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Yellow | Yrcw trust funds

This whole thing is confusing. Didn't the pension funds take the terminals as collateral for the 'deferred' pension payments? But then they were all sold? And now the banks want the pension funds to release their liens on the properties (which seems to have been sold already?).
 
"Some" were sold, but approx, 35 mil. in real estate is still held as collateral. This keeps the deferred loan from becoming a prohibitive transaction.
 
Deer Hunter said:
"Some" were sold, but approx, 35 mil. in real estate is still held as collateral. This keeps the deferred loan from becoming a prohibitive transaction.
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What you say here makes sense and usually when things make sense they are true. So I am going to run with this for a minute.

I have a question or two for Jimmy G. Jimmy G saw the writing on the walls, threw his torch to the ground and got himself another job. I applaud him for that. Now he comes here and actively advocates for his former brethren to carry his torch for him as he is concerned about his pension fund. I do not applaud him for that, actually quite the opposite. So, my questions for Jimmy G are...how do you feel about your pension fund releasing their liens on the real estate to the bankers so that YRC can continue to operate? What would be next, for the pension fund(s) to provide money to keep the company (not exactly the word I want to use here) afloat?
 
ABFer said:
What you say here makes sense and usually when things make sense they are true. So I am going to run with this for a minute.

I have a question or two for Jimmy G. Jimmy G saw the writing on the walls, threw his torch to the ground and got himself another job. I applaud him for that. Now he comes here and actively advocates for his former brethren to carry his torch for him as he is concerned about his pension fund. I do not applaud him for that, actually quite the opposite. So, my questions for Jimmy G are...how do you feel about your pension fund releasing their liens on the real estate to the bankers so that YRC can continue to operate? What would be next, for the pension fund(s) to provide money to keep the company (not exactly the word I want to use here) afloat?
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You should add triplex, mud and all the other yes voters to this question. It seems as though it has an impact on them now as opposed to down the road.
 
no problem just pay the debt and make the funds whole and the collateral will be released
 
Trust funds are the pension funds, and the Central States Pension Fund will go along with whatever it takes to keep YRCW rolling. I assume the other pension funds will do the same!
 
ABFer said:
What you say here makes sense and usually when things make sense they are true. So I am going to run with this for a minute.

I have a question or two for Jimmy G. Jimmy G saw the writing on the walls, threw his torch to the ground and got himself another job. I applaud him for that. Now he comes here and actively advocates for his former brethren to carry his torch for him as he is concerned about his pension fund. I do not applaud him for that, actually quite the opposite. So, my questions for Jimmy G are...how do you feel about your pension fund releasing their liens on the real estate to the bankers so that YRC can continue to operate? What would be next, for the pension fund(s) to provide money to keep the company (not exactly the word I want to use here) afloat?
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I advocate to keep the company in business. I have hundred(S) of friends at YRC. Many cannot go to another job. They would hit the pension funds. I believe it will collapse. I would Like it to survive so I can have Some, yes. But I NEED it to survive because if it collapses- NO ONE in CSPF will get any. Even the already retired guys. I'm not knowedgable enough of the collateral thing to comment. It's news to me....

What happens to 200,000 already retired guys if the pension collapses????
 
They are different I think it's the New England fund that's pretty well run and outspoken, the No Jersey fund isn't to shabby either.
 
I have more trust in the union and employer trustees on these Taft-Hartley plans than you do. None of them wants to put YRCW out of business and most of them will try to keep YRCW rolling as long as they can and still protect the funds for the active and retired participants. I guess there could be a few hold-outs though. The Teamsters have Harry Wilson making sure they all go along with the program. He wants that $5 Million "completion bonus"!
 
Freightmaster 1,You are right, all trustees want to keep YRCW alive but not at the cost of a potential illegal vote.. If someday a bankruptcy judge asks a trustee --"Did you have collateral for the loan" Yes sir, but I chose to give it back on a hunch it might help......
 
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