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  1. #1
    I Am Rocking Now

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  2. #2
    LOAD AND PARK CHARLIE
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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    This is the kind of **** that really pisses me off. It's a pure case of them falling short of projected earnings, and then calling it a loss of revenue. I guess the proposed labor wage cuts will make up for the loss in PROJECTED EARNINGS.

    This is why we voted to shut our company down, They would have just took our good faith wage cuts, and ran with the money. People need to wake the fudge up, and smell the coffee.

    If they need the wage cuts so bad, let them file bankruptcy, and let the courts appoint a division of recievership. That way the corporate scum wont be able to hide money, and use the profits like a personnal checking account.

    I don't work for them, and never would. And I still don't trust them one little bit. Vote no on a wage cut, let them come up with a plan "B"...

  3. #3
    Resistance is futile.

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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    I see the article, but the problem is here in this .pdf. The stock fell and the two investor services downgraded the stock with the biggest problem being the companies ability to maintain a line of credit. This is the problem that I am told and I'm reading on-line. They have no line of credit now and every bit of real property and equipment is in hock and they have no line of credit to operate anymore. And no bank is going to give a line of credit back because of the financial situation.
    Last edited by HBF; 11-27-2008 at 10:59 PM.

  4. #4
    Resistance is futile.

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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    Here is what I am talking about....

    YRC was forced last week to place its trucking equipment real estate holdings valued at $1.5 billion up as collateral against its bank loans as a result of its recent credit downgrade.

    Standard & Poor's dropped its rating of the LTL carrier into a lower grade of junk bond status Nov. 19 after assessing the carriers' financial and operating prospects in the slowing economy. That triggered an event under its credit agreement requiring YRC to collateralize its remaining unencumbered assets.
    Traffic World OnLine - Trucking


    They have no line of credit.

  5. #5
    LOAD AND PARK CHARLIE
    Guest

    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    Sounds like they have been running the company on a corporate credit card. But there gigantic salaries were paid in hard cash weren't they?

    If all they are counting on is labor concessions to save this company, than kiss that sucker goodbye. They are going to take any concessions and run. The IBT made Allied sign an iron clad agreement to obtain employee paycuts. And the company has violated the agreement with no penalty from the union what so ever.

    What good is an agreement, if there is no way to enforce the thing? And by the way, allied is still claiming to be on the edge of the black hole again. What works for one scummy company will work for all of them.
    line up, bend over, and take it like a man. Thats the advice you will get from the IBT.

  6. #6
    I Am Rocking Now

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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    What happened to Zollars famous saying YRC will be just fine.

  7. #7
    LOAD AND PARK CHARLIE
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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    If all the company needs is a line of credit, then why don't the employee's agree to lend YRC, the same amount as the requested paycut. The employee's could agree to lend the company at 0% interest, a percentage of each hour of pay, for a specific time period.

    That way the company could use the extra cash to ride out this economic down turn, and then reimburse over time, each employee, the exact amount thet they borrowed.

    With this kind of deal, the employee's would work as hard as ever to make as much as possible, so the company could survive. And with a no interest loan, the company would only have to worry about the principal amount of cash.

    But this kind of bail out, would not even be considered, because it doesn't screw the employee's over enough. All the company wants to do is, get concessions, save a huge amount of labor force pay, and then probably close the doors anyway.

    I wonder if I'm the only guy that came up with this idea? At any rate, it was just a thought...

  8. #8
    I Am Rocking Now

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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    And I thought the point behind, the governments lending of hundreds of billions of dollars to banks was to help with the credit crunch. Making it easier for companies and consumers to borrow money.....

  9. #9
    LOAD AND PARK CHARLIE
    Guest

    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    You just hit on a very interesting point WEST COAST.
    Guess it's only loans for the guys in the club. Just another reason to question the details in this employee based bailout.

    Lets see how it could play out. YRC tells the bank, deny us credit for a short period of time. That way, we can negate our current negotiated contracts, and recieve concessions to the tune of millions per week.
    Then after we reduce our operating costs by a very substancial amount,
    then we will open up some lines of credit, and make it a ringer year.

    Don't think for a second, that deals just like this don't take place. In fact they happen on the finest golf courses in the United States.

  10. #10
    Resistance is futile.

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    Default Re: Wait A Sec, YRC Is Still Turning a Profit

    Quote Originally Posted by WestCoast View Post
    And I thought the point behind, the governments lending of hundreds of billions of dollars to banks was to help with the credit crunch. Making it easier for companies and consumers to borrow money.....
    Quote Originally Posted by LOAD AND PARK CHARLIE View Post
    You just hit on a very interesting point WEST COAST.
    Guess it's only loans for the guys in the club. Just another reason to question the details in this employee based bailout.

    Lets see how it could play out. YRC tells the bank, deny us credit for a short period of time. That way, we can negate our current negotiated contracts, and recieve concessions to the tune of millions per week.
    Then after we reduce our operating costs by a very substancial amount,
    then we will open up some lines of credit, and make it a ringer year.

    Don't think for a second, that deals just like this don't take place. In fact they happen on the finest golf courses in the United States.
    From what I was told that YRC has already asked the gov for some bail out money and were told to get lost. If we can hold on till Obama is in we might get some. He does owe Hoffa a lot for the help in getting him elected.

 

 
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