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Yellow | Yellow Change of Operations: “Super Regional” Network Begins (TDU)

jimmy g said:
We weren’t sold to Preston managers; we were “sold” to 3 Yellow VPs. Yes, Preston was days away from not meeting payroll, so, yes- we were saved. But what Preston was, was the Guinea Pig to prove we could do 2Day Service from St Louis to Boston via the Richfield Super Service Center. Service was fantastic- one of our Indy Road Drivers brought freight straight thru from York Pa that I delivered in Indy at 9am the next morning, 600 miles away.

Yellow Corp refinanced everything back to Preston paying for the takeover and bought 600 trailers and the Richfield Center, all with Preston’s name on them, but took over them and covered the name with Yellow within 10 days of Preston closing. The whole thing seemed shady, but could never hold up to a lawsuit finding corruption.
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Preston trucking Company was sold to Preston CEO, Will Potter, Senior VP Bill Terrell and the Treasurer, whose name eludes me. They bought Preston Trucking Company for $100.00. Potter paid $34.00. The others paid $33.00 each.
Yes, Yellow Corp owned the Richfield terminal and some equipment, which Preston Trucking leased from them. Before Yellow, nearly all of Preston's trailers and two western Pa. terminals were leased from and owned by O. K. Heilman, a wholly owned subsidiary of Preston Corp. That is normal business procedure to reduce taxable income. Lease costs are fully deductible by the lessee and the equipment cost can be depreciated over time by the lessor.
Preston had no choice but to improve transit times. We could not compete with non-union carriers on price. Our only option for survival was to sell service. The next day and two-day service was achievable but not profitable. We were running short mileage meets and turns with empties and partial loads.
Yellow Corporation is a holding company. Like all holding companies, they create no revenue. The companies they own generate revenue and a portion of that revenue is funneled to the holding company. No different than a realtor who sells a home they don't own but take a percentage of the revenue.
Preston Trucking Company eventually failed like 600+ other trucking companies due to operating costs that exceeded revenues.
 
jimmy g said:
Yes, and no. Jimmy Hoffa had Meyer Lansky cooperating with Lucky Luciano and the Five Families backing him. I agree that Junior ruined it, but circumstances were certainly different in today’s world. With cameras everywhere, and the internet, Hoffa’s 1959 tactics don’t work. Bill O’Reilly details it in his Killing The Mob book. Old Man Kennedy paid the Mob to not kill Bobby Kennedy who was going after Hoffa. JFK’s dialliancies with Mob Women kept him in check, and Jimmy was allowed to do whatever it took to grow the Union and Las Vegas.
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Jackie Presser in Las Vegas, 1986.
 
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Razorblade said:
Preston trucking Company was sold to Preston CEO, Will Potter, Senior VP Bill Terrell and the Treasurer, whose name eludes me. They bought Preston Trucking Company for $100.00. Potter paid $34.00. The others paid $33.00 each.
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Yellow Corp sold Preston to Dave Letke, Nicholas Marino, and Sean Callahan- all three had been Yellow VPs.

Yellow Corp. announced that it has reached agreement in principle to sell Preston Trucking Co. to a management group of three senior Preston Trucking officers. The three senior officers of Preston who are buying the company include David J. Letke, President; J. Sean Callahan, Senior Vice President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice President and Chief Operating Officer.

 
jimmy g said:
Yellow Corp sold Preston to Dave Letke, Nicholas Marino, and Sean Callahan- all three had been Yellow VPs.

Yellow Corp. announced that it has reached agreement in principle to sell Preston Trucking Co. to a management group of three senior Preston Trucking officers. The three senior officers of Preston who are buying the company include David J. Letke, President; J. Sean Callahan, Senior Vice President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice President and Chief Operating Officer.

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Jimmy g please don't show facts to Blade, he already knows everything about everything, just ask him.:lmao:
 
jimmy g said:
Yellow Corp sold Preston to Dave Letke, Nicholas Marino, and Sean Callahan- all three had been Yellow VPs.

