Let me preface this with I cant talk about what I post on here when I am through. I have already been "scolded" for my past posts. Leadership at #375 is in agreement with these statements.
1. a no vote will bring a bankruptcy filing within 2 weeks to a month of the tally. -----that's the bad news.
"The GOOD NEWS"
2. With a yes vote the current lenders will be done. They will be forgiving YRCW $400 million dollars and they will be given some form of equity for their debt forgiveness.
3.The new lenders will be refinancing at a lower interest rate. I don't know who the salesman was but it must have been one hell of a sales pitch. " buddy do I gotta deal for you"
4. This plan is THE ONLY one that even has a chance of pulling this out of debt. THE ONLY ONE. The IBT's consultants they hired agree. No one is saying this is the magic bullet but the only chance that they have.
5. These were not negotiations in the normal sense. The IBT YRCW current lenders and the new lenders all sat down and the new lenders told all parties involved what kind of numbers they needed for this to go forward.----TAKE IT OR LEAVE IT.
6. The 3 million shares are a partial down payment on the bond payment seeing that this wont be completed until later.
7. The ABL credit line that they have on hand can not be used to pay off the bond payment. You cant take the cash the creditors give you for operations and then pay off the bond holders with it.
8. True you probably can find a job with comparable pay but you wont find the benefit package that we presently enjoy.
9. The debt has increased from 1.2 to 1.4 billion from the inability to make 100% of the interest payments.
10. Welch's so called "plan b" was taken entirely out of context. He had to cover for Piersons statement about bankruptcy.
11.Some of the lenders do not care if we vote yes or no. They have received $750 million + - in interest and will make out with the liquidation. So vote yes and their happy and vote no and they don't care either.
12. The regionals will not be sold.
Guys that's it. I voted YES. It is still on my countertop. Lets put it this way. I WAS STRONGLY ENCOURAGED TO SEND MY VOTE IN and not let it sit there. Can you understand why the IBT has not taken a stand???????????
If they endorse this then we tell them you shoved a substandard contract down our throat. If they tell us to vote no and they shut the doors then we blame them for the doors shutting. So it's a no win situation for them ( and us ).
If you think I talk to people to help out my fellow "BROTHERS" guess again. I try to find the truth out to keep "MY FAMILY" taken care of and out of harms way.
If I can share some of my information with my "BROTHERS" and they find it helpful than I am glad to do it. But again that is not my motivation. I am tired of trying to tell people the truth and then being **** on for it. 3 years of this crap at St.Johnsbury, 5 years of this crap here----I AM TIRED OF IT !!!!!!!!!! I use to tell the guys at St.Johnsbury the truth too. Same thing ---YOU'RE A LIAR!
I have never been a conformist and I am not going to change now. What's it say in Proverb's "wisdom cries aloud in the streets but no one will listen" or something like that. My son's in prison, I have his family living here with us so I don't really have much time for BS. If you want to call me names go right ahead it's a free country. But after thinking long and hard about this for 4 days I felt I could not lay my head down at night without at least sharing this with you.
AS I was told ---with a no vote it's over with a yes vote they have a chance.
Do what you want.
1. a no vote will bring a bankruptcy filing within 2 weeks to a month of the tally. -----that's the bad news.
"The GOOD NEWS"
2. With a yes vote the current lenders will be done. They will be forgiving YRCW $400 million dollars and they will be given some form of equity for their debt forgiveness.
3.The new lenders will be refinancing at a lower interest rate. I don't know who the salesman was but it must have been one hell of a sales pitch. " buddy do I gotta deal for you"
4. This plan is THE ONLY one that even has a chance of pulling this out of debt. THE ONLY ONE. The IBT's consultants they hired agree. No one is saying this is the magic bullet but the only chance that they have.
5. These were not negotiations in the normal sense. The IBT YRCW current lenders and the new lenders all sat down and the new lenders told all parties involved what kind of numbers they needed for this to go forward.----TAKE IT OR LEAVE IT.
6. The 3 million shares are a partial down payment on the bond payment seeing that this wont be completed until later.
7. The ABL credit line that they have on hand can not be used to pay off the bond payment. You cant take the cash the creditors give you for operations and then pay off the bond holders with it.
8. True you probably can find a job with comparable pay but you wont find the benefit package that we presently enjoy.
9. The debt has increased from 1.2 to 1.4 billion from the inability to make 100% of the interest payments.
10. Welch's so called "plan b" was taken entirely out of context. He had to cover for Piersons statement about bankruptcy.
11.Some of the lenders do not care if we vote yes or no. They have received $750 million + - in interest and will make out with the liquidation. So vote yes and their happy and vote no and they don't care either.
12. The regionals will not be sold.
Guys that's it. I voted YES. It is still on my countertop. Lets put it this way. I WAS STRONGLY ENCOURAGED TO SEND MY VOTE IN and not let it sit there. Can you understand why the IBT has not taken a stand???????????
If they endorse this then we tell them you shoved a substandard contract down our throat. If they tell us to vote no and they shut the doors then we blame them for the doors shutting. So it's a no win situation for them ( and us ).
If you think I talk to people to help out my fellow "BROTHERS" guess again. I try to find the truth out to keep "MY FAMILY" taken care of and out of harms way.
If I can share some of my information with my "BROTHERS" and they find it helpful than I am glad to do it. But again that is not my motivation. I am tired of trying to tell people the truth and then being **** on for it. 3 years of this crap at St.Johnsbury, 5 years of this crap here----I AM TIRED OF IT !!!!!!!!!! I use to tell the guys at St.Johnsbury the truth too. Same thing ---YOU'RE A LIAR!
I have never been a conformist and I am not going to change now. What's it say in Proverb's "wisdom cries aloud in the streets but no one will listen" or something like that. My son's in prison, I have his family living here with us so I don't really have much time for BS. If you want to call me names go right ahead it's a free country. But after thinking long and hard about this for 4 days I felt I could not lay my head down at night without at least sharing this with you.
AS I was told ---with a no vote it's over with a yes vote they have a chance.
Do what you want.
