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Thread: The perfect Storm

  1. #1
    hangin on

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    Default The perfect Storm

    It looks like the company is set up to get what they really want. There is a lot of science to dealing with people and welcher has a degree in business and phycology which can serve you well in this situation. It is like chess . A game but with money on the table. You use deceit and mis direction to make people think they are getting more than they really are. Yrc doesn't really have all the cards, but they want you to think they do. If they had great assets to take over the story would be different. But they don't. They have junk equipment, junk trucks and crappy property. They sold the land that had value including the head office in Kansas. The remaining property is garbage , probably polluted and no one is going to want it. You have to clean up these sites before you can sell them. This can cost a fortune . I believe they have setting this up for a long time. To put you into a situation where you believe you have no choice but to say yes. That is what they want. The bank can not just write off 1.4 billion dollars . They have stock holders to answer to . They are in the business of getting interest. They are getting high interest. Business loans don't charge 11% interest. So this is the best they can do. I mean do you know where I can get 11% interest. If you do I will get a loan for 4-5 % and invest it in a 11% interest and retire .Your like what about the balloon payments. You never pay them if you make the interest payment and like I said you and I pay that. Yrc doesn't . The balloon payment is for deadbeat companies that don't pay the interest so they can get the property which like I said we pay the interest and the property is a bigger liability that collateral . The bank wants to hedge their bet. I don't blame the but to bad. If this new bs deal goes through so does your raise, and overtime. You know this is a numbers company. You don't think they know how much ot everyone is getting. The reason for this is simple. If you have enough money you won't feel you need a raise because your making up for the money they took away plus your not all bummed out because your getting yours. But when this passes , so does your ot and with the so called absenteeism rules , they will fire you. All you have to do is think about it and it's pretty clear . And the Union just wants their DUES money ! Check out the outsourcing link . I think this has been thought out very carefully by the company .
    Last edited by ayrcguy; 01-20-2014 at 01:10 PM.
    crazy and roadhog like this.

  2. #2
    Retired !

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    Default Re: The perfect Storm

    With all due respect to your opinion, many facts are not known, and plenty of rumor's keep those facts from seeing the light of day.
    I don't think there is a truck driver here that knows the value of the properties.
    Which ones are actually leased, or the ones that may have environmental problems.
    As CF sold off properties, a very few did have issues that needed to be cleaned, but most sold quickly at near market value. A few of those properties did state their problems on the sale web site.
    I would suspect YRC owned properties are the same, a few may have issues.

    Read the latest 10K report.
    Item 2. Properties
    At December 31, 2012, we operated a total of 419 transportation service facilities located in 50 states, Puerto Rico, Canada and Mexico for our YRC Freight and Regional Transportation segments. Of this total, 197 are owned and 222 are leased, generally with lease terms ranging from one month to ten years with right of renewal options. The number of customer freight servicing doors totaled 22,191, of which 12,651 are at owned facilities and 9,540 are at leased facilities. The transportation service centers vary in size ranging from one to three doors at small local
    facilities, to over 426 doors at the largest consolidation and distribution facility. In addition, we and our subsidiaries own and occupy general office buildings in Lebanon, Pennsylvania; and Holland, Michigan. We also lease and occupy general office buildings in Overland Park, Kansas, Tualatin, Oregon and Winnipeg, Manitoba. Our owned transportation service facilities and office buildings serve as collateral under our Credit Agreement.
    As you can see, YRC does own some properties.
    Don't kid yourself, the banks will take those in a default of the credit agreements.
    I admit, generally the equipment is worth scrap value, but iron and aluminum bring good money.
    Much of CF's rolling stock was scraped.

    So you understand why I posted this, it is because of the rumor's and stories that float around all the time. I have heard them for my entire Teamster working life.

    Finally, I would not vote for this extension either. Enough is enough. Management has destroyed this company, the lenders have sucked all available money from them and the employes have already gave more then should have been required to turn things around.

    I wish all my brothers well with the hope that the lenders will see that some money is better then a bankruptcy and eventual sell off.
    But like I said, enough is enough.

    http://files.shareholder.com/downloa...eport_2012.pdf
    Last edited by fxstc07; 01-20-2014 at 03:30 PM.
    Jimmy, crazy and roadhog like this.

 

 

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