For those who were in the very recent past pontificating about voting YES for our contract to keep YRC from purchasing ABF must feel sick having been duped by such a con. Today the official first day of our new labor agreement & YRC meets tomorrow looking for relief & a contract extension in order to rework their debt. If they are successful in doing so then ABF will be back hat in hand wanting more concessions from us. The naysayer will shout NO WAY they wouldn't or couldn't do that or proclaim we'll never vote for that.........Yet with all the information that was public knowledge denying ABF's poverty claim as being vastly exaggerated the majority of this work force voted YES & I thought there was no way that could ever happen.
ABF | What Does The YRC Talks Mean
- Thread starter Seamus20
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Back in court with another bogus lawsuit
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Yes I am sickened by those who were duped into voting yes. Yes I see a race to the bottom continuing into its next chapter. Yes I see too many people living hand to mouth and voting in favor of anything that guarantees that hand coming up each and every week.
The whole idea was if you did any research at all you knew it couldn't happen that the resources weren't there. 2 publicly traded companies the info is all out there to confirm or not such nonsense
Wasn't here soon enough to vote but at the time I probably would've voted yes with the circumstances given
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Many on here said Judy was lying....Oh well....this whole mess just sucks!...It will really sink in when y'all get paid in 2 weeks....just remember....YRCW is twice that amount, plus another 1%.....KK
The YRC talk means YRC is in step 2 to try to stay in business. The attempted bid offer by YRC on ABF was very real, you can call it a scare tactic or flat out BS but it was real. It does not matter how much cash YRC has or the situation they are in, the banks holding the YRC note knows the chances of them paying it back are slim with their aging equipment.
It would be a win-win for the banks as it would guarantee more interest payments. ABF has roughly $400 million in property alone ( priced in a down market ) and a fairly modern and well kept fleet. The banks know YRC needs new/newer equipment to continue operating, you can only bubble gum fix things for so long before it catches up to you.
The banks would loan the $442 million based off the property value alone knowing the first interest payment YRC makes covers the other $42 million the property dont, Every thing else after month 1 is profit to the banks and gives YRC time to continue making those profit payments to the bank.....bank wins whether YRC makes it work or not after month 1.
Explain how Kmart while in BANKRUPTCY purchases Sears...banks know Sears was property rich but operating to go out of business. Kmart/Sears has been posting profits based solely on property sales, they loose $50 mil on the actual business but make $75 mil on land sales, boom $25 mil profit. Make no mistake Kmart/Sears will fail once the property is gone, until then the banks are happy to make the profit on property sales.
Did ABF seriously consider the offer ?? Nope
Did ABF use the offer as a scare tactic during negotiations ?? Of course they did.
It would be a win-win for the banks as it would guarantee more interest payments. ABF has roughly $400 million in property alone ( priced in a down market ) and a fairly modern and well kept fleet. The banks know YRC needs new/newer equipment to continue operating, you can only bubble gum fix things for so long before it catches up to you.
The banks would loan the $442 million based off the property value alone knowing the first interest payment YRC makes covers the other $42 million the property dont, Every thing else after month 1 is profit to the banks and gives YRC time to continue making those profit payments to the bank.....bank wins whether YRC makes it work or not after month 1.
Explain how Kmart while in BANKRUPTCY purchases Sears...banks know Sears was property rich but operating to go out of business. Kmart/Sears has been posting profits based solely on property sales, they loose $50 mil on the actual business but make $75 mil on land sales, boom $25 mil profit. Make no mistake Kmart/Sears will fail once the property is gone, until then the banks are happy to make the profit on property sales.
Did ABF seriously consider the offer ?? Nope
Did ABF use the offer as a scare tactic during negotiations ?? Of course they did.
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I hear ya and feel some of your pain. And one more little dig...don't forget pay day is Friday now, not Thursday. Now it's three weeks to get paid, but I do believe that that is too long per the contract. Has been going on a long time but with new pay day maybe we can do something to get that a week earlier.
$outh$side $tre$$
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I cant believe i liked something that rollin62 liked. I dont know if all those numbers are legit (forkspoons post) but it makes alot of sense.
That's cold blooded southside.
It does not make me feel better. In fact knowing someoneelse has it rougher than I do just makes me a little angry. I have to ask why?We work long, hard, frustrating hours where we take the chance of having anaccident and killing or injuring someone. We take the chance of being sued andlosing everything including our freedom and the payout is what? I wonder why?
greed !!!!