Yellow Corp. announced that it has reached agreement in principle to sell Preston Trucking Co. to a management group of three senior Preston Trucking officers. The three senior officers of Preston who are buying the company include David J. Letke, President; J. Sean Callahan, Senior Vice President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice President and Chief Operating Officer.

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I guess the only answer to this problem is the KC Business Journal is wrong....I mean RB couldn't possibly be that wrong....in other news I heard that hell froze over today...:lmao::lmao::lmao:
 
jimmy g said:
Yellow Corp sold Preston to Dave Letke, Nicholas Marino, and Sean Callahan- all three had been Yellow VPs.

Yellow Corp. announced that it has reached agreement in principle to sell Preston Trucking Co. to a management group of three senior Preston Trucking officers. The three senior officers of Preston who are buying the company include David J. Letke, President; J. Sean Callahan, Senior Vice President and Chief Financial Officer; and Nicholas J. Marino, Senior Vice President and Chief Operating Officer.

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Get a hold of Nick Marino. He's still around and has his own trucking company in Maryland! He'll give you the real story!

:bouncy:
 
FRTCHUCKER said:
There is no more Reddaway white paper. They are part of the NMFA. Denver Reddaway was the last holdout and they have the numbers in their Card check campaign to be recognized. You all are 1 company 1 contract and so the merge commences. You voted for the utility changes along with those sweet pay cuts. Enjoy the new Yellow Freight.
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You know thats a cowardly jackass thing to say "You voted for the utility changes along with those sweet pay cuts. Enjoy the new Yellow Freight." when those changes came over a year later. You know they didn't vote for that specifically but you act like they did and are stupid for it. Do you feel superior enough now that you've dumped on people?
They got screwed and you make fun of them for getting hosed? WTF is wrong with you? Actually what is wrong with you is a symptom of the whole problem. Drivers not sticking up for other drivers. Go. TF. Away.

No. Shut up and dont even try to justify your assholeishness with what ever weak ass facts you want to pull out of you backside. You dumped on other drivers so you could act superior. FO. You are the weak.
 
RogueZilla said:
You know thats a cowardly jackass thing to say "You voted for the utility changes along with those sweet pay cuts. Enjoy the new Yellow Freight." when those changes came over a year later. You know they didn't vote for that specifically but you act like they did and are stupid for it. Do you feel superior enough now that you've dumped on people?
They got screwed and you make fun of them for getting hosed? WTF is wrong with you? Actually what is wrong with you is a symptom of the whole problem. Drivers not sticking up for other drivers. Go. TF. Away.

No. Shut up and dont even try to justify your assholeishness with what ever weak ass facts you want to pull out of you backside. You dumped on other drivers so you could act superior. FO. You are the weak.
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Rz, I know feelings run high with this deal and believe me I'm right up there. The ::shit:: these companies pull is beyond belief , except it's really happening to our brothers. However, no shut up here, we have to hear every body out. None of us here agree with every post, and you can certainly voice your displeasure but that's it. No need for keyboard warriors here. This is our problem. You were responding to a post. You don't know what generated that post. Man probably has some pretty significant negative past in all these deals. As do almost everyone here. Read and listen, sometimes there is some history. But please no telephone tough stuff here. We can't get along here or agree to disagree what's left for all these young guys.
 
FatChance said:
Rz, I know feelings run high with this deal and believe me I'm right up there. The **** these companies pull is beyond belief , except it's really happening to our brothers. However, no shut up here, we have to hear every body out. None of us here agree with every post, and you can certainly voice your displeasure but that's it. No need for keyboard warriors here. This is our problem. You were responding to a post. You don't know what generated that post. Man probably has some pretty significant negative past in all these deals. As do almost everyone here. Read and listen, sometimes there is some history. But please no telephone tough stuff here. We can't get along here or agree to disagree what's left for all these young guys.
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I'm a long time Reddaway guy and when some jackass dumps on my guys I'll call him whatever I feel like. There is no discussion when someone dumps on drivers to feel superior.
 
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