ABF | Money in the bank

leftyblack

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As of friday May 7 2010 ABF had 120 million dollars in the bank. they have zero debt as of 5-7-2010 this fact verified by the security exchange commission filings. NOT RUMOUR FACT! They tell you they need the concession to compete with YRC. If they don't get this the gap between us & YRC will grow. YRC lost 274 million dollars last quarter. no offense to our YRC brothers however why would we be worried & trying to compete with a company losing 20x what we are? This is simply ABF doesn't wish to exhaust it's nest egg & possibly have to borrow some money to weather the economic downturn. They tell us the up swing is coming this is short term ( 3 years at reduced rate with no true snap back isn't short term for us) they would rather use our money to do this. when you run into a short fall at home what do you do? you use your credit card or you borrow from the bank on your house or such....these are all things you will be doing when you vote yes!! you will be finanicing whatever you can with interest to pay your bills in 2010 while your salary is from 2004. meanwhile ABF will be using YOUR HARD EARNED MONEY INTEREST FREE to pay it's bills promote it's stock increase & it's dividen paid to the majority stock holders all of whom are ABF officers & board members. they will be increasing their PERSONAL WEALTH while you get further INDEBT & thanking them for your job. We are not here because of the economic downturn, we are here because of the greed of william zollars & his attempt to monopolize the ltl trucking field he failed !! if those companies were left alone there would still be a NMFA & no concession. we are here because ABF smells blood in the water..A weak IBT a scared workforce & the opportunity for them to set back unionized work rights back a hundred years!! Is it a coincidence that Ms. Mcreynolds comes from Walmart this countries biggest anti union, anti labor company & worst record of violating labor laws on record with the national labor board?? Please read this & think before you vote yes. Check the facts I can substaniate everything here not the rumours the company is handing out. I will debate these facts with anyone. ABF is not other trucking companies they are not on the verge of bankruptcy, receivership or going out of business ...if they were why would the officers be taking stocks by the thousands in the past month?? stock that has risen 7 dollars since feb. talk to an accountant.....please take the time get the facts...this vote isn't just about us..it's about the right to have a union to have a voice & a contract that means something, think off all that was sacrificed before us & what we can give to those coming behind us a true chance at a better life....a union life and all that it's suppose to mean !! VOTE NO!!
 
I agree with you. AT OUR MEETING (OO4-LIT) 1 of them MF from Fort Smith, told me that they had $150 million dollars in the bank and that they can't BORROW any money. I looked him dead in the face, and told him- 1 word makes the WHOLE THING FALSE(can't). I don't know any company that has $150 million in the bank and CAN'T borrow any money. Secured/Collateral LOAN, sounds familiar to anyone? THAT'S when I decided that I did not want to hear anything else & I walked out of the meeting!

vote NO !

if we don't get more freight, we will all be laid off ! FIRE, THE WHOLE SALES STAFF!
 
[quote author=stoneyABF link=topic=80004.msg828616#msg828616 date=1273510666]
Just sent in my ballot. Was going to vote no..........But I voted yes.
[/quote]You have no reason to discuss why you voted the way you did & I respect that right. I am curious tho if you would share why you voted yes ? I would like to understand your position
 
[quote author=leftyblack link=topic=80004.msg828629#msg828629 date=1273512714]
[quote author=stoneyABF link=topic=80004.msg828616#msg828616 date=1273510666]
Just sent in my ballot. Was going to vote no..........But I voted yes.
[/quote]You have no reason to discuss why you voted the way you did & I respect that right. I am curious tho if you would share why you voted yes ? I would like to understand your position
[/quote]


Its OK, Look we all want what's best for us and the company, right? Right now my concern has to do more with the economy than ABF. I don't see us pulling out this recession soon, and if we do, I see a double dip recession coming. I don't want to get political, so let me just say this. I don't like what our current President is doing with the spending, bailouts, taxes and such.

