99-year old trucking company Yellow shuts down, putting 30k out of work
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Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#2So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#3So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
They walk away with the profit because that's how this country works. Business owners have little to no risk when the company gets large enough.
Edit: YELLOW is publicly traded and is going into bankruptcy. They posted positive earnings and their CEO got his bonuses last year.
I'll let you all guess whether their leadership team gets their full comp for 2023 or not, while all the employees are told to pound sand.
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#4So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
Yellow is a publicly-traded company. Shareholders are wiped out…such is the risk of investing
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#5So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
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Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#6So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
Seems it gets worse than that:
"In April 2022, Democrats on the Congressional Select Subcommittee on the Coronavirus released a report claiming the loan violated the terms of the CARES Act, and that it resulted from lobbying and close connections with former US president Donald Trump. YRC reportedly got the loan on national security grounds, over the objections of the Defense Department that the company's services could be replaced by better providers, and that the company was in the middle of a False Claims Act in which it was accused of overbilling the government and making false statements."
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#7So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
They went to zero.
https://www.google.com/search?q=yellow+trucking+stock&rlz=1C...
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#8I hope there will be a HBR or some other case study done on Yellow, because the interplay between bad loans + union demands + poor management seems like something US businesses need to be more prepared for.
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#9So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
Are there likely Golden Parachutes in this scenario?
Re: 99-year old trucking company Yellow shuts down, putting 30k out of work
#10So 30000 people lose their job and the US taxpayer is out more than $700 million in loan guarantees. The only question remaining is how much money do the owners of the company walk away with?
Not defending how our stuff is set up, but it would be interesting to know how much taxes Yellow paid over it's lifetime. Excluding taxes paid by employees.