Yellow | Payback is Overdue at YRC

[Elwood]

Not really. No one forced Zollars to sign a contract with them. They laid put their terms. He was free to shop for a better deal, sign with them, or not borrow anything. Just as no employees are forced to stay and participate in the wage concessions.

Life is Choices. Once we're born, the only things we Must do are eat, drink, breathe, poop, and die. Pretty much all else is an option/ choice. Choices have consequences.

Mostly agree, but sometimes in our youth, we have limited choices, if any.

 

[albag]

The Union should of had something in the MOU that a certain percentage of the 15% giveback goes to paying down the debt. They never want to repay it then they will have to pay full rate and pension again. This new HNRY logistics is the beginning of the end now they will become a freight broker just use purchase transportation/owner operators instead of Union drivers. Will the Union require that HNRY logistics only use Teamsters?

I am sorry to **** in your cream of wheat, but you have no grasp of reality, if you think YRCW is going to throw good money after bad. I hope that the genuine crisis in MEPF, especially CSPF, can be resolved. But I am not optimistic. And if your business had not reported a GAAP profit for years, would you even consider dumping millions of dollars into FAILING pension funds? I sincerely doubt it. The meager revenue stream will be used where it will be useful. There are options to improve the quality of their compensation package. Restoration of vacations that were reduced as well as the rate of pay for those vacations. Modifications to dispatch procedures to permit more flexibility for a driver's ability to plan for their time off. Add a couple SPDs. These are modest and relatively inexpensive improvements, that would be welcomed by many YRCW Teamsters.

 

[Jaloc]

I am sorry to **** in your cream of wheat, but you have no grasp of reality, if you think YRCW is going to throw good money after bad. I hope that the genuine crisis in MEPF, especially CSPF, can be resolved. But I am not optimistic. And if your business had not reported a GAAP profit for years, would you even consider dumping millions of dollars into FAILING pension funds? I sincerely doubt it. The meager revenue stream will be used where it will be useful. There are options to improve the quality of their compensation package. Restoration of vacations that were reduced as well as the rate of pay for those vacations. Modifications to dispatch procedures to permit more flexibility for a driver's ability to plan for their time off. Add a couple SPDs. These are modest and relatively inexpensive improvements, that would be welcomed by many YRCW Teamsters.

I have a grasp of reality I know the 15% and pension is not coming back but so many still think it will. So not paying the down the debt is a good thing?

 

[albag]

I have a grasp of reality I know the 15% and pension is not coming back but so many still think it will. So not paying the down the debt is a good thing?

I misinterpreted your post. But so many capital expenditures were postponed in the years after the merger of Yellow Freight and Roadway Express, that other than renegotiating terms of the loans, little was paid towards the principle. And yes the bonuses paid to senior management were insulting, but insignificant relative to the revenue generated by operations. Frankly, I think they have "turned a corner" regarding GAAP profitability. But that will not be translated into huge increases in wages and benefits.

 

[Low-Rider]

I misinterpreted your post. But so many capital expenditures were postponed in the years after the merger of Yellow Freight and Roadway Express, that other than renegotiating terms of the loans, little was paid towards the principle. And yes the bonuses paid to senior management were insulting, but insignificant relative to the revenue generated by operations. Frankly, I think they have "turned a corner" regarding GAAP profitability. But that will not be translated into huge increases in wages and benefits.

Not so insignificant relative to profits. Imha

 

[roadboss]

I think many still don’t remember who concocted this whoor financial deal with the banks in the first place. Zollars created this mess, and it was handed to Welch, and now Hawkins. Kind of like you getting a bill in the mail from a credit card company that your college kid had, and maxed it out,with the interest rate at 29.9 percent....

I’d take that kid to the wood shed (OMG)

 

[fr8man]

2019 time to pay back the Driver's that helped save yrcw !!!

Yeah, I guess the dockworkers, switchers, office clerks or any of the other unionized sectors of the YRC, Holland, New Penn or any other YRC subsidiaries had nothing to do with helping to bring this company back! But hey, thank you all you steering wheel holders for your sacrifice. This company couldn't have done it without you.