I don't believe ABF did anything wrong to lose nearly 300 million. I believe they were a victim of a bad economy. I went to both the union and company meetings. When I heard that ABF wasn't on planning on taking the 15% to cut rates, I liked that. I don't want us to start pulling freight we can't make money on. Like YRC has done.
ABF said this 15% could lower out operating ratio from a 108-110 to a 102 or so. And they can survive many years at a 102.

And if the economy does turn around sooner than I expect. I would rather see ABF build up their savings again to 400 or 500 million. The 15% won't harm me in anyway. At 15% in line haul my wage would still be at .50 a mile and $19hrly. That's still a hell of alot better than most trucking companies out there.

Also the independent auditor was a clincher for me. The same people that looked at YRC's books. I think they learned alot form the YRC deal.

In the end, its just out wages. ABF isn't messing with our health and welfare, pensions, vacation time.
 
I'm with you Stoney! After listening to both sides for what feels like months now Ive decided to vote yes. I cant prove it but I feel that a lot of the people who are screaming NO are the are the old timers who have the option to retire if they want. They would be fine no matter what happens. That's just my opinion.
 
I am not one of the old timers but, I am voting no. Why should I give them my money to put in their bank accounts, when I can put it in mine. Remember the old saying , give them an inch and they will take a mile. If they get this concession what will they ask for next. I work at a satelite terminal and are already doing our job, a clerk's job, and others jobs and only get paid for one. How much more do they want?
 
[quote author=stoneyABF link=topic=80004.msg828638#msg828638 date=1273514099]
[quote author=leftyblack link=topic=80004.msg828629#msg828629 date=1273512714]
[quote author=stoneyABF link=topic=80004.msg828616#msg828616 date=1273510666]
Just sent in my ballot. Was going to vote no..........But I voted yes.
[/quote]You have no reason to discuss why you voted the way you did & I respect that right. I am curious tho if you would share why you voted yes ? I would like to understand your position
[/quote]


Its OK, Look we all want what's best for us and the company, right? Right now my concern has to do more with the economy than ABF. I don't see us pulling out this recession soon, and if we do, I see a double dip recession coming. I don't want to get political, so let me just say this. I don't like what our current President is doing with the spending, bailouts, taxes and such.

I don't believe ABF did anything wrong to lose nearly 300 million. I believe they were a victim of a bad economy. I went to both the union and company meetings. When I heard that ABF wasn't on planning on taking the 15% to cut rates, I liked that. I don't want us to start pulling freight we can't make money on. Like YRC has done.
ABF said this 15% could lower out operating ratio from a 108-110 to a 102 or so. And they can survive many years at a 102.

And if the economy does turn around sooner than I expect. I would rather see ABF build up their savings again to 400 or 500 million. The 15% won't harm me in anyway. At 15% in line haul my wage would still be at .50 a mile and $19hrly. That's still a hell of alot better than most trucking companies out there.

Also the independent auditor was a clincher for me. The same people that looked at YRC's books. I think they learned alot form the YRC deal.

In the end, its just out wages. ABF isn't messing with our health and welfare, pensions, vacation time.
[/quote]I appreciate the insight however abf hasn't lost 300 million or close to that. the last year they claimed they lost 100 million 61 million of that on a goodwill charge which is fictious...it's no existant they actually lost 40 million a chunk of change yes but not the same. The company will survive a long time regardless do you believe they are in debt? because they are not..are you willing to let them use your money interest free ....while the officers continue to profit off their stocks? is there anything in my orginial statement for this thread that you dispute? I'm not sure how anyone knowing they are not in debt, that the officers continue to get raises, continue to be given stocks in place of bonuses, that retired company officers and spouses get lifetime medical paid in full by the company as well as perks such as access to the corporate jet & hunt club membership paid can be comfortable giving up your legally binded salary for them to continue business as usual ...pardon me but it just doesn't make any sense .......ps/ not sure where you live but here 19 dollars an hour is 4 dollars an hour less than conway, fedex drivers get & that is also a fact!!!
 
