The largest trucking bankruptcy in history | WHAT THE TRUCK?!?

[@kiethlowry2862]

Did yellow freight file bankruptcy in order to break the union contracts?

[@Akutukananu]

Good question 🧐

[@JimTomatore]

If by breaking union contracts you mean closing the company for good? Then sure. But more to your point, no this wasn't some underhanded tactic to drive out of break up the union. There's no scenario where this is a good outcome for anyone, even investors.

[@freedomworks3976]

Should have broke the union contracts a long time ago.

[@freedomworks3976]

@@JimTomatore they should have just sold the company to the union and then all the union members could have just complained to each other.

[@stevenmoore2514]

Sean O'Brien had the membership take a strike vote without knowing about the $11.00 per hour raise over the life of the contract which was offered. You must ponder haw many would have voted differently if they knew that. Over all freight volumes are down, that's why Yellow being on shakey financial ground went under . No single carrier is going to gain greatly. They will gain a few quality employees.

[@trainfan4evermiller721]

that offer never happen it was company propaganda

[@stevenmoore2514]

@@trainfan4evermiller721 Are you sure about that? Assuming you are correct it makes no sense to have a strike vote before negotiations begin, It is no secret to the company that the employees can strike. Its making an uniformed decision at best.

[@sdresden5393]

Labor Union leadership,..Vampires. Those that seek the greatest reward for the least amount of honor, integrity or effort based upon personal accountability,......are the "familiars" of the aforementioned.

[@richardwesthafer3769]

That was an empty gesture by Darren Hawkins and Company.They never planned on staying open.Update Darren Hawkins was so bad he couldn’t even keep a 4.5billion dollar revenue company going.Update as of today 6/5/2024 they still had freight in their system.Update Darren Hawkins lost a 3.6 million dollar job w bonuses for a 95 thousand dollar job

[@striker44]

There should be lawsuit against Yellow to recover the 700M in tax payers money.

[@heathherndon3389]

Never gonna happen

[@trey8050]

How are you going to file a lawsuit against a company that declaring bankruptcy?

[@JimTomatore]

You don't need a lawsuit to recover that money. That is the explicit job of the bankruptcy court to enable creditors to obtain as much of, if not all of, the money they are owed in an orderly process.

[@striker44]

@trey8050 The commenter above answered the question. The management of Yellow needs to be taken to court if they took any of the tax payers' money for themselves.

[@striker44]

@@JimTomatore looks like you are a lawyer or someone who intimately knows the process. Thanks for sharing your knowledge.

[@willowwillowy3635]

Anyone find out where all the money went, besides the upper management types getting multi mill packages? esg scores perhaps?

[@randyosborne3971]

Chapter 7 or Chapter 11 ???

[@flojo65]

Most these people on here have no clue about what they're talking about I was a roadway employee in Cincinnati before yellow bought the company roadway was running into the black, money good, pay good, benefits good, good contracts from my understanding yellow bought the company owing 800 million in debt and then two years later they buy TNT Holland Express 4 over a billion dollars so at this time they owe about three billion dollars to Banks and whoever else is invested in this company when they shut down terminals of roadway they started scrapping everything they could and I'm talkin rims brand new recap tires new parts on the part Shelf throw it in the garbage. This is stuff we were told to do. That's not counting the three and a half billion dollars we gave back in concessions. When I retired from there I wasn't even back up to the pay I was making in 2012. And I worked there 24 years. You can bet upper management took out millions of dollars from the company before they left. I just feel sorry for the 30,000 people on the street now. The real sad thing about this whole ordeal is it's hard to get employment from other trucking companies if you've been in a union I found out early in the program, after yellow bought roadway I started looking for a new job couldn't get hired. Even with all this experience I had, started as a mechanic in 1974. That's my rant for the day. Sorry to see you guys in Cincinnati and Indianapolis to lose your jobs. I worked 18 years in Cincinnati and 7 in Indianapolis. Gross mismanagement.😮

[@amels4620]

And I disagree about this trucking should be a open arms to all (26:44 mark)! It should be restricted to American citizens only! No other Country is receptive to "all" Americans!

