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What do you think guys ?

gabbydad said:
Here's the timeline as I know it. It's kind of interesting.

Yellow buys Preston in 1993 to get their hands on Saia (at the time a little non-union carrier owned by Preston).

Yellow buys Jevic in 1999 and in the same month shuts Preston down. (Their intention was to link Saia with Jevic and form a national non-union entity. They wanted to keep up with Conway and Roadway who had "shed" the union already.

Yellow comes to find out that Jevic and Saia don't fit. Now it's post 9/11 with the economy in the toilet. Meanwhile, the teamster contract is coming up. Yellow can't go into the negotiations owning 2 non-union profitable carriers and cry poverty to the union. They have to get rid of Saia/Jevic. So, the form SCS, a small holding company made up of a handful of former Yellow execs.

So Yellow spins Saia/Jevic into SCS. The stocks not doing so hot. A group of investors from Wall Street start pressuring SCS to "do something about Jevic" because they felt we were holding the stock down. (bunch of crap, SCS never supported us).

So, SCS plans not to sell us but to liquidate us! This is now May 2006. I have seen the written plan after the fact. The president would have gotten over $1 million in 2 payments for helping with the shut down.

Our presidnet decides Jevic is too valuable, too many good people, too good of a brand name to be crapped on. He along with our CFO go out to the street to find us someone to buy us. And they do: Sun Capital.

They bought us a new lease on life and unfortunately you all know the end result.

Equity firms are heartless money machines, but what was the alternative?

These are the facts as I know them.

Hope everyone is doing well.
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Here is a question that I have always thought about and it is, Why didnt Jevic have the capital to stand alone without the help of the investment companies??
 
Good bye

I just wanted to say,

I never noticed how beautiful of a company Jevic was, after having gone to another carrier, I now realize that Jevic indeed was a BIG trucking company, with elaborate departments suited to cater every customer & employee's needs.

I really took it for granted. and never gave myself time to mourn Jevic....instead I was deeply angry at how I felt cheated. but I just wanted to say, I will always have a place for Jevic in my heart. as corny as that sounds.
 
gabbydad said:
Roadway Services completed the purchase of Coles in 1992 giving them a network of non union carriers spanning the US. In addition, RPS had become the profits leader.

Roadway Services shed the union by spinning off Roadway Express and changing their name to The Caliber Group. Later FEDEX bought Caliber.

Conway did the same by getting rid of CF and nationalizing the Con Way group.

This is not a judgement, nor an opinion. It's just was occurred.
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10-4, I'm on board with ya now.....

thanks
OAF
 
gabbydad said:
Here's the timeline as I know it. It's kind of interesting.

Yellow buys Preston in 1993 to get their hands on Saia (at the time a little non-union carrier owned by Preston).

Yellow buys Jevic in 1999 and in the same month shuts Preston down. (Their intention was to link Saia with Jevic and form a national non-union entity. They wanted to keep up with Conway and Roadway who had "shed" the union already.

Yellow comes to find out that Jevic and Saia don't fit. Now it's post 9/11 with the economy in the toilet. Meanwhile, the teamster contract is coming up. Yellow can't go into the negotiations owning 2 non-union profitable carriers and cry poverty to the union. They have to get rid of Saia/Jevic. So, the form SCS, a small holding company made up of a handful of former Yellow execs.

So Yellow spins Saia/Jevic into SCS. The stocks not doing so hot. A group of investors from Wall Street start pressuring SCS to "do something about Jevic" because they felt we were holding the stock down. (bunch of crap, SCS never supported us).

So, SCS plans not to sell us but to liquidate us! This is now May 2006. I have seen the written plan after the fact. The president would have gotten over $1 million in 2 payments for helping with the shut down.

Our presidnet decides Jevic is too valuable, too many good people, too good of a brand name to be crapped on. He along with our CFO go out to the street to find us someone to buy us. And they do: Sun Capital.

They bought us a new lease on life and unfortunately you all know the end result.

Equity firms are heartless money machines, but what was the alternative?

These are the facts as I know them.

Hope everyone is doing well.
Click to expand...

Jevic was just hours away from cloing the doors in May of 2006. That is when Sun Capital entered the picture.

Sun Capital had nothing to lose by purchasing Jevic. If Jevic turns the corner and stays profitable so be it. If not they shut the doors. We all know what happened.
 
ckowal16 said:
Jevic was just hours away from cloing the doors in May of 2006. That is when Sun Capital entered the picture.

Sun Capital had nothing to lose by purchasing Jevic. If Jevic turns the corner and stays profitable so be it. If not they shut the doors. We all know what happened.
Click to expand...

Exactly, equity firms don't lose money. They either make a little or tons. They bought us and pulled out their cash by selling J1/J2. Then if we were able to turn around, they could have sold us for the motherload.

Those people are smarter than most of us. Of that, I'm sure. But remember, we were toast 2 yrs ago due to Yellow/SCS (same crew in my eyes)
 
Great info guys. Every ex employee should know this stuff. I'm sure myself and many others have wondered if there was anything we could have done or not done to prevent what happened. Now i'm sure that our fate was sealed over 2 years ago but no one knew it. Thanks.
 
gabbydad said:
Exactly, equity firms don't lose money. They either make a little or tons. They bought us and pulled out their cash by selling J1/J2. Then if we were able to turn around, they could have sold us for the motherload.

Those people are smarter than most of us. Of that, I'm sure. But remember, we were toast 2 yrs ago due to Yellow/SCS (same crew in my eyes)
Click to expand...

I swear it seems that this is the same information being passed along 2 months before Black Monday. Same information that someone caught so much crap for. Go Figure!!
 
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