Yellow Freight closure thread

What surprises me is how non chalant and quiete yellow is about the whole thing ...like it's no big deal.

 

That’s some bs right there. Bet mgmt still has theirs. Atleast the big wigs do. And they’re big paycheck and bonus’s

 

There is no vote as it is a violation of the NMFA contract.
Was put out to all locals with Yellow freight members.
Central states fund is the only fund that has notified its members.
Where do the rest of the funds stand ?
This is what happened back in the 80s with Interstate Motor Lines ( IML ) and their final day in business.

 

And now they have authorized a strike. My business agent better make an appearance. He's got some explaining to do why we hear about this on the internet third hand.

 

Huh? What is this?

 

What I mean is everytime something bad happens, we find out through TTR or our Facebook groups. Management and the union is keeping everyone in the dark.

 

No real surprise since most people are incompetent these days.

 

What the hell is there left to strike for ?

 

Well, here's a pretty good article that sums it up.........

The Teamsters union has threatened to strike by Monday if this is not resolved and the pension contributions remain in default. The company owes $50 million, a large sum for a company in financial distress. Yellow currently has in excess of $100 million in cash reserves, according to an 8-K filed on July 7.
Once a strike takes place, Yellow’s revenue would drop to almost zero, as almost all of its revenue is dependent upon union labor. And it is unlikely that it could recover, short of an improbable government bailout. The cash burn would be insurmountable and the company would be forced into bankruptcy within days or weeks.

How Yellow bankruptcy could slam trucking - FreightWaves

Even if LTL networks get stretched (Yellow represents an estimated 10% of the total LTL volume), shippers will find plenty of linehaul capacity to purchase from the truckload industry.

Exactly what I said previously.......everything pushes
(my words italics....everything else from the article)

 

Trying to get as much of whatever cash is left into the pension fund. I would guess there is a loan payment coming due in a few weeks, and if the cash goes there then the workers have zero chance of seeing a dime. If they strike before the payment I THINK the have more leverage. Labor law isn't really my bit, and I haven't read the contract so this is a guess.

And/or force the issue instead of being toyed with over the next six months.