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
 
[quote author=JustAWorkingMan link=topic=80004.msg828706#msg828706 date=1273535002]
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
[/quote]AMEN BROTHER I JUST CAN'T UNDERSTAND IT. I DON'T WANT TO LOSE FAITH THAT PEOPLE ACTUALLY WON'T DRINK THE CORPORATE KOOL AID.....IT JUST AMAZES ME NO MATTER HOW MANY FACTS ARE PRESENTED THAT THE COMPANY ISN'T BROKE OR ABOUT TO GO BANKRUPT & ISN'T EVEN IN DEBT THAT THEY'RE SO WILLING TO JUST SIGN OVER THEIR MONEY.......I MEAN WHERE WERE THE RAISED
 
brainwashing:n.

1. Intensive, forcible indoctrination, usually political or religious, aimed at destroying a person's basic convictions and attitudes and replacing them with an alternative set of fixed beliefs.
2. The application of a concentrated means of persuasion, such as an advertising campaign or repeated suggestion, in order to develop a specific belief or motivation.


Simple concept... you KEEP hearing it from the company and you KEEP hearing it from the IBT ( who you trust), therefore it must be true! If everyone would just go by their first thought when they first heard of the 15% wage reduction,this thing wouldn't of even got off of the ground!
I was always taught,you have a mind...use it!!!!!! Granted,I made my share of mistakes but I sure learned from them! I found out that your first instinct is usually your best!
 
[quote author=JustAWorkingMan link=topic=80004.msg828706#msg828706 date=1273535002]
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
[/quote]




You say that wasn't meant to be derogatory, but yet you start it off as a yes vote means were in someway brainwashed. NICE!!! :biglaugh:

If you reread my answer, you'll see that my vote came down to the economy more than ABF themselves. If I saw our economy rebounding, than I would have voted no. ABF didn't do anything wrong. They are a victim of a bad economy. I stand by my vote.
 
[quote author=stoneyABF link=topic=80004.msg829390#msg829390 date=1273750859]
[quote author=JustAWorkingMan link=topic=80004.msg828706#msg828706 date=1273535002]
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
[/quote]




You say that wasn't meant to be derogatory, but yet you start it off as a yes vote means were in someway brainwashed. NICE!!! :biglaugh:

If you reread my answer, you'll see that my vote came down to the economy more than ABF themselves. If I saw our economy rebounding, than I would have voted no. ABF didn't do anything wrong. They are a victim of a bad economy. I stand by my vote.
[/quote] I agree with you that the economy is not going to improve any time soon but WE all have to survive in this hostile economy too . If this abominable deal passes it is going to be a lot harder to survive on 2002 wages and if the economy continues to tumble the end result will be that we all have 20+ thousand less in our hands to try to weather it.
 
If everything is as bad as ABF says it is the I would rather loose 15% now than 100% later
 
[quote author=aerobatt link=topic=80004.msg829461#msg829461 date=1273765516]
If everything is as bad as ABF says it is the I would rather loose 15% now than 100% later
[/quote]Good, give us your money. The Summer months are just ahead, and were counting on all the Yes voters to make our dreams possible. We are planning on buying private jets, new cars, endless cruises, a lifestyle of luxury for the next 10 years. So please contribute your wages to the ABF Management. Everyone needs a break every once in a while, and now it is the ABF Managements turn. So please vote Yes. Remember, think GREEN, think ABF, the jobs of the future.
 
[quote author=aerobatt link=topic=80004.msg829513#msg829513 date=1273777348]
Sure, whats your address? I'll send it right over.
[/quote]No that's OK. The money gets wired to ABF's account as soon as all the Yes votes are counted, awarded, and finalized.
 
[quote author=stoneyABF link=topic=80004.msg829390#msg829390 date=1273750859]
[quote author=JustAWorkingMan link=topic=80004.msg828706#msg828706 date=1273535002]
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
[/quote]




You say that wasn't meant to be derogatory, but yet you start it off as a yes vote means were in someway brainwashed. NICE!!! :biglaugh:

If you reread my answer, you'll see that my vote came down to the economy more than ABF themselves. If I saw our economy rebounding, than I would have voted no. ABF didn't do anything wrong. They are a victim of a bad economy. I stand by my vote.
[/quote]

It wasn't derogatory!!! People all through life have been brainwashed! Look around Stoney and see what's really going on around you. We all have been brainwashed since we were kids. I'll give you just one example. What are two things that you can't fight? Death and taxes. That has been imprinted in all of us!
When I got into boot camp...another brainwashing, do you want me to go on?Now,it's just ABF and the union's turn to give it a try.And it's working on some people.
You can't really expect me to believe that it came to the economy and not ABF! They go hand in hand in the hand that you were dealt. Your quote " They are a victim of a bad economy", the exact words from the Ft Smith exec. and Wes himself!!!!! But you came to this conclusion all by yourself, right???
 
