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demize said:
Something to read on your day off between football games.

CON-WAY INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Summary of CON-WAY INC. - Yahoo! Finance
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" ...To date, Con-way has received, and will retain, a payment of $5.012 million with respect to its allowed claims (or 14 cents for each dollar of allowed claims). In addition to distributions received from the CFC bankruptcy estate, Con-way has received, and will retain, a payment of $3 million from the proceeds of the sale of the assets of CFC's Canadian subsidiaries, which were not included as debtors in CFC's U.S. bankruptcy proceedings"

So without my lawyer sitting next to me explaining things... Con-Way has recovered 8.012 million from the whole bankruptcy thing and they will settle these most recent court proceedings with an 8 million charge. I can't wait to see how this all gets spun on here and in the media.
 
From what I read it looks like very minimal damage for us .. I am reading this correctly I hope .. someone correct me if I am wrong ...
 
Looks like a move to cut their losses with a current monetary settlement rather than dragging it through court proceeding after court proceeding and accruing astromical legal fees. (With no guilt or innocence verdict)
I've seen this kind of move made by many people and companies placed in this position.

In the long run, they stopped the negative domino effect, trickle down effect or what ever you want to call it when your benefits and wages get hog tied.
I want Con-way to survive no matter what people think of the company.
That's my spin on it.

....next?
 
Dockworker said:
Looks like a move to cut their losses with a current monetary settlement rather than dragging it through court proceeding after court proceeding and accruing astromical legal fees. (With no guilt or innocence verdict)
I've seen this kind of move made by many people and companies placed in this position.

In the long run, they stopped the negative domino effect, trickle down effect or what ever you want to call it when your benefits and wages get hog tied.
I want Con-way to survive no matter what people think of the company.
That's my spin on it.

....next?
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can we get the moderators to require three people to post immediately following DW's posts... I'm getting a little uncomfortable having him stare at me and wink repeatedly
 
Merdock said:
" ...To date, Con-way has received, and will retain, a payment of $5.012 million with respect to its allowed claims (or 14 cents for each dollar of allowed claims). In addition to distributions received from the CFC bankruptcy estate, Con-way has received, and will retain, a payment of $3 million from the proceeds of the sale of the assets of CFC's Canadian subsidiaries, which were not included as debtors in CFC's U.S. bankruptcy proceedings"

So without my lawyer sitting next to me explaining things... Con-Way has recovered 8.012 million from the whole bankruptcy thing and they will settle these most recent court proceedings with an 8 million charge. I can't wait to see how this all gets spun on here and in the media.
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Why are we receiving money? Did CF owe us? Is not a charge a loss? These are but 3 quick questions from this little quoted snippet and Murdock's comments alone.

As I have said repeatedly, I really need this stuff interpreted. There are some that claim to understand these reports but they stay mum....or at least until their never ending litigation is over. Not sure what explaining what's in a public report has to do with their own litigation.
 
Bankrupt said:
Why are we receiving money? Did CF owe us? Is not a charge a loss? These are but 3 quick questions from this little quoted snippet and Murdock's comments alone.

As I have said repeatedly, I really need this stuff interpreted. There are some that claim to understand these reports but they stay mum....or at least until their never ending litigation is over. Not sure what explaining what's in a public report has to do with their own litigation.
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in·ter·pret
Pronunciation: \in-ˈtər-prət, -pət\
Function: verb

1 : to explain or tell the meaning of : present in understandable terms <interpret dreams> <needed help interpreting the results>
2 : to conceive in the light of individual belief, judgment, or circumstance : construe <interpret a contract>
3 : to represent by means of art : bring to realization by performance or direction <interprets a role>

I believe you are looking for something like definition #1...
however if your reading this site, then you should expect something closer to definition #2

although... sometimes considering the lengthly responses, it could just be artistic interpretation
 
Most of us dumb truck drivers don't speak legalese and require a language based interpretation.
 
This is what many thought would happen in the long run because it was just a money grab by CSPF anyway...DW is right in that it would have been much costlier to drag this out in the courts for years, as well as having the &quot;dark cloud&quot; hanging over our heads...
Basically, we pay CSPF 8 million (1.2% of their demand of 662 million) to settle and dismiss their claim against us, and we receive 5 million of the 35 million we have claimed against the CF estate (14 cents on the dollar, bankruptcy is a wonderful thing)
Time to move on....

Its as good a result as we could expect...it will reflect in our stock price as well, because this was definitely a big factor in depressing it...
 
BoxBoss said:
This is what many thought would happen in the long run because it was just a money grab by CSPF anyway...DW is right in that it would have been much costlier to drag this out in the courts for years, as well as having the &quot;dark cloud&quot; hanging over our heads...
Basically, we pay CSPF 8 million (1.2% of their demand of 662 million) to settle and dismiss their claim against us, and we receive 5 million of the 35 million we have claimed against the CF estate (14 cents on the dollar, bankruptcy is a wonderful thing)
Time to move on....

Its as good a result as we could expect...it will reflect in our stock price as well, because this was definitely a big factor in depressing it...
Click to expand...

Thanks for your insight BoxBoss, helps in interstanding it.
 
BoxBoss said:
This is what many thought would happen in the long run because it was just a money grab by CSPF anyway...DW is right in that it would have been much costlier to drag this out in the courts for years, as well as having the &quot;dark cloud&quot; hanging over our heads...
Basically, we pay CSPF 8 million (1.2% of their demand of 662 million) to settle and dismiss their claim against us, and we receive 5 million of the 35 million we have claimed against the CF estate (14 cents on the dollar, bankruptcy is a wonderful thing)
Time to move on....

