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Yellow | Jim Hoffa and Ken Wood Will Be At Atlanta Local 728 on 10-11-14!

YRCW’s Welch Nets $2.3 Million; Wilson Takes the Money and Runs

Wrench97 said:
They are not Teamsters and do not report back to Hoffa and company, that would be against SEC regulations.

The international has the contracted right to name 2 members to the board all that means is they can select people that they feel will be in our best interest nothing more.
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You mean "their" best interests Wrench?! I think the SEC needs to investigate them all!

YRCW

:wtflol:
 
Firm run by union-appointed board member gets $5.5 million in fees.

In a related development, MAEVA Group LLC, a New York-based corporate restructuring firm run by financier Harry J. Wilson, a member of YRC's board appointed by the Teamsters, collected $5.5 million in fees presumably for its role in the overall restructuring efforts. The payment was made public in a Feb. 7 Securities and Exchange Commission (SEC) filing outlining the stock sale. In addition, investment firm Credit Suisse First Boston received a $7.82 million sales commission in the transaction, according to the filing.

In February 2013, MAEVA signed a contract with YRC for advisory services in "connection with one or more potential transactions and/or strategic initiatives," YRC said in an SEC filing at the time. Under the agreement, MAEVA would receive a maximum of $5.5 million in what YRC called "completion fees." It would also be paid $250,000 in monthly fees for the next four months from the date of the filing.

Wilson was one of two YRC board members chosen by the Teamsters under terms of a 2009 restructuring that called for wage and pension concessions from the rank and file. The other was Douglas O. Carty, co-founder and chairman of Switzer-Carty Transportation Inc., a Canadian company specializing in school bus transportation services.

YRC refinances $1.15 billion by closing on two 5-year loans; millions in interest savings seen – DC Velocity

My Brothers and Sisters in Local 728, Atlanta can ask Hoffa about this at the October 11 meeting!


:chairshot:
 
To board members it's business, while I agree it's a slap in the face to us, to Harry it's just another opportunity to make money he's not in it for charity and if it keeps the doors open it was well worth the fees.
 
Freightmaster1 said:
In a related development, MAEVA Group LLC, a New York-based corporate restructuring firm run by financier Harry J. Wilson, a member of YRC's board appointed by the Teamsters, collected $5.5 million in fees presumably for its role in the overall restructuring efforts. The payment was made public in a Feb. 7 Securities and Exchange Commission (SEC) filing outlining the stock sale. In addition, investment firm Credit Suisse First Boston received a $7.82 million sales commission in the transaction, according to the filing.

In February 2013, MAEVA signed a contract with YRC for advisory services in "connection with one or more potential transactions and/or strategic initiatives," YRC said in an SEC filing at the time. Under the agreement, MAEVA would receive a maximum of $5.5 million in what YRC called "completion fees." It would also be paid $250,000 in monthly fees for the next four months from the date of the filing.

Wilson was one of two YRC board members chosen by the Teamsters under terms of a 2009 restructuring that called for wage and pension concessions from the rank and file. The other was Douglas O. Carty, co-founder and chairman of Switzer-Carty Transportation Inc., a Canadian company specializing in school bus transportation services.

YRC refinances $1.15 billion by closing on two 5-year loans; millions in interest savings seen – DC Velocity

My Brothers and Sisters in Local 728, Atlanta can ask Hoffa about this at the October 11 meeting!


:chairshot:
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Maybe someone in Atlanta can ask Hoffa if he got a cut from Harry? Only 6 days left till it hits the fan!!!
 
Who really knows about this company YRC?Ever since the 10% pay cut its been taking from us it's been more and more.Ive never seen a worldwide company stay open for so long as this one has and says it doesn't have money.That goes for all of its subsidiaries (holland, New Penn, Reimer, Reddaway)
 
bigtruk_us said:
Who really knows about this company YRC?Ever since the 10% pay cut its been taking from us it's been more and more.Ive never seen a worldwide company stay open for so long as this one has and says it doesn't have money.That goes for all of its subsidiaries (holland, New Penn, Reimer, Reddaway)
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Don't look a gift horse in the mouth! :hide: :biglaugh:
 
Some gift right? I was talking to a river barge hand not too long ago.He was telling me that he belongs to a union and that his job pays very well.The only problem is that his union takes a lot of his earnings every month.
 
bigtruk_us said:
Some gift right? I was talking to a river barge hand not too long ago.He was telling me that he belongs to a union and that his job pays very well.The only problem is that his union takes a lot of his earnings every month.
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bigtruk_us said:
But it goes without saying.at least he is earning the big bucks
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Did you put in your application? :smile:

PS - Are you going to change your TB name to "bigbarge_us"?
 
I don't consider $21.33 per hour, "Big Bucks!"

My question? Where is the $120k+ loss in hourly wages AND pension payments, from each and every one of us, for the past 6 years?
 
Elwood said:
Was this taken on a Saturday?

I swear, if you look closely at the window under the awning on the right side of the building, you can see my black hat and sunglasses in a reflection...
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Elwood, my wife and I visited the Cayman's a year ago, what a beautiful place.. I mean, you could eat off the sidewalks.. And the folks there were so nice (I know they want our money) and went above and beyond..
 
Elwood said:
That is some seriously funny s**t, Wrench.

How am I supposed to have personal contact with my most cherished drive thru customers???

(Y'all know I really work at Barclay's)
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Does Welch use the drive thru El????
 
BIG R GUY said:
Does Welch use the drive thru El????
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Not on my watch.

Were he to allow me access to any of his 'accounts,' I might be spending considerable time at Alderson, WV.

But, in the long run, I would be comfortable knowing his only remaining vehicle of income was a 'buggy!'

:17142:
 
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