Stoney rather work for the same wages as a foreigner. He may want to brush up on some Spanish to keep up with some of his future competition.
 
[quote author=JustAWorkingMan link=topic=80004.msg829573#msg829573 date=1273795332]
[quote author=stoneyABF link=topic=80004.msg829390#msg829390 date=1273750859]
[quote author=JustAWorkingMan link=topic=80004.msg828706#msg828706 date=1273535002]
Your fighting a losing battle,Lefty! You won't be able to convince some people that were brainwashed into believing that the company is in trouble.After all,you really can't blame them,they had the company and the union telling them that.What really ticks me off is that Tyson pushed this thing to go through and told the people what to vote instead of just presenting the facts. This is what's a damn shame!!! Luckily,alot of us can still think for ourselves!This is not meant in any derogatory way for the people that voted yes. It's just an observation.
[/quote]




You say that wasn't meant to be derogatory, but yet you start it off as a yes vote means were in someway brainwashed. NICE!!! :biglaugh:

If you reread my answer, you'll see that my vote came down to the economy more than ABF themselves. If I saw our economy rebounding, than I would have voted no. ABF didn't do anything wrong. They are a victim of a bad economy. I stand by my vote.
[/quote]

It wasn't derogatory!!! People all through life have been brainwashed! Look around Stoney and see what's really going on around you. We all have been brainwashed since we were kids. I'll give you just one example. What are two things that you can't fight? Death and taxes. That has been imprinted in all of us!
When I got into boot camp...another brainwashing, do you want me to go on?Now,it's just ABF and the union's turn to give it a try.And it's working on some people.
You can't really expect me to believe that it came to the economy and not ABF! They go hand in hand in the hand that you were dealt. Your quote " They are a victim of a bad economy", the exact words from the Ft Smith exec. and Wes himself!!!!! But you came to this conclusion all by yourself, right???
[/quote]


Yes I did come to that conclusion all by myself. I didn't listen to all the narrow minded hothead drivers I work with. I listened to my union, I listened to my company. I looked at other trucking companies LTL and truckload. Saw that freight in truckload is way up, but LTL freight is still very flat. I saw that many trucking companies struggled in 2008 and 2009. ABF wasn't the only company struggling.

I see the economy rebounding a little. But with the US dollar still very weak(BEACUSE OUR PRESIDENT JUST LOVES TO PRINT MONEY WITH NOTHING TO BACK IT), unemployment staying steady at 10% give or take. Fuel prices going back up this summer because of the worthless dollar. I see state budgets nation wide in deep trouble, with more possible local and state jobs being cut, thus adding to our unemployment. House sales are going to go back down again now that the $8000 first time home buyers program is done. No more stimulus money to states or business's for bailouts. Health care costs on private sector business going thru the roof thanks to Obama-care being passed. Our taxes going up because of Obama-care, TARP 1 & 2.

I looked at all this, I said to myself......"You know ABF might need a little help here, because we're heading into another recession here very soon. Possibly within the next few months."

And yes I believed ABF when they said they were a victim of a bad economy. Unlike YRC, before this recession we were operation at .94 to .99 consistently. ABF changed nothing on how they ran there business like YRC did. Freight levels dropped for everybody in late 08 and all of 09. I'm pretty sure that hit them pretty hard.

Its not as black and white as you seem to believe. And I'm hoping the 15% finally pushes out these old timers who can retire to finally retire. And maybe bring back some of our laid off guys.

Sound brainwashed to you? I stand by my vote. A YES VOTE!
 
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