Dugan ?
Yellow | Simply Confused
- Thread starter steercrazee
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I believe the judge has to approve the bids. If someone outbids for everything then I believe the judge can approve higher bid to see that creditors are paid.
At XPO , management has said none of the bids that have been made matter until judge says yay or nay on December 12th.
At the terminals where people have been picking up trailers and tractors , who's there overseeing everything? The terminal manager? A security guard?
At the terminals where people have been picking up trailers and tractors , who's there overseeing everything? The terminal manager? A security guard?
I worked out of 107-Maspeth for New Penn. Up until October, management was still in there overseeing who was coming in & out with equipment and environmental companies coming in to clean stuff up. There has been no one since my former TM found work elsewhere
The bean counters for the banks are counting pennies & you are correct that whoever puts the most funds in the creditors hands will be the successful bidder. The banks don't care what happens to Yellow as a company. The judge(s) obligation is to make a ruling(s) that will most benefit the creditors. The banks have prospered over the years collecting interest on the huge debt. If Riggs/Cooper can put together a bid that will benefit them & secure financing they will do just that. The plan might be to keep some & liquidate some.
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I’ve always heard that auto suppliers demanded high quality (undamaged interior) trailers. Makes no sense why Cooper was interested in Yellow trailers. It does make sense that a union carrier would try to capture union shipping. I believe a good portion of auto parts in MI is shipped non union.
Regional
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Locations - LTL Overnight Freight Shipping Services | Dugan Truck Line
Locations Archive - LTL Overnight Freight Shipping Services | Dugan Truck Line
dugantruckline.com
What about Lumber Liquidators. They’ve been liquidating from the day they open their doors.
That's because their position hasn't solidified.
Real Teamster
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So are most of the cars that move by truck. 55 years ago there were around 40,000 unionized car haulers. Today there's around 3,000. Jack Cooper and Cassens are pretty much it for truckaway. Mind you, in 2023 the vast majority of the vehicles leave the factory or port by train car. When it gets to a railhead, it's nearly all "gypo-s moving the vehicles these days.
I was speaking hypothetically (and out of my azz). Thought the plan was Cooper hauling parts for the big three. Buying clapped out YRC trailers didn’t make sense.
That's what they are bidding on now, the remaining 46 owned terminals, 147 leased terminals, and the rolling stock
Yeah, call it Roadway
Linehaul3Life
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Yellow declined the so called "going concern" last week. They resubmitted a new bid for the remaining unsold terminals (46) and the LEASED terminals, plus equipment. The terminals that already went through auction are as good as gone. A hearing on Tuesday the 12th will finalize the bids for the sold terminals.
Equipment has already started to move through the auction process. The new pared down bid has about as much a chance of succeeding as the first one.
Linehaul3Life
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No, those sales will be finalized Tues. Dec 12th. The terminals Jack Cooper is trying to get now are the 46 remaining Yellow owned terminals and the 140 something terminals they had been leasing. Essentially the LEASES for those terminals are up for auction. Which seems strange to me but whatever.
Or Holland.
Bankruptcy law trumps contract law which allows the leased facilities in a babnkruptcy to be auctioned off if someone if The market value is higher than what yellow was paying to the owners and they are. The lease values were set in 2009 when most of the leased facilities were sold and while the lease payments were subject to a cost increase each year, the increase is way below what the market value of rent for industrial property has been over the last 15 years. But here is the kicker. The leases are only good for 30 years (my company bought 5 of them in 2009) So the current owner can take over the property in 2039. While that seems like a long time from now, it is only 15 years. My question for Sara is if you open an LTL operation with a bunch of Yellow leased facilities, what are you going to do in 15 years when the owners start taking back the facilities you are operating in?