New Yellow forum

[unionman]

Truly sad but not unexpected. Remember when you would only drive a mile or two on the interstate and about every other truck would be a Roadway or Yellow or CF. It doesn’t seem like that long ago to me but I guess it has been a while. Remember when Freighthaulers stopped at the mom and pop restaurants and everybody from different companies sat at the round table together. Remember when drivers would actually stop and sit down and eat a meal instead of getting the fast food to go. Remember when you didn’t see piss bottles laying along the side of roads , rest areas or get on or get off ramps on the interstate. Man do I sound old. But I sure remember those days.

[1484-1075]

Just doesn't seem possible that Yellow/YRC could dismantle and destroy all the extremely profitable companies without having some sort of ulterior motives.All of this done without concern for the averaqge working man and families. Shameful to say the least.

[wizard]

Just doesn't seem possible that Yellow/YRC could dismantle and destroy all the extremely profitable companies without having some sort of ulterior motives.All of this done without concern for the averaqge working man and families. Shameful to say the least.

Ulterior motives?...Yes....Greed...Hubris...Mismanagement.. .Stupidity...Negligence...Incompetence...and of course all that leads to....''DEBT''....This didn't happen overnight,decades in the making...For years all Yellow was doing was 'kicking the can down the road',meanwhile their corporate executives were pocketing $Millions while destroying profitable companies and thousands of good Union Teamster jobs,as well as good non-union jobs...Roadway...USF...Preston...Jevic...Reddaway. ..Holland...New Penn(leave anybody out)...For decades NP was one of the most profitable freight companies in the industry,incredibly well run company with an annual OR in the low 70s,think about that!!!!...Destroyed by Yellow!!!!

All started with Zollars,and that POS walked away with a cool $12 million compensation package...Tell me,how many top YRC/Yellow corporate executives took a pay cut through the years,while the Teamster rank and file were giving back $Millions in concessions?...How Many?...And to save the company ''AGAIN''....They wanted ''more concessions''!!!!!...and O'Brien's the bad guy?

https://www.freightwaves.com/news/ye...-in-the-making

[Terri Yaki]

Truly sad but not unexpected. Remember when you would only drive a mile or two on the interstate and about every other truck would be a Roadway or Yellow or CF. It doesn’t seem like that long ago to me but I guess it has been a while. Remember when Freighthaulers stopped at the mom and pop restaurants and everybody from different companies sat at the round table together. Remember when drivers would actually stop and sit down and eat a meal instead of getting the fast food to go. Remember when you didn’t see piss bottles laying along the side of roads , rest areas or get on or get off ramps on the interstate. Man do I sound old. But I sure remember those days.

I remember all of that. Truck drivers were respected and revered as the guardians of the highways too. Paid well, respected and treated well. All of that has long turned to shit and that is why we are where we are in the industry. Don't bother changing the conditions, lower the standards for the job and hire those who will work for those standards. Then bitch about the service and the quality of the worker.

The Teamsters gave too much for too long, they should have put that horse out of its misery long ago. Instead, they diminished the pay and benefits for all drivers for the sake of keeping them alive. Have to keep that dues money flowing.

[unionman]

Ulterior motives?...Yes....Greed...Hubris...Mismanagement.. .Stupidity...Negligence...Incompetence...and of course all that leads to....''DEBT''....This didn't happen overnight,decades in the making...For years all Yellow was doing was 'kicking the can down the road',meanwhile their corporate executives were pocketing $Millions while destroying profitable companies and thousands of good Union Teamster jobs,as well as good non-union jobs...Roadway...USF...Preston...Jevic...Reddaway. ..Holland...New Penn(leave anybody out)...For decades NP was one of the most profitable freight companies in the industry,incredibly well run company with an annual OR in the low 70s,think about that!!!!...Destroyed by Yellow!!!!

All started with Zollars,and that POS walked away with a cool $12 million compensation package...Tell me,how many top YRC/Yellow corporate executives took a pay cut through the years,while the Teamster rank and file were giving back $Millions in concessions?...How Many?...And to save the company ''AGAIN''....They wanted ''more concessions''!!!!!...and O'Brien's the bad guy?

https://www.freightwaves.com/news/ye...-in-the-making

Very well articulated and very true!

[unionman]

I remember all of that. Truck drivers were respected and revered as the guardians of the highways too. Paid well, respected and treated well. All of that has long turned to shit and that is why we are where we are in the industry. Don't bother changing the conditions, lower the standards for the job and hire those who will work for those standards. Then bitch about the service and the quality of the worker.

The Teamsters gave too much for too long, they should have put that horse out of its misery long ago. Instead, they diminished the pay and benefits for all drivers for the sake of keeping them alive. Have to keep that dues money flowing.

I left there five years ago was very hard to do having very good seniority, but now I wish I had done it sooner. If I had stayed, I would’ve been the 60 year old out of a job, and that’s exactly what I have been saying about that place that’s who I did not want to be but I sure feel sorry for everybody that stuck around. That’s a lot of jobs down the shitter.

