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Yellow | My observations

truckinus

truckinus

TB Veteran
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This bid by Sarah Riggs Amico seems legitimate, but all the news articles seem to delegitimize her attempt to bid on Yellow. Is this the management of Yellow ensuring they have a place to land when the smoke clears? Are they sabotaging the process to enrich themselves?
 
truckinus said:
One article says essentially that Sarah can't do math. I actually believe that is the other way around.
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Truck, Sarah's bid seems well-intentioned, but I have to agree the math just isn't there. The mere start-up costs at this point would be overwhelming, compounded by the fact that the volume has been easily absorbed by the remaining players in the industry. If capacity was "bursting at the seams" that would shake out differently, but it's not. The timing of this couldn't get much worse.
Also, there are numerous contingencies at play here, most notably the CARES Act loan extension requirement. There is enough uproar in Congress about that (it may well have been illegal to begin with) that getting the required Congressional approval for the extension terms doesn't seem to be "in the cards". Also, the auction for the rolling stock has been consigned to Nations Capital/Ritchie Bros.. The 125 or so terminals have been auctioned off, with the Court's requisite Order due next Tuesday. In both scenarios, there would be legal ramifications and monetary damage claims if Amico's bid was suddenly brought to the forefront and approved. I just can't imagine that happening.
 
Real Teamster said:
Truck, Sarah's bid seems well-intentioned, but I have to agree the math just isn't there. The mere start-up costs at this point would be overwhelming, compounded by the fact that the volume has been easily absorbed by the remaining players in the industry. If capacity was "bursting at the seams" that would shake out differently, but it's not. The timing of this couldn't get much worse.
Also, there are numerous contingencies at play here, most notably the CARES Act loan extension requirement. There is enough uproar in Congress about that (it may well have been illegal to begin with) that getting the required Congressional approval for the extension terms doesn't seem to be "in the cards". Also, the auction for the rolling stock has been consigned to Nations Capital/Ritchie Bros.. The 125 or so terminals have been auctioned off, with the Court's requisite Order due next Tuesday. In both scenarios, there would be legal ramifications and monetary damage claims if Amico's bid was suddenly brought to the forefront and approved. I just can't imagine that happening.
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I agree with some of your arguments, but selling the whole mess to one entity would save a lot of money by avoiding fees for selling real estate and auction fees. It almost seems like the process isn't designed for her type of bidder as well.
 
truckinus said:
I agree with some of your arguments, but selling the whole mess to one entity would save a lot of money by avoiding fees for selling real estate and auction fees. It almost seems like the process isn't designed for her type of bidder as well.
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Not sure what its' designed for, but the contracts have been approved by the Court for the rolling stock already. I fully anticipate that the real estate contracts will be approved on Tuesday. Sarah is "in the paddock chasing the horse that's already across the meadow". Bless her heart for trying, but I'm thinking it's futile by now.
 
Real Teamster said:
Truck, Sarah's bid seems well-intentioned, but I have to agree the math just isn't there. The mere start-up costs at this point would be overwhelming, compounded by the fact that the volume has been easily absorbed by the remaining players in the industry. If capacity was "bursting at the seams" that would shake out differently, but it's not. The timing of this couldn't get much worse.
Also, there are numerous contingencies at play here, most notably the CARES Act loan extension requirement. There is enough uproar in Congress about that (it may well have been illegal to begin with) that getting the required Congressional approval for the extension terms doesn't seem to be "in the cards". Also, the auction for the rolling stock has been consigned to Nations Capital/Ritchie Bros.. The 125 or so terminals have been auctioned off, with the Court's requisite Order due next Tuesday. In both scenarios, there would be legal ramifications and monetary damage claims if Amico's bid was suddenly brought to the forefront and approved. I just can't imagine that happening.
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JC Holdings has Logistic Companies. They can move the freight themselves instead of Contracting it out. Next Century Logistics will get freight. But, don't expect 15k workers to be told to show up for work on the first day.
 
I stated as soon as I heard of this that it was a scam.
The initial idea was to take on $3 BILLION in debt from a company that could not remain in business because the $2.6 BILLION in debt was too burdensome. Despite Yellow having 50,000 daily shipments Cooper beloved they would be more successful starting out with zero shipments and equally as much LTL experience.
Now the business plan is shifting to a mish mosh of a company with no specific goals or concepts.
If anyone who has ever managed any sort of a business and so much as read the press releases on this business plan they'd chuckle....
It was never meant to be a real company, just a false flag operation to take some heat off of the disaster that SOB created.
 
