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Thread: Did YRC have a ARM loan ?

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    Angry Did YRC have a ARM loan ?

    I ask this because and tell me if I am wrong. They started with like an 11% loan, then it goes to 22% and now they have a balloon payment in January then the year after that and another the year after that. Ok, I am not a rocket scientist with a business degree from Harvard, but If you lose money every year. How in the HELL are you going to make a balloon payment at all?
    No one in their right mind signs a arm loan. So I ask. What kind of loan are they going to try to get now? Another adjustable rate mortgage ? If that is what they did , they had to know they could not pay it and would default on it. I mean look, when was the last time they had a half billion dollar profit? So if that is the case they knew when they signed it that they would fail to pay it and straight out lied to us. So what do you think? I think any one who signs an arm loan is a moron and should be unemployed with no golden parachute, maybe a golden shower from the membership. And have their bare ass whipped in public !

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    Default Re: Did YRC have a ARM loan ?

    The reason I ask this is that if we knew they had this type of loan before we could have made a wiser decision. There was no way they could have made a balloon payment and the ibt should have know that. These people we have on the board should have known that. I think they knew before our vote there would be no snapback and that it was all a big lie from the beginning. They knew they would default and that we would have no choice again .So why don't they show us this time what kind of loan they are seeking and what are the terms. Those two board members, gone. They knew what was going to happen before we even signed the deal. So , what about this time, another shell game with our future at stake. Instead of telling us about the chance to refinance, they should show us what is going on. So next time they can't say, I don't know what happened to all the money .

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    Default Re: Did YRC have a ARM loan ?

    I have an arm & a leg loan
    ROADY likes this.

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    Default Re: Did YRC have a ARM loan ?

    Quote Originally Posted by ayrcguy View Post
    The reason I ask this is that if we knew they had this type of loan before we could have made a wiser decision. There was no way they could have made a balloon payment and the ibt should have know that. These people we have on the board should have known that. I think they knew before our vote there would be no snapback and that it was all a big lie from the beginning. They knew they would default and that we would have no choice again .So why don't they show us this time what kind of loan they are seeking and what are the terms. Those two board members, gone. They knew what was going to happen before we even signed the deal. So , what about this time, another shell game with our future at stake. Instead of telling us about the chance to refinance, they should show us what is going on. So next time they can't say, I don't know what happened to all the money .
    I hear what your saying and I would have to agree with you.. I would have to add a few things to it though.. I believe Hoffa is without a doubt in bed with YRC.. I truly believe he thinks he is the savior since he called out the banks the last time as it went down to the hour.. So here is my take of what it should look like..

    Mr Welch and Mr Hoffa..

    You want our vote so the lights can stay on at YRC.. So do the members but this is what I want to see if you would want my vote...

    1...A full disclosure of how you are going to get refinanced..
    2...The rates and PAYMENT schedule just like you get in a house or car loan..
    3...A full list of what is being put up for collateral..
    4...NO bonuses to any non-union employee or member of the board of directors until the union
    membership has reached full scale... and all monies that are do the pension funds are re paid..


    Since I have been forced to retire thanks to Gallagher Bassett and YRC I no longer have a vote in this but monitor it closely.. I have been a no vote on every MOI and this would be the only way they could have gotten a yes out of me... If I could ...

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    Default Re: Did YRC have a ARM loan ?

    Quote Originally Posted by Kickass View Post
    I have an arm & a leg loan
    LOL. Thats what they want from us aint it.

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    Default Re: Did YRC have a ARM loan ?

    Yes! That is exactly what I would like to see. I don't want any more of this what happened bull shit . If they are just going to steal it. Make a video of you putting it into a trunk and driving off. Don't say we don't know where it went. Plus I would like to know what they still own. Sounds fair enough.

 

 

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