reality..........Do we think Hoffa and crew will allow this? Why did they allow a crippling buyout by UPS of their biggest fund? Why did they allow the second-largest contributor of most funds....to get away with only 25% of their pension contributions,...? For how many years?....
Mr. Hoffa originally supported the Kline-Miller Act,...which amended the ERISA Act of 1974 to allow pension cuts to retirees,...based on Thomas Nyhan's recommendation....When he .........woke up out of his ..coma.. and saw how wildly unpopular that legislation was,...he put on his acrobat costume and did a backflip.....
What......He didn't realize that BEFORE his support of the pension cuts?
I don't see Mr. Hoffa pushing for,...or allowing,....a potential sale of YRC,...especially to ABF. There seems to be some sort of obstruction emanating from his office,....even though a combination of the companies would....cure a lot of problems,....and, more importantly,...restore a National Master Freight Agreement,..covering just about all Union LTL carriers......
Why he destroyed his father's Life's Work is beyond me........
And ....Don't Forget!....Once we have ABF,YRC/Roadway/Holland/New Penn under the ABF NMFA,......we've got to start the push to get UPS Freight under that contract!.....
Yeah,....Right.......