I joined just to respond to the ridiculous fairytales being posted. Very few of you worked for Yellow but act like you know everything that went on. SOB had nothing to do with the shut down. When James Welch announced the turn around was complete and that he was retiring, that was the beginning of the end. Hawkins became ceo and got in bed with Apollo who ***** this company. The new financial team secured the cares act loan..... never intending to repay it. The same individual that secured the govt. money is leading the bankruptcy team now.....imagine that. The change of ops was never meant to succeed, I was involved in both central change hearings at the local level. The company brought the changes to the locals remember ( that never happened before).... Labor man and Freight director both told us it was never going to work, Both changes violated seniority rights , It wasn't about linehaul working the dock. The company needed to blame the Union ,management was told to miss pickups and deliveries. The company pissed money away daily... remember the traveler program, millions of dollars wasted a week. How about no real layoffs either. people were paid to sweep trailers for hours at a time. THE COMPANY WAS INTENTIONALLY GOING UNDER. We were worth more in real estate to the vultures. They offered a fake 10hr raise to help with their lies. The union opened the books ahead of time, they already knew the waste and loss of the company... Nothing can save a company that doesn't want to be saved.

New century logistics latest offer is a very viable plan. The most important parts for the venture would be equipment and manpower. The freight will come back, freight rates are way too high right now . Dock space can be leased as needed. In my area where Yrc and Holland both operated there are multiple vacant terminals for lease. Read your contract, that will answer all of your questions about seniority rights. The company would not start with 15000 overnight.

I hope Susan Amico can succeed. I personally doubt they will . The vultures and criminals have too much to gain and even more to hide.


Another thought..... When the union boogeyman is gone from freight and no longer a threat..... HOW LONG till the non-union LTL CEO's decide y'all dont need to make 30+ dollars an hour??????? There will be a surplus of drivers to replace people.
 
7.62mm said:
SOB had nothing to do with the shut down. When James Welch announced the turn around was complete and that he was retiring, that was the beginning of the end. Hawkins became ceo and got in bed with Apollo who ***** this company. The new financial team secured the cares act loan..... never intending to repay it. The same individual that secured the govt. money is leading the bankruptcy team now.....imagine that. The change of ops was never meant to succeed, I was involved in both central change hearings at the local level. The company brought the changes to the locals remember ( that never happened before).... Labor man and Freight director both told us it was never going to work, Both changes violated seniority rights , It wasn't about linehaul working the dock. The company needed to blame the Union ,management was told to miss pickups and deliveries. The company pissed money away daily... remember the traveler program, millions of dollars wasted a week. How about no real layoffs either. people were paid to sweep trailers for hours at a time. THE COMPANY WAS INTENTIONALLY GOING UNDER. We were worth more in real estate to the vultures. They offered a fake 10hr raise to help with their lies. The union opened the books ahead of time, they already knew the waste and loss of the company... Nothing can save a company that doesn't want to be saved.

New century logistics latest offer is a very viable plan. The most important parts for the venture would be equipment and manpower. The freight will come back, freight rates are way too high right now . Dock space can be leased as needed. In my area where Yrc and Holland both operated there are multiple vacant terminals for lease. Read your contract, that will answer all of your questions about seniority rights. The company would not start with 15000 overnight.
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Bullet (is that a good nickname for your handle), I have to disagree as do many, many people on TB who worked for Yellow. SOB didn't have EVERYTHING to do with the closure, but he certainly had some culpability in it. Zollars created this monster, Welch tried to tame that monster and Hawkins played with the monster. Everything else was offshoots of that.
Sorry, it's NEXT Century Logistics, and I don't think their plan is viable. I wish that it was. If they had gotten the patient "in the ICU" then maybe. But they're trying to revive the patient who is cold in the morgue.
 
