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U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

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  • #16
    Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Originally posted by 2631 View Post
    Crazy I don't have a problem with you agreeing with slave. But do you think that the Teamsters should be negotiating directly with Trump if it were even possible? Trump appointed Zollars to the USPS BOD. Do you think he was the best man for the job? Or maybe it was payback for his support of Trump and his near destruction of the NMFA union carriers..

    New Penn was a highly profitable union carrier operating in the low 70s. Roadway had returned to profitability before Zollars bought them. You were there when Zollars was buying up union carriers with borrowed money. You were at Red Star and fought for our WARN money. You know that Zollars was in negotiations to buy USF and he didn't need Red Star. Do you really think that he is there in the best interests of the consumer and the postal union employees? I don't, I can't prove it but it is my opinion that Trump and the powers that be want the USPS privatized.
    I did not know Trump appointed Zollars to the post office BOD. When did this happen?

    Comment


    • #17
      Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

      Originally posted by 2631 View Post
      Crazy I don't have a problem with you agreeing with slave. But do you think that the Teamsters should be negotiating directly with Trump if it were even possible?
      I hope they would be able to do this and really get the GOP's support on our pension relief. Each one in DC must know this issue that faces us personally by now.

      Comment


      • #18
        Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

        Another article posted today about the loan to YRC.

        Trying to make sense of the YRC bailout
        The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused by COVID-19 and maintain employment for their workers, is only drawing more scrutiny.

        On Wednesday, YRC Worldwide announced its latest lending agreement, a $700 million, two-tranche program that will allow it to make delinquent health and welfare and pension payments as well as fund capital expenditures for its tractors and trailers. As part of the deal, YRC will be required to issue the Treasury Department shares of common stock, which YRC expects will equate to a 29.6% equity stake in the company.
        The agreement will include provisions for YRC to maintain certain employment levels and limit executive pay. The Treasury Department is prohibited from exercising voting power of any of the shares it owns. The shares will be held in a voting trust and voted in a way that is proportionate with how the company’s other shares are voted.
        In a note to clients, Deutsche Bank (NYSE: DB) analyst Amit Mehrotra said, “On the critical side, the company’s current position is not due to Coronavirus; instead, we see it as the product of a decade of underinvestment, as well as limited flexibility due to union representation in its workforce.” He went on to contrast YRC’s labor structure with the “flexibility” the non-union carriers have around workers’ schedules, which allow them to better manage headcount. “On the positive side, it appears this loan will allow workers to have visibility on benefits, as well as allow YRCW to partly recapitalize its fleet/equipment,” said Mehrotra.
        More here: https://www.freightwaves.com/news/tr...he-yrc-bailout

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        • #19
          Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

          Originally posted by fxstc07 View Post
          Another article posted today about the loan to YRC.

          Trying to make sense of the YRC bailout




          More here: https://www.freightwaves.com/news/tr...he-yrc-bailout
          So....once again....I support Trump.
          His guys did this knowing we are union. It says we must maintain certain employment levels....and he helped a company that the big investors blame mismanagement and the union for.
          He is not typical GOP at all. They would have stopped this imo.

          Comment


          • #20
            Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

            Originally posted by Jimmy View Post
            I hope they would be able to do this and really get the GOP's support on our pension relief. Each one in DC must know this issue that faces us personally by now.
            Well. I have seen Trump as a big in for us since he totally destroyed all of pur anti-union GOP enemies in debate. And he destroyed the fake Democrats who take our votes and do next to nothing for us.

            Leave it to the Dems and they bring up the pensions knowing it will be defeated.
            The GOP will not help us.
            Trump is a dealer. If we have something for him, such as support........Id say we stand a chance of him making deals with the GOP unionbusters for him to get our support.
            Far out?
            Maybe.
            But the rest will do nothing for us....the progressives want all money...and pensions are for old people...alot of old white people....uneducated old white people......the majority anyways....so the progressives won't help us imo.
            Trump is probably our best shot imo.