[@americanfreedomlogistics9984]

one word … Icarus

[@mikeritter2979]

Go big or go home

[@NtDs90]

Rumor is ODFL is picking up quite a bit. Supposedly Yellows yard in SLC is already been either bid on or bought by ODFL.

[@IakonaWayne]

I’d say true and Tforce

[@DEADLIESTMAN1]

CNN fresh news, Yellow announced bankruptcy closing down forever after almost 100 years in business.

[@JimTomatore]

While I'm in no way defending Yellow and/or it's management, i have to say the union really failed to look out for the big picture best interests of it's members. Yellow warned them MONTHS ahead that this was coming if changes couldn't be made. And while i feel bad for all the sacrifices they claim to have historically made, i don't feel bad that they just sat back and let this happen without at least trying to negotiate (before it was terminally late). I mean, correct me if I'm wrong, but wouldn't it have been in their best interests for the company to continue to exist? Benefits? Pensions? Continued employment? I mean, even if the deal sucks, no one was being forced to stay at the company. And wouldn't you at least want to be able to say you tried and failed to reach an agreement instead of just turning your back on something you knew we coming? I'm neither pro- nor anti- union, but these days the big unionsv seem to treat companies ability to profit, and even their very existence, as an absolute given. But companies have their own lifecycles just like people. They're born, they grow, they mature and eventually they die out. Sometimes you have to adapt to a changing environment and sometimes you just have to accept the limits of your situation.

[@amels4620]

There will be more super size trucking companies following suit. With the new broker and shipper buddy team alliance, no one can win. No one!

[@alexrebmann1253]

Yellow had plenty of opportunities for changes, 15 years. Teamsters gave concessions and gov gave 700 million dollars loan.

[@juliofelix9182]

Hi Everyone,..? Are you guys getting phone calls from DISPATCHING SERVICES from the east coast...I get 10 calls a week

[@americanskeptic1559]

Crashing the trucker pay in America by flooding the market with unemployed drivers is genius.

[@nilebaker3729]

I'm a driver. I've gotten two raises in the last two years. The first was about 30%, the second one almost doubled my pay. My check this week was over 2500.00 dollars. It takes me less than 8 hours to even run it. But my company isn't union and I said I was gonna leave if they didn't increase the rates. Still can't quite believe it myself. Sleep in my own bed every night and make more than otr guys.

[@americanskeptic1559]

@nilebaker3729 that is pretty good money. I work about 2 weeks per month and make about the same thing monthly after cost of operations. There's a lot of way to get it in America, but it does feel like there is a force trying to make it more difficult

[@nilebaker3729]

@@americanskeptic1559 I don't disagree with your first comment. I just still have a hard time believing it finally happened for me. It's like, what's the catch, you know.

[@frankciercielli127]

Estes Express will Also Benefit !!

[@ramtough4384]

Don't forget Old Doninion, R&L carriers, and Duie Plyle in the NE. Many company's will benefit from Yellow's misfortune.

[@bigd771]

Estes owns a lot if the yellow terminal already. Yellow sold them to Estes I think It was in 08 and yellow was paying Estes rent . So they can sale the terminals

[@RedRedred-ld4pb]

Evil union broke yellow.

[@alexrebmann1253]

Who?

[@NtDs90]

Top executives and the union leaders are to blame.

[@Maximum1138]

@@NtDs90 Yep

[@Hoodiesnipe]

​@@NtDs90absolutely

[@kipleonard282]

Hahaha..Merica!!! Looks good on yas....

[@hectorramos5167]

Teamster president Sean O’Brien and yellow freight sold out 30,000 jobs shame on them

[@richardwesthafer3769]

Actually we were sold out by the prior Teamster Administration