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  • YRC targeted by investor

    Seems this large investor in YRC, a large hedge fund, wants to challenge the existing board members that were held by two directors representing the Teamsters.

    YRC becomes latest KC company targeted by activist shareholder
    An activist shareholder is pressing for changes in YRC Worldwide Inc.’s board and management, citing the Overland Park-based trucking company’s financial results the past two years.
    Barna Capital Group Ltd. owns 2 million shares of YRC stock, a 5.4% stake, according to a filing Thursday with the Securities and Exchange Commission. Barna lists a business address in Cyprus and is led by Egor Romanyuk.
    In Thursday’s filing, Barna said it will work to replace three members of YRC’s seven-person board "who have not provided the needed guidance for the company to achieve decent operating results." Although Barna doesn't name the directors it's targeting, it notes that they joined the board in 2011 and 2015. The filing adds that during that time the board has sought even more pay even as the stock has lost 90% of its value.
    Barna’s demands first became public in mid-March, when its holdings in YRC passed the 5% threshold, triggering a filing with the SEC. Despite its stated intention of replacing board members, the company’s filings make clear that it will not nominate new members for two board seats held by directors representing the Teamsters.
    The Teamsters gained control of the two seats as part of a 2010 restructuring agreement in which union employees agreed to concessions YRC said it needed to avoid bankruptcy.
    https://www.bizjournals.com/kansasci...hoo&yptr=yahoo

  • #2
    Re: YRC targeted by investor

    I saw an article on Yelstin and the Fed yesterday saying rules have changed with the Fed now being allowed to buy companies or something.
    And articles by Paul Craig Roberts saying something about calling for nationalizing bankrupt companies and stuff on having a debt Jubilee wiping out debts......
    All interesting but finance isn't something I'm knowledgeable about.

    Comment


    • #3
      Re: YRC targeted by investor

      This pandemic isn't fairing well on YRCW. I wonder if they will make it. Not much more you can do to keep a company alive.

      Comment


      • #4
        Re: YRC targeted by investor

        Originally posted by Jimmy View Post
        This pandemic isn't fairing well on YRCW. I wonder if they will make it. Not much more you can do to keep a company alive.
        We could refuse any compensation for our efforts and they would still find a way to lose money.

        Sent from my SM-J327T using Tapatalk

        Comment


        • #5
          Re: YRC targeted by investor

          Originally posted by 222lifer View Post
          We could refuse any compensation for our efforts and they would still find a way to lose money.

          Sent from my SM-J327T using Tapatalk
          for sure

          Comment


          • #6
            Re: YRC targeted by investor

            Originally posted by 222lifer View Post
            We could refuse any compensation for our efforts and they would still find a way to lose money.

            Sent from my SM-J327T using Tapatalk
            YRCW has been paying nothing but the interest on their debt for years,just keep kicking the can down the road,which is why their stock price and market cap is where it is...No one is safe these days,not YRCW,not ABF,no one,especially ''UNION'' carriers...As Teamsters,let's hope for the best....

            Comment


            • #7
              Re: YRC targeted by investor

              Originally posted by wizard View Post
              YRCW has been paying nothing but the interest on their debt for years,just keep kicking the can down the road,which is why their stock price and market cap is where it is...No one is safe these days,not YRCW,not ABF,no one,especially ''UNION'' carriers...As Teamsters,let's hope for the best....
              Actually the Debt went down a wee bit.. They got like a billion and half of concessions {amount is approximate} over ten years and they managed after all the refinancing to get a few hundred million off the debt.. The rest of it went to bonuses for the elite thugs in charge..

              Comment


              • #8
                Re: YRC targeted by investor

                Originally posted by crazy View Post
                Actually the Debt went down a wee bit.. They got like a billion and half of concessions {amount is approximate} over ten years and they managed after all the refinancing to get a few hundred million off the debt.. The rest of it went to bonuses for the elite thugs in charge..
                yeah bonuses and crap. i know this

                Comment


                • #9
                  Re: YRC targeted by investor

                  Originally posted by Jimmy View Post
                  yeah bonuses and crap. i know this
                  YRC is a cash cow for the banks.. They do manage to pay "ALL" the interest ..

