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Yellow | Journal Of Commerce Reporting on Jack Cooper's plans for Yellow!

Freightmaster1 said:
Rumor has it that some type of announcement could be made next week concerning the Jack Cooper acquisition of Yellow since...

"Bids for the terminals owned by Yellow are due by Nov. 9, with an auction date set for Nov. 28. Yellow’s rolling stock of tractors, trucks and trailers are expected to be liquidated by Ritchie Bros.Auctioneers and Nations Capital. Any window of opportunity for a new bid or counter bid will close soon."

STAY TUNED!

:hyper:
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Any idea where the rumor came from?
Love’s @ 159th street?
 
Correct me if I am wrong, but even if the assets of yellow where purchased by another company, and they reopened, the union contract is null and void, correct?
 
No port said:
Correct me if I am wrong, but even if the assets of yellow where purchased by another company, and they reopened, the union contract is null and void, correct?
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From my understanding and with talking to a BA, No the contract is still in place, and they would still have to honor the contract in place. That they have a 5 year window to call us back according to your seniority.
 
the dude said:
From my understanding and with talking to a BA, No the contract is still in place, and they would still have to honor the contract in place. That they have a 5 year window to call us back according to your seniority.
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I don't think there's a clear cut answer to this issue. A lot depends on how the bankruptcy court rules.
www.pittalaw.com

Bankruptcy may void a collective bargaining agreement | Pitta LLP

Negotiating a collective bargaining agreement with an employer is one of the most important functions of a union. However, if the employer decides to file for Chapter 11 bankruptcy, the union may have cause for concern. Under some circumstances, a company may use a bankruptcy to try to void a...
www.pittalaw.com www.pittalaw.com
 
Triplex said:
I don't think there's a clear cut answer to this issue. A lot depends on how the bankruptcy court rules.
www.pittalaw.com

Bankruptcy may void a collective bargaining agreement | Pitta LLP

Negotiating a collective bargaining agreement with an employer is one of the most important functions of a union. However, if the employer decides to file for Chapter 11 bankruptcy, the union may have cause for concern. Under some circumstances, a company may use a bankruptcy to try to void a...
www.pittalaw.com www.pittalaw.com
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True but I don't think the Teamsters would be in favor of this without some assurances that the contract would be honored....
 
No port said:
Correct me if I am wrong, but even if the assets of yellow where purchased by another company, and they reopened, the union contract is null and void, correct?
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What if Jack Cooper wins the assets bid for the terminals and rolling stock. They would not have to reopen as Yellow. The could become a complete new company, and basically make everyone reapply for jobs. Remember they are buying assets- the freight and customers are already gone, Yellow is not an active company. They can call JC LTL if they want.
 
ltltrkr said:
What if Jack Cooper wins the assets bid for the terminals and rolling stock. They would not have to reopen as Yellow. The could become a complete new company, and basically make everyone reapply for jobs. Remember they are buying assets- the freight and customers are already gone, Yellow is not an active company. They can call JC LTL if they want.
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Those are my thoughts.
They would just buy the assets. The creditors would be paid off. The union would have no power to do anything since the company that they represented no longer exists.
The teamsters may wish that Cooper would allow the company that reemerges to be represented by the teamsters. Maybe they have some side agreement as such. But it wouldn't be under the yellow contract. Would all be from scratch.
 
No port said:
Those are my thoughts.
They would just buy the assets. The creditors would be paid off. The union would have no power to do anything since the company that they represented no longer exists.
The teamsters may wish that Cooper would allow the company that reemerges to be represented by the teamsters. Maybe they have some side agreement as such. But it wouldn't be under the yellow contract. Would all be from scratch.
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They are asking for a Treasury loan deferment in order to make a going concern bid to keep the company operating, they cannot take the assets and do what they want unless they just make a regular bid like Estes and the others which would not be a going concern bid and would not include any Treasury involvement but that is not the case.
 
Could be some kind of shell game going on.Funneling money or who knows what in todays corrupted world. Kind of strange yellows high ups got big bonuses up until it closed and workers gave back part of their earnings. Maybe thats it if its stupid enough not to follow any logic lets do it. A bankrupt company buying another bankrupt company doesnt make any sense. You would think the loaners would want a proven company to limit any risks of it going bankrupt again just down the road.
 
I don't think it strange, higher ups getting big money and workers getting the shaft is normal, I'm beginning to think our worst enemy anymore is big business, they do (or charge) what they want and we take it! Remember when customer was always right? Not in a long time,
 
RumRunner1 said:
They are asking for a Treasury loan deferment in order to make a going concern bid to keep the company operating, they cannot take the assets and do what they want unless they just make a regular bid like Estes and the others which would not be a going concern bid and would not include any Treasury involvement but that is not the case.
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The federal government is corrupt as hell.
 
Rounding3rd said:
I don't think it strange, higher ups getting big money and workers getting the shaft is normal, I'm beginning to think our worst enemy anymore is big business, they do (or charge) what they want and we take it! Remember when customer was always right? Not in a long time,
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Im afraid you are right. The divide between the rich and elite compared to the working class and poor is becoming bigger and bigger.
 
ltltrkr said:
What if Jack Cooper wins the assets bid for the terminals and rolling stock. They would not have to reopen as Yellow. The could become a complete new company, and basically make everyone reapply for jobs. Remember they are buying assets- the freight and customers are already gone, Yellow is not an active company. They can call JC LTL if they want.
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The rolling stock is already sold. The auction houses bought all the equipment and the bankruptcy court approved the sale. So Yellow is out of the picture on the equipment.
 
Think the article gave them into next year to round up the equipment, and prep it for the auction. Doubt anyone could round up and prepare over 50,000 pieces of equipment in a month.
 
Triplex said:
Are you sure about that? Court gave approval for auction houses to conduct the auction of the equipment. Don't believe they purchased it. Correct me if I'm wrong.
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From what I read, you are NOT wrong. Ritchie Bros. isn't buying the equipment. They are taking possession of it to refurbish as necessary and sell it. They are acting in an agent capacity that will earn them a commission. They aren't buying the equipment.
 
Real Teamster said:
From what I read, you are NOT wrong. Ritchie Bros. isn't buying the equipment. They are taking possession of it to refurbish as necessary and sell it. They are acting in an agent capacity that will earn them a commission. They aren't buying the equipment.
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The only refurbishment Ritchie brothers do, is jump a battery to get something started and/or put some air in tires to help get it gone. Otherwise everything is sold as is. I would assume the auctions will be held at the Yellow properties themselves. A lot easier to send a few people to each facility, than to round up all the equipment.
 
the dude said:
From my understanding and with talking to a BA, No the contract is still in place, and they would still have to honor the contract in place. That they have a 5 year window to call us back according to your seniority.
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I believe the court has the ability to dictate the terms.
 
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