Passing this On From The Author..........KK
Just some interesting facts that happened at the 318 Bolingbrook meeting with our District Vice President this morning. After being told that anything but a yes vote results in immediate bankruptcy, I asked one simple question. "What was YRC's debt at the start of the original MOU compared to their current debt today?" This question was followed by the usual hemming and hawing to avoid actually answering the question directly. They even tried to move to another question before I pressed my question again. They all claimed they didn't know actual numbers but isn't it their jobs to KNOW these numbers? So after some time the guy actually stated "YRC's debt is virtually the same today as it was at the original MOU over 4 years ago."
To which I asked, "How do we trust a company that has received over 3 BILLION dollars from employee concession (mostly teamster) yet has not addressed YRC debt which is the reason for the concession in the first place and where did over 3 BILLION dollars go?" The answer: "Operational costs." !?! REALLY !?! And that is when it hit me like a ton of bricks.
If anyone else has noticed when they discuss the "LOOMING PAYMENTS" that have to be made in February and then again this summer, they are always careful to say "INTEREST" payments. They have never, nor will they ever attack the principle of the loans. Over 4 years have past, thousands of jobs lost, and an intent has been manifested to never address the root of the MOU in the first place. On top of all that, YRC management has proven to be the best in one field. MISMANAGEMENT!!! Didn't the current management team blame the previous team for the reason we are in trouble today? Yet the current management team has had over two years to set some sort of correction and have completely FAILED to do so.
If what we are being told is the truth regarding the negative vote resulting in bankruptcy, then I say it is time. If you had a basket of apples and notice one is rotting, you take the bad apple and toss it before it has a chance to spoil all the apples in the bunch.
YES the idea of starting over really sucks. YES our future is uncertain to say the least. But I believe we are in a Titanic type situation. We have hit the iceberg and we are going to sink regardless of any actions at this point. One cannot pay interest only on loans forever. Yet this is the mentality of the Captain of the YRC ship.
I will hold my head high and stand fast on my belief that YRC management, past and present, are the sole cause of our company's demise. I will VOTE NO and retain my pride as I set out looking for a better place of employment for me and my family. Remember one thing. Just because YRC files bankruptcy does not mean they have to close the doors. That is the choice they are making. And even if they do close the doors, the freight within their system does not just dry up and disintegrate. It is released into other systems thereby creating jobs that are not currently available without absorbing YRC's freight. So have faith brothers and sisters and retain your dignity as we go through this very difficult time. VOTE NO!!!