In about 1990, Preston bought Saia. That debt deflected money from maintaining Preston equipment to paying the debt of buying Saia. With bad equipment, and high cost debt, Preston lost customers, and should have gone bankrupt, in 1993. Instead, Yellow Corp bought Preston Corp on Thanksgiving weekend, 1993. They split off Saia and Jevic, put Preston on wage concessions, and remortgaged all the cost of the deal back on Preston. In 98, Preston was “sold” to 3 Yellow VPs, and declared “Debt Free” (while Yellow still controlling Preston’s Richfield, Oh Super Terminal, and 600 new trailers). The NMFA at the time stated that if Preston shut down within a year, all employees of both companies would dovetail seniority. Conveniently- Preston closed 14 months later, and Yellow Corp took over the Richfield Terminal and all of the 600 new trailers.
I have to believe, Yellow VPs were put on the Saia Board of Directors in the Spin-off, same as Preston got Leo Suggs, and later three VPs.