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Yellow | Need help with employee stock option.

Q3131A

Q3131A

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My dad retired from Yellow Freight going on 10 years ago. He's 69 and his health is getting pretty bad. He is not at all organized or financially responsible. Long story short I've spent the last 2 months trying to save my parents from losing everything they have.

He had money taken out of his check every week to buy stocks. Problem is that is all he knows.

Over the last month I have called anyone I could. I've lost track of how many people throughout YRC, HR, payroll, etc. that I've talked to or left messages for. Not one person has called me back and nobody I've talked to has been able to help me.

Can someone point me into the right direction? A website, a phone number, a company, anything. He owns stock but has no idea how to access it and like I've said, YRC has been no help.
 
What state and city did your dad live in while he worked for Yellow Freight? What was your dad's job with Yellow Freight?
 
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He doesn't have any tax statements from previous years showing stock purchases? You may need an attorney to look into it for you, and maybe send a letter of demand requesting a response from them. Just don't let him run his bill up on you. A letter of demand shouldn't cost too much. Let them ignore that. You're in a mess with this. If you have a broker, you might ask his advice. You could also try the feds (SIPC) and see if they could help, but it really comes down to proof of ownership of the stock. Good luck.
 
I am afraid all the stock manipulations they have gone thru may make it more difficult to determine the actual amount and value of his shares. You are probably going to need professional help, especially if time is a critical issue. I really don't think you can do this yourself, unless you have legal power- of- attorney over your folks assets. They will just blow you off and hide behind the law. Let us know how this plays out, will you? I'll think some more on this as well.
 
hangbelly said:
I am afraid all the stock manipulations they have gone thru may make it more difficult to determine the actual amount and value of his shares. You are probably going to need professional help, especially if time is a critical issue. I really don't think you can do this yourself, unless you have legal power- of- attorney over your folks assets. They will just blow you off and hide behind the law. Let us know how this plays out, will you? I'll think some more on this as well.
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I'm aware I won't get anywhere myself. Just trying to do legwork to help him. They don't even own a computer or understand the internet.

Someone has to know how this works. He obviously signed off on some paperwork they gave him to withhold X amount from each check. There has to be a company, a website, or at least a phone number to whoever handles this stuff. How do you guys check your balance or sell them off? Is this just some YRC black hole?
 
mud said:
Was he a member of the Teamsters Union, if so have you contacted the Central States Pension Fund and Prudential Insurance?
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Yes, he was a Teamster local 413. I know his pension comes from Central States but didn't think they would have anything to do with stock options. I'll try calling them tomorrow. What is the Prudential Insurance?
 
Q3131A said:
I'm aware I won't get anywhere myself. Just trying to do legwork to help him. They don't even own a computer or understand the internet.

Someone has to know how this works. He obviously signed off on some paperwork they gave him to withhold X amount from each check. There has to be a company, a website, or at least a phone number to whoever handles this stuff. How do you guys check your balance or sell them off? Is this just some YRC black hole?
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Yes the YRC black hole was called a reverse stock split. Where they take all your money and stock and give you back a lot of excuses and red tape and bullshit. Fidelity was the people i last remember involved with our reverse stock pyramid scheme. The lord giveth and YRC taketh away.
 
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Q3131A said:
Yes, he was a Teamster local 413. I know his pension comes from Central States but didn't think they would have anything to do with stock options. I'll try calling them tomorrow. What is the Prudential Insurance?
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Central States Pension Fund probably has nothing to do with the stock purchases. Prudential handles the Teamsters 401K plan if he participated in that. There should be quarterly statements from some sort of stock broker (could be Fidelity, Prudential or many others) showing activity and current holdings. But with ten years since he retired they may not be coming in anymore.
 
You might try to see if the state has his stock, I know in pa if they lose track of you they are obligated to send it to the state, a simple search will tell you
 
To me it doesn't sound like a Teamster 401K thing. It was probably an employee stock purchase plan run by the company. I would contact the Investor Relations Dept. and make it clear to them that you are not going away because they will most likely try to blow you off.
 
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