                  Comment


                  • #10
                    Re: YRC targeted by investor

                    Originally posted by crazy View Post
                    YRC is a cash cow for the banks.. They do manage to pay "ALL" the interest ..
                    At this point in the game. I dont care if they get all they want just leave us open and dont take away and fix the pension. they can have all the bonuses they want. just fix retirement and keep us working.

                    Comment


                    • #11
                      Re: YRC targeted by investor




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                      • #12
                        Re: YRC targeted by investor

                        I say let the company do its things. others LTL have been doing much better verses us. Save who is left. fix the pension. the NMFA is old and needs to go asap for our future and thats my opinion. change is hard and the NMFA is 50 or 60 years old? The IBT didn't overnight under it, they didnt even have to get into central states also.

                        Comment


                        • #13
                          Re: YRC targeted by investor

                          Originally posted by Jimmy View Post
                          I say let the company do its things. others LTL have been doing much better verses us. Save who is left. fix the pension. the NMFA is old and needs to go asap for our future and thats my opinion. change is hard and the NMFA is 50 or 60 years old? The IBT didn't overnight under it, they didnt even have to get into central states also.
                          From our point of view....it is extremely bad management which did what they did to good companies they bought.
                          And that plays into why companies are doing better than us all.
                          They can't leave anything be....they had their own company they were f'ing up....and then decided to f up a bunch of others......they have some serious kind of brain and ego problem....like spoiled rich brats who do whatever they want and always think they're right even when others who were better tell them they are not. The whole industry sees it...but YRC does not.

                          Comment


                          • #14
                            Re: YRC targeted by investor

                            Hello, been a while since I have posted here but I will have to disagree on getting rid of the NMFA, In my opinion that is and was the best thing that ever happened to the freight industry. I worked at Smith Transfer, GoodYear Transportation ,and at Holland from 1989 until 2018, when I had all of YRCW that I could stand. How many good companies has that Holding company ruined, Preston, Roadway, Red Star, New Penn, Holland, and even Yellow. Big Brown put a massive automated hub in Atlanta, Georgia and for the first time they hired Feeder drivers off the street here instead of promoting package car drivers from within, only a handful of us , I took a 2 sentence resume to Local 728 and the next week I had a job offer for a part time position which I thanked them and passed on it, and three weeks later got a full time offer and went to work the next week, no job interview, just a physical and road test. I hadn't seriously looked for a job in 29 years but that was the easiest and fastest I ever got a job. That being said I was a Linehaul Driver my whole career, where yard men put trucks and trailers together and did all the yard work, THEYRE WORK. Over here the benefits are great, better than the C-6 Classification at a central States which is a spectacular plan. Pension is 175 dollars a year for each year you work, 5 years for vesting, I have 32 years in Central States Pension and like everybody else I should have been able to retire with 30 years which would have been 54 years old, I'm 57 now, not bitter but it is what it is. I was 228 lbs when I took this job in 2 weeks I was down to 207 from the physical work, walking, putting sets together, breaking them down, things that I had never done much of. The starting rate over here is awful, 4 years to top out, Benefits and top wages are very strong, the contract, can't hold a candle to the NMFA, people work here and have worked here forever part time, which to me is astounding, and lots of the language in the contract I can hardly believe that the Teamsters would agree to. If you were employed here as a young person the Pension payout would be like hitting the lottery, as an old fart, this job is a lot of work which I don't have a problem with, but they get a LOT for a pretty paltry progression wage. Sorry for the long story but sometimes you don't know what you have until it's gone, an Im talking about the NMFA. I have read people that say they are a Teamsters over on Scabbing Boards, saying that the contract is outdated, antiquated and complain about other people that don't do they're jobs efficiently , I never worried about how other people did they're job, I just made sure I was doing mine the best I could, or if I was sick or couldn't do my job, I stayed home but always had pride in what I did. Even the Scabs like Fedex Freight have some kind of Grievance or claim for a run around, where do you think that came from, NMFA. Contractually, Freight is so far ahead of my contract , that I'm in disbelief. With the NMFA everybody knows what they're job is and so does the company, without that you are nothing but and under paid Conway Express driver, or like me and under paid Brown driver that does everything except handle packages. I also hope and pray YRCW stays in business, that's a lot of jobs, but I agree the Board of Directors and Upper Managements financial package could truly use a haircut, The top over paid Execs should do like Iacocca did and work for a dollar a year until they are straightened out and then except bonuses, as they have been giving the rest of us the bone for years. Last thought if everybody working under the NMFA comes to work and does they're job, in my opinion there isn't anything more efficient, New Penn, Holland, Roadway , and Yellow did it for years and made a profit, debt and lack of good management has wrote this chapter of the story.