[crazy]

Just doesn't seem possible that Yellow/YRC could dismantle and destroy all the extremely profitable companies without having some sort of ulterior motives.All of this done without concern for the averaqge working man and families. Shameful to say the least.

I do believe that the dismantling of YRC started with when Zollars went on his buying spree.. Thankfully he was never able to purchase ABF.. All in the long plan to dismiss the union out of LTL freight..

[crazy]

[unionman]

So it looks like at least they’re getting their last check. Where is Jimmy did he retire? I haven’t seen much from him on here lately.

[unionman]

So it looks like at least they’re getting their last check. Where is Jimmy did he retire? I haven’t seen much from him on here lately.

Jimmy must have gone down with the Yellow submarine.

[crazy]

First it was Old Dominion then Estes trying to get all the terminals and now Jack Cooper has put in a $2 billion dollar bid for the whole company with plans to reopen it...Jack Cooper's bid is getting some traction with a few senators from both sides getting in on the push.. All has to do with getting the maturity date of the $700 million dollar Government loan pushed back till 2026.. This may get interesting

Jack Cooper Making $2 Billion Bid for Bankrupt Yellow

Move Could Salvage Many of the 30,000 Jobs Lost

Jack Cooper Transport is reportedly making a nearly $2 billion bid to snatch up the assets of Yellow, the trucking firm that collapsed in late July and filed for bankruptcy.

The proposed purchase by the Kennesaw, Ga.-based auto transport and logistics company, which is getting bipartisan support on Capitol Hill as well as behind-the-scenes lobbying by the Teamsters, could salvage many of the 30,000 mostly union jobs lost when Yellow shut down amid accusations of financial mismanagement.

The failed company had operated nationally, accounting for between 7% and 10% of the market. In Georgia, about 850 Yellow drivers had worked for Yellow.


Jack Cooper Transport, a 95-year-old company, provides vehicle hauling and many other logistics services. Its largest customers are General Motors, Ford and Stellantis. The company is owned by the Riggs family, which acquired it from Jack Cooper’s grandson, Thom Cooper Jr.

Sarah Riggs Amico is executive chair of the company’s board. Her father, T. Michael Riggs, is chief executive of the company.

Officials of both the Teamsters and Jack Cooper declined requests for comment.

But Reuters has reported that Amico and other company officials have asked Biden administration officials to support the purchase. Critical to that support is the handling of debt that Jack Cooper would inherit from Yellow. The deal is valued at roughly $2 billion, Reuters reported.

Image

Jack Cooper Transport, a 95-year-old company, provides vehicle hauling and many other logistics services. (Jack Cooper Holdings Corp.)

The immediate cause of Yellow’s breakdown was seen as its inability to refinance $1.3 billion in debt, which included a $700 million pandemic-assistance loan it received from the federal government in 2020. At the time, Sean O’Brien, Teamsters president, harshly criticized Yellow management for failing despite that huge loan in addition to concessions from union workers. He called it “a sad day for workers and the American freight industry.”

But now, that government loan is a pivotal factor in Jack Cooper’s bid.

The pandemic-spurred loan is due next September. To make the purchase of the moribund company more attractive, Jack Cooper is reportedly asking that the U.S. Department of the Treasury extend the deadline for repaying that loan until 2026.

Two letters from U.S. senators have been sent to Treasury Secretary Janet Yellen, arguing that a two-year extension is a smart move both for taxpayers and the overall economy.

“If this loan were to go through bankruptcy, $700 million worth of taxpayer dollars would be essentially wasted,” wrote Sen. Roger Marshall (R-Kan.). The purchase “would provide an ample opportunity to have this loan repaid and the taxpayers made whole again.”

Another letter signed by Sen. Sherrod Brown (D-Ohio) also endorsed the deal as a way to pay off Yellow’s creditors and taxpayers while preserving good-paying union jobs.

Yellow had revenues of about $5 billion and made roughly 50,000 deliveries a day.

Want more news? Listen to today's daily briefing above or go here for more info

So Yellow’s failure has added to costs of shipments to companies and consumers, Brown wrote, and its revival would reverse that, while also smoothing supply chains.

“At the end of the day, there are thousands of American families that want to see the company’s doors reopen,” he wrote. “Treasury needs to be clear-eyed that union families and the strength of our economy rely on jobs like the ones that were lost.”

That letter was co-signed by six other senators, five Democrats and Bernie Sanders (I-Vt.).


https://www.ttnews.com/articles/jack-cooper-bid-yellow

[unionman]

I read that earlier today seems like the yellow cat has more lives

[crazy]

I have read on Facebook from different guys that they have received phone calls from their local asking if they would be interested in coming back.. I don't have a lot of faith on what people post on social media but I do hope there is some truth to it..

[unionman]

What’s the latest? Is it gonna happen?

[crazy]

What’s the latest? Is it gonna happen?

I have read they have till around the 28th to make a decision.. Lots of politicians calling treasury backing a plan to delay payment on the 700 million dollar loan to the government that is due next year It is on the Biden administration now.. Remember who he brags that he is the most union president in history.. Time to put up or shut up..