Get back to polishing those package trucks son!
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- Thread starter Kam2010
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Maybe you should bring these issues up at the FEDEX forum
So you had a rant that went a page and a half about nothing....
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I think you would get more participation at the FEDEX forum, sir.
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Get back to polishing those knobs son.
I guess that means you don't disagree.
That's your prerogative.
skullcramp
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20% of national capacity goes away overnight would bring other carriers a lot closer to running out of capacity. They wouldn't be replacing anyone. And corporate welfare has been around for a long time. At least since 2008. One of the differences now is that the money can't be used for stock buybacks and bonus's. A fact that the CEO of Delta airlines was critical of even though that's what got the airlines in trouble last time. One thing we'll agree on is the admittedly inept mgmt at YRCW would have squandered this lifeline with those 2 options alone, given the opportunity. I would have been in favor of new mgmt but no one would have wanted the captains job after he
bumped into that iceberg in April of 1912. But keep your fingers crossed, maybe the congressional oversight committee will pull some strings, get legislation passed, or in someway ***** the deal so hopefully by thanksgiving or Christmas, you'll sign on and read "Nations 5th largest truck line files chapter 7 America breathes a sigh of relief"
You own nothing this was a LOAN.
An unforgivable one at that.
How you figure I or any other tax payer owns nothing? Our tax dollars went to bail out a corporation that was obviously failing and said corporation basically gave up 30% ownership to get the money loaned to them. Yes, every Tax payer in the United States has a stake in YRCW now, at least until the loan is paid in full.
Your own post says it’s a LOAN. That stock was issued as a form of collateral, Our tax dollars were used to make a LOAN. Just as they were for the automakers in 2008. If you think you own something because tax dollars were used to bail it out that would be the airlines. That money was not a loan. Show up at the airport and tell them as a taxpayer your an owner of the airline and your flying first class for free, see how it works out.
The problem I have is if the company was a private company there would be no way the government would step in with so much assistance. This is a bank owned company and that is the reason for the help. Again Socialism for the rich, Why should tax payers pay for yrc drivers health insurance?? I owe you nothing! Right? isn't that your attitude when Bernie Sanders talks about healthcare for all? All you fellows on here are mostly against that and vote conservative. The hypocrisy is through the roof with a majority of you people. Hey don't get me wrong, I'm for people getting help. But lets not pick and choose who to help based on what the banks need . How about we help EVERYONE... I would also like free healthcare. But for some reason I have to pay for it.
the healthcare is not free, it’s earned, meaning people work for it. If you want to discuss Bernies platform I’ll be glad to discuss it with you in the politics forum so we don’t bore everyone in this forum. And under this LOAN program EVERYONE can apply, there is actually $100 billion sitting there waiting for businesses to apply for it. Very few have because it’s different then the actual cares act, Because it has to be paid back,It’s unforgivable and companies have issue stock to the treasury and agree to a bunch of other things they don’t want to do like no executive bonuses, retaining the work force for the first 13 months.
YRC on the other hand had no choice so they turned lemons into lemonade. If you would like to have our healthcare plan just apply their looking for a few good people.
Not to split hairs but YRC controls about 11%.20% of national capacity goes away overnight would bring other carriers a lot closer to running out of capacity. They wouldn't be replacing anyone. And corporate welfare has been around for a long time. At least since 2008. One of the differences now is that the money can't be used for stock buybacks and bonus's. A fact that the CEO of Delta airlines was critical of even though that's what got the airlines in trouble last time. One thing we'll agree on is the admittedly inept mgmt at YRCW would have squandered this lifeline with those 2 options alone, given the opportunity. I would have been in favor of new mgmt but no one would have wanted the captains job after he
bumped into that iceberg in April of 1912. But keep your fingers crossed, maybe the congressional oversight committee will pull some strings, get legislation passed, or in somewaythe deal so hopefully by thanksgiving or Christmas, you'll sign on and read "Nations 5th largest truck line files chapter 7 America breathes a sigh of relief"
They may not be able to use the loan for bonuses and such, but they can use revenue gained for that.
It would amount to the same.
Again nobody wants or hopes for any American business to go under.
It doesn't make my life better one way or the other.
Again not trying to ruffle feathers, but what exactly was their stock worth when they got this loan?
YRC isn't on the hook for anything by accepting this loan.
If they succeed they got a cheap loan that could keep them viable for the next few years.
Which again in my opinion they won't based on looser capacity coupled with no new game plan by YRC executives.
Couple that with the competitions strong financial backing and sound business model and it gets even harder to succeed.
On the other hand if they fail there is basically zero for anyone to collect in order to recoup their loses.
A portion of the monies acquired by the airlines as well as auto makers was given as a loan. The government also purchased 1%, not took as collateral, bought 1% of their stock at the current price at the time. YRCW gave stock to the government. YRCW will not get it back. Airlines and auto makers will be able to purchase their stock back at a much higher cost after portions given as loans are paid. Therefore tax payers, via the government, own a small portion of YRCW because the money made, if any is ever made on a $2.00 +\- stock, goes back into whatever pile of money the loan came from. The airline stocks were bought, not given, at over $20 per share and some, not all, have gained 30%-50% or more. A much better gain for the government. So yes, essentially every tax payer has a stake in the success or failure of YRCW.
We look at the bigger carriers as each other’s competitors I’m not so sure they do. To them it’s almost like they look at it along the lines of companies they share the market with. They look at market capacity like you said.
I know one small carrier who put a hurt on them. “MarkIV” never heard of them right ?
New Penn, OD, and Duie we’re handling a ton of freight that paid top dollar for Sephora last year, that company went in and low balled it put all 3 companies out. Same company does pick ups in the N.Y. , NJ area for cheap for US Exspress because they need the freight for their empties going back California as they bring in a lot of distribution freight from the ports in California.
I’m referring to this bailout the airlines got this year not the one in 2008, It was it was given not loaned, they are scheduled to receive another boat load of money which is a loan. As far as the YRC LOAN I suggest you read the 8k YRC filed for the transfer of the shares, At the top you’ll see the shares were issued as collateral, as you read on you’ll see that the Government isn’t allowed to transfer the shares at all for the first year, After that year the Gov. can sell or transfer only in the event YRC breaks any of the terms of the loan.
And then in even that case the Gov. can not sell or transfer the shares to any person or company who would become a 19.99 % shareholder. If you go buy shares today you own them and can sell or transfer within minutes of purchase to whoever you like.