            Comment


            • #21
              Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

              Originally posted by Jimmy View Post
              I did not know Trump appointed Zollars to the post office BOD. When did this happen?
              December or January I think.

              https://www.salon.com/2020/07/01/for...on-usps-board/

              Comment


              • #22
                Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                Originally posted by 2631 View Post
                I think that this loan by the government is great news. But I am sorry that this thread has turned political. Brother slave what the hell does BLM or LBGQRTZY have to do with a loan bailing out an LTL carrier that services the military. Any driver who has delivered government freight on a GBL knows it moves on a FAK (freight all kinds) one rate tariff. I doubt that YRC is making very much on it. I also doubt that anyone not familiar with FAK tariffs would know it saves the government a ton of money. So it is beneficial to the military to have YRC in business.

                I sat many hours waiting for my LTL shipments to be unloaded at Ft.Dix, McGuire AFB, NAWC Lakehurst and the Earle Ammunition Depot and pier in Leonardo. The FAK tariff allows 2 hours of free detention time before accessorial charges kick in. slave I'm sure you know that. I just posted it in case someone wasn't familiar with YRC's value to the military.

                I agree with fxstc that the CNN story was factual and not biased against Trump. I flipped back and forth to all 3 networks this morning. CNN and MSNBC were totally involved with the pandemic. While FOX was more concerned with attacking democrat cities about BLM issues. Since slave wants our union to support Trump I'll throw this in the mix.



                Wasn't Bill Zollars CEO at the time? The same Bill Zollars who bought Roadway/New Penn with borrowed money. The same Bill Zollars who made his friends rich by overpaying $400 or $500 million for USF also with borrowed money. The same Bill Zollars who Trump appointed the the BOD of the USPS. Say it isn't so. The man who is responsible for the YRCW situation was appointed by Trump to help privatize the post office. I wonder how many union members will lose their jobs if republican Trump has his way and sells the USPS (and the VA) to the highest non union bidders?




                https://www.salon.com/2020/07/01/for...on-usps-board/
                When the title of RRR'S link from CNN has " the Trump Administration" in it.....it is political.
                And since it is a derogatory judgement on the Trump Administration who supports all of those Democrat groups I brought up, on a daily basis, I get angry at them. Supposedly media with their political bias leaning Democrat should support union workers getting a break......but no good story for us....and it is like that all the time for a long time for us. They take us for granted. And favor a bunch of 3 ring circuses over us. Daily.

                No I'm not knowledgeable on military stuff nor tariffs nor freight rates.
                NPME used to list pur profits next to our deliveries for each bill. But I don't know that I ever believe stuff like that from these corporations. We don't have bases in our area. Just small national gaurd stuff. Our pickups might involve military stuff but I don't know that our bills would show it as military either. Some shipments are blind.

                Comment


                • #23
                  Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                  Originally posted by 2631 View Post
                  Crazy I don't have a problem with you agreeing with slave. But do you think that the Teamsters should be negotiating directly with Trump if it were even possible? Trump appointed Zollars to the USPS BOD. Do you think he was the best man for the job? Or maybe it was payback for his support of Trump and his near destruction of the NMFA union carriers..

                  New Penn was a highly profitable union carrier operating in the low 70s. Roadway had returned to profitability before Zollars bought them. You were there when Zollars was buying up union carriers with borrowed money. You were at Red Star and fought for our WARN money. You know that Zollars was in negotiations to buy USF and he didn't need Red Star. Do you really think that he is there in the best interests of the consumer and the postal union employees? I don't, I can't prove it but it is my opinion that Trump and the powers that be want the USPS privatized.
                  Zollars was the cancer that destroyed the union companies.. I will go piss on his grave when the day comes..But in Trump's eye's maybe Zollars is a business man.. He was also on the board of United Way.. I sure hope your wrong about the PO going private..

