dogsbestfriend
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Never fails, when listening to discussions in regard to past events, you will inevitably hear someone say "when they take something away - you will never get it back". When I hear this not only do I cringe, but my level of respect for that person drops significantly due to their open display of weakness. So my response is, if you truly believe this then why did you vote yes to give it all away?
Furthermore, I have read and heard people state as fact, that the snapback agreement we had, was taken away in the last MOU.
So I'd like to point this out, and by all means if there are any lawyers monitoring this board then feel free to chime in with your legal assessment. Clipped from the original Agreement below, Section 24 outlines what some refer to as a Snapback, which is perfectly ok because essentially that's what it's intended to do. Once you've read that, then fast forward to the February 7, 2014 Extension of the Agreement for the Restructuring, keeping in mind that it is only an "Extension" of the original, with some changes, but nowhere does it state, that Section 24 of the original agreement ,has been amended or removed etc.
The original AGREEMENT FOR THE RESTRUCTURING OF YRC WORLDWIDE INC. clearly states, If a Change of Control of YRC Worldwide Inc., including all domestic or Canadian subsidiaries but excluding Chinese businesses (collectively “YRCW”) occurs, this Restructuring Plan may be terminated and wages reverted to full NMFA on a prospective basis if the Union so elects in writing and all other provisions of this Revised Plan shall be null and void on a prospective basis; provided that in the case of the sale of a business unit of YRCW, whether through the sale of assets or stock or through a merger, the election shall only apply to the business unit that is the subject of the sale. Union approval for any Change of Control is required. For the purposes of this Section 24, a “Change of Control,” shall be deemed to have taken place if a third person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
Fast forward to the Extension of the Agreement for the Restructuring of the YRC Worldwide Inc. Operating Companies, dated February 7, 2014
http://www.sec.gov/Archives/edgar/data/716006/000119312514043473/d672613d8k.htm
http://www.sec.gov/Archives/edgar/data/716006/000119312514043473/d672613dex101.htm
Furthermore, I have read and heard people state as fact, that the snapback agreement we had, was taken away in the last MOU.
So I'd like to point this out, and by all means if there are any lawyers monitoring this board then feel free to chime in with your legal assessment. Clipped from the original Agreement below, Section 24 outlines what some refer to as a Snapback, which is perfectly ok because essentially that's what it's intended to do. Once you've read that, then fast forward to the February 7, 2014 Extension of the Agreement for the Restructuring, keeping in mind that it is only an "Extension" of the original, with some changes, but nowhere does it state, that Section 24 of the original agreement ,has been amended or removed etc.
The original AGREEMENT FOR THE RESTRUCTURING OF YRC WORLDWIDE INC. clearly states, If a Change of Control of YRC Worldwide Inc., including all domestic or Canadian subsidiaries but excluding Chinese businesses (collectively “YRCW”) occurs, this Restructuring Plan may be terminated and wages reverted to full NMFA on a prospective basis if the Union so elects in writing and all other provisions of this Revised Plan shall be null and void on a prospective basis; provided that in the case of the sale of a business unit of YRCW, whether through the sale of assets or stock or through a merger, the election shall only apply to the business unit that is the subject of the sale. Union approval for any Change of Control is required. For the purposes of this Section 24, a “Change of Control,” shall be deemed to have taken place if a third person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
Fast forward to the Extension of the Agreement for the Restructuring of the YRC Worldwide Inc. Operating Companies, dated February 7, 2014
http://www.sec.gov/Archives/edgar/data/716006/000119312514043473/d672613d8k.htm
http://www.sec.gov/Archives/edgar/data/716006/000119312514043473/d672613dex101.htm