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Yellow | From Bill Z.?
- Thread starter Kennesaw Kid
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bubbadog121
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Thanks :)
Thanks KK
Thanks KK
So, if YRCW defaults on H&W/Pensions Contributions, AND declares bankruptcy, AND we hold 15% of the company stock,we, as teamsters, could set up a new company and run it ourselves? (if we held the right terminals with viable service lanes)
justathot:shades:
Hockey Puck
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Teamster 92101 -
Unfortunately, there will be nothing left. If YRC goes under, first the secured creditors (i.e. their lead lenders) are paid off, employees come next. The remaining assets will be be divied up to the unsecured creditors. who won't get much. Included as an unsecured creditor are the Teamster Pension funds. Since YRC's unfunded liability is billions and billions of dollars (Central States is only about 40% to 45% funded today w/ the drop in membership and the stock market crash), it will all be gone. Sad but true.
And that stock....worthless.
Unfortunately, there will be nothing left. If YRC goes under, first the secured creditors (i.e. their lead lenders) are paid off, employees come next. The remaining assets will be be divied up to the unsecured creditors. who won't get much. Included as an unsecured creditor are the Teamster Pension funds. Since YRC's unfunded liability is billions and billions of dollars (Central States is only about 40% to 45% funded today w/ the drop in membership and the stock market crash), it will all be gone. Sad but true.
And that stock....worthless.
Plan for your future with the new YRC pension plan.
25 years of service= you will be entitle to a retirement door of your choice, at one of the closed pension collateral terminals. It comes fully equipted with a scrapped out YRC or Roadway trailer, that you can customize into the retirement home of your dreams.
30 years of service= You can have 2 doors and 2 trailers, that you can customize as a double wide. On a first come first serve basis.
Your union cares about your comfort and happiness.
25 years of service= you will be entitle to a retirement door of your choice, at one of the closed pension collateral terminals. It comes fully equipted with a scrapped out YRC or Roadway trailer, that you can customize into the retirement home of your dreams.
30 years of service= You can have 2 doors and 2 trailers, that you can customize as a double wide. On a first come first serve basis.
Your union cares about your comfort and happiness.
Plan for your future with the new YRC pension plan.
25 years of service= you will be entitle to a retirement door of your choice, at one of the closed pension collateral terminals. It comes fully equipted with a scrapped out YRC or Roadway trailer, that you can customize into the retirement home of your dreams.
30 years of service= You can have 2 doors and 2 trailers, that you can customize as a double wide. On a first come first serve basis.
Your union cares about your comfort and happiness.
Does that include heat,it gets cold up here in canada
truckinokie
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I know most of you don't see this as a good move. But if you think about it it hard to lose money on comerical property. Unlike cash which can be lost in the stock market. Just try and find the 9 billion that UPS gave to central states last year.
I agree with you. The joke was just to good an opportunity to pass up. Wonder why, when you invest other people's money, you end up losing it. But if its your own, its well taken care of. Someone, whoever makes these decisions, should have put some of our money in gold, when it was at 300.00. I know I'll hear hind sight is 20/20. But it still makes you wonder how much thought really goes in these investments. And why we are ALWAYS the losers.
yellowtooner
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Plan for your future with the new YRC pension plan.
25 years of service= you will be entitle to a retirement door of your choice, at one of the closed pension collateral terminals. It comes fully equipted with a scrapped out YRC or Roadway trailer, that you can customize into the retirement home of your dreams.
30 years of service= You can have 2 doors and 2 trailers, that you can customize as a double wide. On a first come first serve basis.
Your union cares about your comfort and happiness.
I'm envisioning the movie 'The Jerk'. We'll all be wandering around looking for YRC's stuff to furnish our trailers: I'll take this chair, this chair & this lamp, this chair, this lamp, this desk, oh and this crappy computer. Can I have this toilet? How about this microwave, or this vending machine? And hats...lots of hats.
I'm envisioning the movie 'The Jerk'. We'll all be wandering around looking for YRC's stuff to furnish our trailers: I'll take this chair, this chair & this lamp, this chair, this lamp, this desk, oh and this crappy computer. Can I have this toilet? How about this microwave, or this vending machine? And hats...lots of hats.
I'm envisioning the movie 'The Jerk'. We'll all be wandering around looking for YRC's stuff to furnish our trailers: I'll take this chair, this chair & this lamp, this chair, this lamp, this desk, oh and this crappy computer. Can I have this toilet? How about this microwave, or this vending machine? And hats...lots of hats.
THIS MEMO HAS BEEN CORRECTED , SEE THIS THREAD
http://www.truckingboards.com/trucking/upload/yrc/58263-yrc-corrected-memo.html#post597590
http://www.truckingboards.com/trucking/upload/yrc/58263-yrc-corrected-memo.html#post597590
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