                            Comment


                            • #15
                              Re: YRC targeted by investor

                              Originally posted by unionman View Post
                              Hello, been a while since I have posted here but I will have to disagree on getting rid of the NMFA, In my opinion that is and was the best thing that ever happened to the freight industry. I worked at Smith Transfer, GoodYear Transportation ,and at Holland from 1989 until 2018, when I had all of YRCW that I could stand. How many good companies has that Holding company ruined, Preston, Roadway, Red Star, New Penn, Holland, and even Yellow. Big Brown put a massive automated hub in Atlanta, Georgia and for the first time they hired Feeder drivers off the street here instead of promoting package car drivers from within, only a handful of us , I took a 2 sentence resume to Local 728 and the next week I had a job offer for a part time position which I thanked them and passed on it, and three weeks later got a full time offer and went to work the next week, no job interview, just a physical and road test. I hadn't seriously looked for a job in 29 years but that was the easiest and fastest I ever got a job. That being said I was a Linehaul Driver my whole career, where yard men put trucks and trailers together and did all the yard work, THEYRE WORK. Over here the benefits are great, better than the C-6 Classification at a central States which is a spectacular plan. Pension is 175 dollars a year for each year you work, 5 years for vesting, I have 32 years in Central States Pension and like everybody else I should have been able to retire with 30 years which would have been 54 years old, I'm 57 now, not bitter but it is what it is. I was 228 lbs when I took this job in 2 weeks I was down to 207 from the physical work, walking, putting sets together, breaking them down, things that I had never done much of. The starting rate over here is awful, 4 years to top out, Benefits and top wages are very strong, the contract, can't hold a candle to the NMFA, people work here and have worked here forever part time, which to me is astounding, and lots of the language in the contract I can hardly believe that the Teamsters would agree to. If you were employed here as a young person the Pension payout would be like hitting the lottery, as an old fart, this job is a lot of work which I don't have a problem with, but they get a LOT for a pretty paltry progression wage. Sorry for the long story but sometimes you don't know what you have until it's gone, an Im talking about the NMFA. I have read people that say they are a Teamsters over on Scabbing Boards, saying that the contract is outdated, antiquated and complain about other people that don't do they're jobs efficiently , I never worried about how other people did they're job, I just made sure I was doing mine the best I could, or if I was sick or couldn't do my job, I stayed home but always had pride in what I did. Even the Scabs like Fedex Freight have some kind of Grievance or claim for a run around, where do you think that came from, NMFA. Contractually, Freight is so far ahead of my contract , that I'm in disbelief. With the NMFA everybody knows what they're job is and so does the company, without that you are nothing but and under paid Conway Express driver, or like me and under paid Brown driver that does everything except handle packages. I also hope and pray YRCW stays in business, that's a lot of jobs, but I agree the Board of Directors and Upper Managements financial package could truly use a haircut, The top over paid Execs should do like Iacocca did and work for a dollar a year until they are straightened out and then except bonuses, as they have been giving the rest of us the bone for years. Last thought if everybody working under the NMFA comes to work and does they're job, in my opinion there isn't anything more efficient, New Penn, Holland, Roadway , and Yellow did it for years and made a profit, debt and lack of good management has wrote this chapter of the story.
                              Very well stated unionman.

                              Sent from my SM-J327T using Tapatalk

                              Comment

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