Jack Cooper logistics and Hansen

Let's not act like for a second my pension isn't affected as well. The lack of organizing and mismanagement of the CSPF is a whole different story. Cooper and Cassens can't be held responsible for the pension fund they paid into it. Like it or not that's the IBT.

 

Back in the day I was a member of local 705 Chicago's independent truck drivers Union they went bust back in 2003 and we joined up with local 710 , we had guys that was 6 months away from retirement from 705 . they were SOL.

 

I'll dig tomorrow, see if I can figure where I saw it. Too wiped right now

 

I misread what it exactly said:

Not that they will be unable to make loan payments, but that they won't be able to fully pay off a short-term loan and will need to refinance. Not a default, but still an indication that all is not rosy in JCT's world. Since Moody's initial assignment of a Corporate Family Rating of B2 in June 2013, they have been downgraded twice, an indication that the analysts believe that Cooper still has issues to resolve relating to operational inefficiencies.

https://www.moodys.com/research/Moo...orate-Family-Rating-to-Caa1-Senior--PR_325288

 

I also hate that some of my 27 +years in Central States will not be paid at 100%. My 10 years at Ups won't be cut, but my C.F. and carhaul years will be cut. However I am a realist and in my nearly 30 years in trucking, I have seen more Union carriers go out of business that I can count. A pension fund simply can not sustain itself for long when it has a small fraction of members actively contributing to a group of retires. It sucks but times have changed and if Central States is going to survive if has to make cuts. This should be a wake up call to the younger members to save as much as you possibly can in your 401k. I have always planned for my retirement checks to be much smaller than what I will be able to receive from my 401K. If the pension survives great, if not I will still have a financially secure retirement!

 

Go to this link: nmata-master-2015-final.pdf. This was the new master contract that JC Drivers voted down in October 2015 if I'm not mistaken. The agreement for Jack Cooper begins at the bottom of page 12 and then read page 13, section 4 (A) and (B).This is where the specific language is in regards to Jack Cooper acquiring a non-union carrier. I'm currently a Hansen Adkins driver and have been hearing about this since July of 2015 but then when the new contract was rejected in October, all the talk of JC acquiring Hansen Adkins quieted down quite a bit.

 

Sorry, here is the correct (entire) link: https://teamster.org/sites/teamster.org/files/nmata-master-2015-final.pdf

 

I still believe that Jack Cooper is going to acquire Hansen & Adkins. There have been alot of changes at H & A over the last year. Some of those changes mirror how JC operates so we'll see what happens now that were in the new year. I think that JC was hoping to sneak the new contract by everyone under the radar, hoping the JC drivers would approve it and therefore would of fast tracked the process of acquiring H & A but when the JC drivers overwhelmingly rejected it things have gotten awfully quiet since the contract was voted down and I think that threw a wrench in JC's plans. Just my two cents worth.

 

T

 

United Road would be a more likely suitor for Hansen and Adkins. An acquisition would give URS the greater scale and geographic reach they sought by acquiring Waggoners. Their investment bank owners have deep pockets to make it happen, while Jack Cooper is still trying to get profitable after the Allied acquisition.