I do not in any way enjoy YRC Teamsters being in this mess. The point of the post is ABF will come back to us for more give backs to " stay competitive"
vongrimmenstein
I stand for our flag, & kneel for the fallen
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Makes sense. Good explanation of how they stay in business while losing millions.
nothumbleenough
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This is a Hail Mary pass being submitted 18 months ahead of a contract that was to reestablish full pension and wages at least according to significant fellows such as KK. The lending consortium has been making a killing by charging YRC exorbinate rates on this debt (10-12%) and they cannot make headway reducing their principle debt. The bankers understand the equipment problem yrc is having and just how much more money the consortium will have to give them just on equipment.
The likelihood of all this working out is less than 50%, so please give the "ABF will be back hat and hand speech a rest." As one who steadfastly supported ratifying our most recent ABF contract, I wouldn't support any further cuts just as ABF wouldn't increase lost vacation mid-contract.
Cab Lizzard
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Now Rollin do you see the greed at the nons ?
Greed by the company's off the workers backs. They could afford to share a bit more.
Greed by the company's off the workers backs. They could afford to share a bit more.
Thank you for steadfastly supporting our recent contract .....you are correct ABF would never increase any "lost vacation" because that week wasn't a concession it was a give up and shall never return. my family thanks you. Mark me words they'll be back
I guess I could translate the yrc siituation into a parable.
BILL hires JIM to mow Bills yard every week ,without fail ,for a year,
At $10 per week. Deal.
10 mos later , bill comes to Jim.,saying "for the last 2 mos of our deal
I'm only gonna pay ya $7.50 ,and if you don't like it, ill move away and you'll have no yard to mow.
But I still want my yard Mowed and maybe I can pay more later. Deal.
2 mos later, Jim says, "can I mow your yard next year too?"
Bill: " sure. But I still can only pay ya $7.50 per
Week,because t
I blew the turbo on my BMW. If I can't drive to work,I can't pay you at all.
So, 7.50 a week for the year? Deal.
6 mos later,bill interupts Jim while mowing and says:"Jim,
I'm gonna try to buy the BIG, GREEN ,Expensive house next door,but I'm still
Only paying you $7.50"
11 mos into the deal,again bill adresses Jim and says:
Buddy, I really want you to mow for me next year too
But, as you're used to,ill only pay ya $7.50 and for this next year
I'll need you to pay my property taxes as well as mow my yard..
If you don't like it,I may move out and you'll have no yard to mow"
Jim: I WILL pay your taxes and mow for 7.50. I love your yard.
And bill, if you will never threaten to move away, ill do it for FREE!
Please let me mow here for the next year at 7.50 . I'll pay your taxes AND
Cook for you.
"It could be worse,Bill. My friend who mows at the BIG,GREEN,Expensivehouse next
Door gets $9.30 but he also has to lick the owners boots all the time
And worse! , the owner of the BIG,GREEN house next door and his
Wife throw chicken bones and used condoms in front of his mower.
I have it made in your yard. I'll never leave.
BILL hires JIM to mow Bills yard every week ,without fail ,for a year,
At $10 per week. Deal.
10 mos later , bill comes to Jim.,saying "for the last 2 mos of our deal
I'm only gonna pay ya $7.50 ,and if you don't like it, ill move away and you'll have no yard to mow.
But I still want my yard Mowed and maybe I can pay more later. Deal.
2 mos later, Jim says, "can I mow your yard next year too?"
Bill: " sure. But I still can only pay ya $7.50 per
Week,because t
I blew the turbo on my BMW. If I can't drive to work,I can't pay you at all.
So, 7.50 a week for the year? Deal.
6 mos later,bill interupts Jim while mowing and says:"Jim,
I'm gonna try to buy the BIG, GREEN ,Expensive house next door,but I'm still
Only paying you $7.50"
11 mos into the deal,again bill adresses Jim and says:
Buddy, I really want you to mow for me next year too
But, as you're used to,ill only pay ya $7.50 and for this next year
I'll need you to pay my property taxes as well as mow my yard..
If you don't like it,I may move out and you'll have no yard to mow"
Jim: I WILL pay your taxes and mow for 7.50. I love your yard.
And bill, if you will never threaten to move away, ill do it for FREE!
Please let me mow here for the next year at 7.50 . I'll pay your taxes AND
Cook for you.
"It could be worse,Bill. My friend who mows at the BIG,GREEN,Expensivehouse next
Door gets $9.30 but he also has to lick the owners boots all the time
And worse! , the owner of the BIG,GREEN house next door and his
Wife throw chicken bones and used condoms in front of his mower.
I have it made in your yard. I'll never leave.
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Deleted member 5115
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I like that analogy, funny stuff.