Its as good a result as we could expect...it will reflect in our stock price as well, because this was definitely a big factor in depressing it...
Click to expand...

so ... for a 4.5 billion dollar company losing 3 mill to the CSPF is not bad at all ..
 
wonderring99 said:
so ... for a 4.5 billion dollar company losing 3 mill to the CSPF is not bad at all ..
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In a nutshell, no...it would have cost us 5 times that to fight in court over the next few years...this just shows how desperate CSPF really is....to settle for 1% of what you wanted showed you had no case to begin with...this just validates that, and puts it on the books with the rest of the dismal 4th quarter, now we start 2009 without this hanging over our head....most felt this was a no brainer case, but there is always that spector of some judge who did too many drugs in the 60s ruling in favor of CSPF...Why risk it..??
 
BoxBoss said:
In a nutshell, no...it would have cost us 5 times that to fight in court over the next few years...this just shows how desperate CSPF really is....to settle for 1% of what you wanted showed you had no case to begin with...this just validates that, and puts it on the books with the rest of the dismal 4th quarter, now we start 2009 without this hanging over our head....most felt this was a no brainer case, but there is always that spector of some judge who did too many drugs in the 60s ruling in favor of CSPF...Why risk it..??
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You are usually good but to say there is no case to begin with SHAME ON YOU..........
http://www.cfwy.com/Warn/WARN Settlement.pdf
 
BoxBoss said:
In a nutshell, no...it would have cost us 5 times that to fight in court over the next few years...this just shows how desperate CSPF really is....to settle for 1% of what you wanted showed you had no case to begin with...this just validates that, and puts it on the books with the rest of the dismal 4th quarter, now we start 2009 without this hanging over our head....most felt this was a no brainer case, but there is always that spector of some judge who did too many drugs in the 60s ruling in favor of CSPF...Why risk it..??
Click to expand...
Sad that this is only one of sixty four case`s that our fair company has settled. That is the price of being in business. They took the 1% to start collecting while the money is still there. This company is going to be wrapped up with CF for a long time to come.
 
Kevin653 said:
You are usually good but to say there is no case to begin with SHAME ON YOU..........
http://www.cfwy.com/Warn/WARN Settlement.pdf
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Well, if you felt that strongly about your position, the commonplace settlement figure is usually between 20-30%, or in this case 130-200 million...CSPF didn't want to spend millions in legal fees to have it tossed or lost, but so as not to completely lose face, walked away with something, and let's be honest...not much...Let's put it in perspective K653, you sue me for a million dollars because you are sure I screwed you badly and I owe you a million...I offer you a thousand to go away, you take it, you go away..How do you think people are going to perceive you..??
That's what took place here...
 
BoxBoss said:
Well, if you felt that strongly about your position, the commonplace settlement figure is usually between 20-30%, or in this case 130-200 million...CSPF didn't want to spend millions in legal fees to have it tossed or lost, but so as not to completely lose face, walked away with something, and let's be honest...not much...Let's put it in perspective K653, you sue me for a million dollars because you are sure I screwed you badly and I owe you a million...I offer you a thousand to go away, you take it, you go away..How do you think people are going to perceive you..??
That's what took place here...
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In addition, CFC was, at the time of the spin-off, and remains a party to
certain multiemployer pension plans covering some of its current and former
employees. The cessation of its U.S. operations will result in CFC's
&quot;complete withdrawal&quot; (within the meaning of applicable federal law) from
these multiemployer plans, at which point it will become obligated, under
federal law, to pay its share of any unfunded vested benefits under those
plans

And what part of &quot; obligation under federal law ect. &quot; is perception or reality...... Maybe they should have paid the whole thing as good corporate citizens. But again they didnt even respect the WARN act either..........
 
Kevin653 said:
In addition, CFC was, at the time of the spin-off, and remains a party to
certain multiemployer pension plans covering some of its current and former
employees. The cessation of its U.S. operations will result in CFC's
&quot;complete withdrawal&quot; (within the meaning of applicable federal law) from
these multiemployer plans, at which point it will become obligated, under
federal law, to pay its share of any unfunded vested benefits under those
plans

And what part of &quot; obligation under federal law ect. &quot; is perception or reality...... Maybe they should have paid the whole thing as good corporate citizens. But again they didnt even respect the WARN act either..........
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Fair enough....But it is fair to note also that the &quot;It&quot; in becoming obligated was CF, not Con-way...and that was the whole point to begin with, yes..??
 
BoxBoss said:
Fair enough....But it is fair to note also that the &quot;It&quot; in becoming obligated was CF, not Con-way...and that was the whole point to begin with, yes..??
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Fair enough but the it was the parent of both and a whole lot of people past and present got hurt
 
Kevin653 said:
Fair enough but the it was the parent of both and a whole lot of people past and present got hurt
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Not after 1996, it wasn't....that was the basis for the Con-way argument...you can't go off on your own for 6.5 years, run as a profitable free standing entity for the first 3.5 of those, go bellyup and claim it was the fault of the company you spun from...They imploded, most likely due to alot of poor decision making, poor pricing structure, and a lousy cost oversight..When they went under, Con-way hardly noticed a blip of revenue growth over it...alot of bad business...
 
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