7.62mm said:
I joined just to respond to the ridiculous fairytales being posted. Very few of you worked for Yellow but act like you know everything that went on. SOB had nothing to do with the shut down. When James Welch announced the turn around was complete and that he was retiring, that was the beginning of the end. Hawkins became ceo and got in bed with Apollo who ***** this company. The new financial team secured the cares act loan..... never intending to repay it. The same individual that secured the govt. money is leading the bankruptcy team now.....imagine that. The change of ops was never meant to succeed, I was involved in both central change hearings at the local level. The company brought the changes to the locals remember ( that never happened before).... Labor man and Freight director both told us it was never going to work, Both changes violated seniority rights , It wasn't about linehaul working the dock. The company needed to blame the Union ,management was told to miss pickups and deliveries. The company pissed money away daily... remember the traveler program, millions of dollars wasted a week. How about no real layoffs either. people were paid to sweep trailers for hours at a time. THE COMPANY WAS INTENTIONALLY GOING UNDER. We were worth more in real estate to the vultures. They offered a fake 10hr raise to help with their lies. The union opened the books ahead of time, they already knew the waste and loss of the company... Nothing can save a company that doesn't want to be saved.

New century logistics latest offer is a very viable plan. The most important parts for the venture would be equipment and manpower. The freight will come back, freight rates are way too high right now . Dock space can be leased as needed. In my area where Yrc and Holland both operated there are multiple vacant terminals for lease. Read your contract, that will answer all of your questions about seniority rights. The company would not start with 15000 overnight.

I hope Susan Amico can succeed. I personally doubt they will . The vultures and criminals have too much to gain and even more to hide.


Another thought..... When the union boogeyman is gone from freight and no longer a threat..... HOW LONG till the non-union LTL CEO's decide y'all dont need to make 30+ dollars an hour??????? There will be a surplus of drivers to replace people.
Click to expand...
Pretty much all bull****.
 
truckinus said:
This bid by Sarah Riggs Amico seems legitimate, but all the news articles seem to delegitimize her attempt to bid on Yellow. Is this the management of Yellow ensuring they have a place to land when the smoke clears? Are they sabotaging the process to enrich themselves
Click to expand...
I believe you hit the nail on the head.. IMO Management at Yellow believe they can make more money selling company bit by bit.. If all estimates that I have seen are correct then they will be hundreds of millions beyond their debt.. Performance bonuses will be massive..
 
crazy said:
I believe you hit the nail on the head.. IMO Management at Yellow believe they can make more money selling company bit by bit.. If all estimates that I have seen are correct then they will be hundreds of millions beyond their debt.. Performance bonuses will be massive..
Click to expand...
I doubt that (and Lord, I hope I'm right!) The judge will have a substantial say in what transpires. That's his job, and the job of the Trustee. Performance bonuses? Let's hope not, unless those bonuses are going to the rank-and-file.
 
7.62mm said:
I joined just to respond to the ridiculous fairytales being posted. Very few of you worked for Yellow but act like you know everything that went on. SOB had nothing to do with the shut down. When James Welch announced the turn around was complete and that he was retiring, that was the beginning of the end. Hawkins became ceo and got in bed with Apollo who ***** this company. The new financial team secured the cares act loan..... never intending to repay it. The same individual that secured the govt. money is leading the bankruptcy team now.....imagine that. The change of ops was never meant to succeed, I was involved in both central change hearings at the local level. The company brought the changes to the locals remember ( that never happened before).... Labor man and Freight director both told us it was never going to work, Both changes violated seniority rights , It wasn't about linehaul working the dock. The company needed to blame the Union ,management was told to miss pickups and deliveries. The company pissed money away daily... remember the traveler program, millions of dollars wasted a week. How about no real layoffs either. people were paid to sweep trailers for hours at a time. THE COMPANY WAS INTENTIONALLY GOING UNDER. We were worth more in real estate to the vultures. They offered a fake 10hr raise to help with their lies. The union opened the books ahead of time, they already knew the waste and loss of the company... Nothing can save a company that doesn't want to be saved.

New century logistics latest offer is a very viable plan. The most important parts for the venture would be equipment and manpower. The freight will come back, freight rates are way too high right now . Dock space can be leased as needed. In my area where Yrc and Holland both operated there are multiple vacant terminals for lease. Read your contract, that will answer all of your questions about seniority rights. The company would not start with 15000 overnight.

I hope Susan Amico can succeed. I personally doubt they will . The vultures and criminals have too much to gain and even more to hide.


Another thought..... When the union boogeyman is gone from freight and no longer a threat..... HOW LONG till the non-union LTL CEO's decide y'all dont need to make 30+ dollars an hour??????? There will be a surplus of drivers to replace people.
Click to expand...
Finally, someone who gets it!! Well said.
 
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