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Take it for what it's worth. I do believe that YRC is going to take as much as we would possibly give them. Hoffa says NO to concessions. YRC calls for a 2 man meeting for the members to put pressure on the IBT to negotiate with them....What? why would we beg to give more back for Another five long freaking years (read: Forever is the reality). I think we give too much back now. What have they done to make my sacrifice worthwhile? Well...nothing, but they say they are gonna start trying if we give even more back for five more years (forever). How much cash was saved on the bottom line from the five minutes of my break they so desperately needed? (nothing... they just knew we would agree to anything they wanted, so they took it). How many of our road drivers will lose their jobs with increased purchased transportation?I dunno, but I wont vote to knock my brother's out of their jobs. Increased sick leave enforcement? What the hell? we are an aging work force and there isn't a provision even allowing you to get your disability pension if you worked at YRC. Call the hall and ask. There is NO retirement. I was supposed to go in 2 years, 30 and out at 52 years old (3K a month), but NO.... now I have to work to 65 to get $2400. Our president told us Central States will be bankrupt in 2023. So I get nothing. Nothing Bro's... Teamsters didn't do this. Corporate greed did this. Nobody wanted to be bought by Yellow. I am from yellow and we didn't want them to buy another truck line, I promise you that! They screwed us all... And now they want us to give it all away by sending these scary propaganda materials to your house to scare your family right at the start of the Holidays. They didn't just realize there was a deficit in the checkbook. The CFO has people tabulating the figures and projecting the futures every day of the year. this is a calculated move on their part. Ask yourself.....what do they have to lose by asking for Everything they want? They are expecting us to bend over and take it. What happens if we don't? Its not the end of our contract. This is a free turn at bat. They have $170 million in cash. They can liquidate and dilute the stock. they do have options. Its just better for them if we eat the sacrifice....again.
Remember the last restructure? what did they do? Debt for equity. Whats that mean? instead of paying our creditor's they gave them majority equity in the company. YRC still owes them the money, it's just owed to the new owners. HMMM.... think about that. Not the crisis they portray is it? They do have a 3rd party bank they owe $600 million they borrowed during the merger when they were burning through cash. That's very real. But how much interest have they been paid? They probably paid more than the principle in interest. They wont be first in line to get paid in a bankruptcy either, leaving them out in the cold without their huge interest payments coming in.
What do I think? (if anybody is even still reading this). I think they are seeing just how much they can take from us. Then they will dilute the stock however much they need to, to get it done. In the meantime get ready for Doom and Gloom from the corporate office. If we don't vote yes for this takeback number 4, they still have another do over coming in our real contract expiration in a year and a half.
Read the article if you will. Get informed as you can. Make the right decision.
3 Roads Left for YRC Worldwide, Inc. and Each Looks Dangerous (YRCW)
Remember the last restructure? what did they do? Debt for equity. Whats that mean? instead of paying our creditor's they gave them majority equity in the company. YRC still owes them the money, it's just owed to the new owners. HMMM.... think about that. Not the crisis they portray is it? They do have a 3rd party bank they owe $600 million they borrowed during the merger when they were burning through cash. That's very real. But how much interest have they been paid? They probably paid more than the principle in interest. They wont be first in line to get paid in a bankruptcy either, leaving them out in the cold without their huge interest payments coming in.
What do I think? (if anybody is even still reading this). I think they are seeing just how much they can take from us. Then they will dilute the stock however much they need to, to get it done. In the meantime get ready for Doom and Gloom from the corporate office. If we don't vote yes for this takeback number 4, they still have another do over coming in our real contract expiration in a year and a half.
Read the article if you will. Get informed as you can. Make the right decision.
3 Roads Left for YRC Worldwide, Inc. and Each Looks Dangerous (YRCW)
