National freight giant "Yellow Freight" facing a work stoppage and imminent bankruptcy.

[Blown 89]

Everyone in logistics saw this coming a while ago. They took a $700 million bailout last year and started criminal billing practices to generate income.

They charged all 50 of our 2022 shipments with bogus accessorial charges after lowballing RFQ's to generate sales. YRC literally held my largest customer's shipment hostage. They literally, word for word, told me that they would not release our shipment unless we paid them. The terminal then called my customer and demanded the money from them. Both of our lawyers got involved as well as the authorities. That was back in December. The packaging industry is starting to see a lot of this going on as businesses appear to be running narrower margins. **** them.

 

[Rb0891]

Same sure they could have invested elsewhere.. but we all “ assume “ the pension is the one guarantee. That’s WHY people take those jobs.

It’s BS these people get screwed. Further it’s BS that these ponzi schemes are still legal.

 

[SHIFTYBUSINESS]

Over the last 30-40 yrs all the union carriers have fallen. Yellow was showing signs years ago when the merged with Roadway Express in 2009 another failing union carrier. Looks like ABF will be the only one left as far as LTL goes. In my experience the union carriers cost more to use and took 1-2 days longer in transit times. Their equipment was always old and run down, trailers with patches for a floor. I feel bad for the drivers they are just regular working class guys who work hard.

The freight business is down bad this year and it's really a reflection on the Joe Biden economy. Not the only reason YRC went down but it was the final blow! FJB!

 

[Weather Man]

How about that classy union leadership who couldn't read the finance sheet. Oopsy!, sorry fellows! I doubt they will enjoy what happens to their pensions when the PBGC takes over.

 

[wundrbird]

My close friend works/worked for Yellow. We were talking about Yellow at noon. Yellow shut down operations today, and he and 30K other drivers are out of a job. They're filing for bankruptcy. That's going to ding the economy for sure.

Maybe not. I read a report today that said Yellow only carried about 7% of nationwide LTL freight. Hopefully that (and the employees!!) can be absorbed by other carriers that have been begging for help in the post-Covid, Bidenomics world.

 

[BlckBox04]

Over the last 30-40 yrs all the union carriers have fallen. Yellow was showing signs years ago when the merged with Roadway Express in 2009 another failing union carrier. Looks like ABF will be the only one left as far as LTL goes. In my experience the union carriers cost more to use and took 1-2 days longer in transit times. Their equipment was always old and run down, trailers with patches for a floor. I feel bad for the drivers they are just regular working class guys who work hard.

The freight business is down bad this year and it's really a reflection on the Joe Biden economy. Not the only reason YRC went down but it was the final blow! FJB!

Saia is moving east in a big way. They took over several old LTL facilities in our area

 

[VegasMichael]

The stock of Yellow was up 148% at the close today. I smell shenanigans.

 

[03cobra#694]

The stock of Yellow was up 148% at the close today. I smell shenanigans.

Interesting, just looked.

Yellow Corporation (YELL)​

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
1.7600+1.0531 (+148.97%)

 

[MG0h3]

Average daily volume of shares traded

2.5million

Today

148million

Back down 10% after hrs.

Might be some shorts covering since it’s so cheap.


Sent from my iPhone using svtperformance.com

 

[gimmie11s]

Teamsters took down anther, what used to be quality carrier.

I feel sad for the 30k workers affected by this.

Here’s something crazy. Rumor is there are still 15 THOUSAND shipments in their terminals and on trailers not yet delivered that will now be tied up in BK litigation for MONTHS.


Sent from my iPhone using svtperformance.com

 

[black4vcobra]

Wait until 300million have their SS cut to crumbs or effectively be useless due to hyper inflation.


Sent from my iPhone using svtperformance.com

39 YO myself but considering I've paid 12.4% of my income for most of my working life for the last 24 years, if SS is no longer there for me at 62 AND I have a terminal illness, I'll have some hard choices to make.

 

[03Sssnake]

39 YO myself but considering I've paid 12.4% of my income for most of my working life for the last 24 years, if SS is no longer there for me at 62 AND I have a terminal illness, I'll have some hard choices to make.

 

[black4vcobra]

View attachment 1803635

And, sometimes when things get really bad, it's the only option...

 

[svtfocus2cobra]

39 YO myself but considering I've paid 12.4% of my income for most of my working life for the last 24 years, if SS is no longer there for me at 62 AND I have a terminal illness, I'll have some hard choices to make.

View attachment 1803635

Don't think so small!

 

[03Sssnake]

Don't think so small!

View attachment 1803649

I probably won’t have that kinda balla money for a rampage… SVIED would be more in my budget.

 

[black4vcobra]

Don't think so small!

View attachment 1803649

Killdozer.

I salute Marvin Heemeyer for his actions.

I wish even 1% of our population possessed the balls he had.

 

[VegasMichael]

Average daily volume of shares traded

2.5million

Today

148million

Back down 10% after hrs.

Might be some shorts covering since it’s so cheap.


Sent from my iPhone using svtperformance.com

I also saw a lot of BS messages on Yellow stock chatboards saying the company had just been bought out by Knight-Swift and news was forthcoming. All nonsense.

 

[Weather Man]

I also saw a lot of BS messages on Yellow stock chatboards saying the company had just been bought out by Knight-Swift and news was forthcoming. All nonsense.

The only thing being bought will be the assets, the company is deader than dead.

 

[13COBRA]

Teamsters took down anther, what used to be quality carrier.

I feel sad for the 30k workers affected by this.

Here’s something crazy. Rumor is there are still 15 THOUSAND shipments in their terminals and on trailers not yet delivered that will now be tied up in BK litigation for MONTHS.


Sent from my iPhone using svtperformance.com

I have several intransit with them. It's wonderful.

It's kinda like your own personal lockbox...that you can't see, touch nor open...and you're waiting on it to show up.

 

[rborden]

Everyone in logistics saw this coming a while ago. They took a $700 million bailout last year and started criminal billing practices to generate income.

They charged all 50 of our 2022 shipments with bogus accessorial charges after lowballing RFQ's to generate sales. YRC literally held my largest customer's shipment hostage. They literally, word for word, told me that they would not release our shipment unless we paid them. The terminal then called my customer and demanded the money from them. Both of our lawyers got involved as well as the authorities. That was back in December. The packaging industry is starting to see a lot of this going on as businesses appear to be running narrower margins. **** them.

I read in 2021 after they took the $700M they decided to dump Roadway and get rid of the YRC name. Then started spending some of that money on rebranding all their tractors and trailers back to Yellow, along with handing out fat bonuses to the top corporate executives. They should all be facing criminal charges for fraud.

YRC Worldwide returns to roots as Yellow Corp.; LTL brands retain existing names - TheTrucker.com

OVERLAND PARK, Kan. — YRC Worldwide Inc. has changed its name to Yellow Corp., a nod to the company’s origins as Yellow Transit, and will be traded under

www.thetrucker.com