                  Comment


                  • #24
                    Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                    Originally posted by slavenomore View Post
                    That article says he was confirmed by the senate last month, June and here comes the 700 million loan on July 1. I dont know about anyone else but this seems apparent that this is all linked with each other. I aint complaining since is seems to secure our YRC's future for some time. Could be that YRC will be the national carrier to haul the mail when they get it private. I am not sure but this seems to be the first time ever that the gouv has such a interest in a major LTL carrier. ABF could probablly find a way to sue again. LOL

                    just thinking out of the box now.

                    Comment


                    • #25
                      Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                      But in Trump's eye's maybe Zollars is a business man.
                      My suspicious mind could do a lot with that. Just my opinion now but I think Trump would be correct in thinking Zollars is a businessman. And a very successful one by looking at his personal wealth estimated at over $9 million. Wasn't he in the VIP section behind Trump during his inauguration? I assume he was a large contributor to the republican party.

                      I have often wondered why Zollars was buying up NMFA union companies with underfunded pension liabilities. I think Zollars was the first to use the term and complain about the pension "orphans". Might it have been his plan all along to buy up the union carriers and then bankrupt the entire NMFA group.

                      Comment


                      • #26
                        Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                        I understand all the comments and thoughts on Zollars. I lived and worked in what he had his hand in. But he did great and increased market shares and huge profits in what he done with roadway, usf and all the others. We were the LTL king in every way until the housing market crash. That caused YRCW to fall and hard and the rest is history now. Making bad decisions on top of bad decisions. The Yellow/Roadway merger just about caused bankruptcy. The housing market about caused the bankruptcy.

                        Comment


                        • #27
                          Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                          Originally posted by 2631 View Post
                          My suspicious mind could do a lot with that. Just my opinion now but I think Trump would be correct in thinking Zollars is a businessman. And a very successful one by looking at his personal wealth estimated at over $9 million. Wasn't he in the VIP section behind Trump during his inauguration? I assume he was a large contributor to the republican party.

                          I have often wondered why Zollars was buying up NMFA union companies with underfunded pension liabilities. I think Zollars was the first to use the term and complain about the pension "orphans". Might it have been his plan all along to buy up the union carriers and then bankrupt the entire NMFA group.
                          I have sometimes had the thoughts that YRC is actually some kind of government deal.
                          And UPS. Yes, our system is a system of private sector freedom. But the government must know that unions are necessary for our sovereignty. A total free market with a system which allows anybody to buy businesses here, and in turn, those businesses can contribute to politicians from local to state to federal.......it makes for a very unsafe system. We live here and unions keep the balance. Although I believe that they totally went too far in their free market BS throughout our lifetimes. But Zollars seems to have made it very easy to control costs in the industry. Buying us all up, threatening us, pretty much forcing us to take concessions, did not allow what should have happened with a driver shortage. Driver shortage should have made all compensation climb very high very quickly.
                          But our concessions disallowed it. Our contract was ratified and all pay rates climbed a little but not like they should have. They screwed every worker in the industry just when we all should have been finally getting what we should.
                          Although there is talk of privatizing the post office. What actually has happened just now is that Trumps loan gave 30% of our company to government ownership. The government owns 30% of us.
                          Trump came out with energy independence. .and what happened during the lockdowns? Saudi Arabia's government was looking to buy the energy companies in Texas due to economic problems with the company. I even saw stories of China looking to buy shares of Boeing because they were hurting. How safe and what sense does any of that make?

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                          • #28
                            Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                            Crowley Logistics........Remember the name.

                            Sent from my SM-J327T using Tapatalk

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                            • #29
                              Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                              Originally posted by 222lifer View Post
                              Crowley Logistics........Remember the name.

                              Sent from my SM-J327T using Tapatalk
                              I think they are big down in the southeast..

                              Comment


                              • #30
                                Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                                Originally posted by crazy View Post
                                I think they are big down in the southeast..
                                Every outbound shipment BOL I sign has Crowley's name on it......We average 30 a day out of Hill.

                                Crowley Sees $2.3 Billion Military Contract as Test of Logistics Capabilities

                                https://www.ttnews.com/articles/crow...n-dod-contract

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