It will be the largest trucker bankruptcy ever, and taxpayers are owed $700 million and own 29.6 percent of the shares. From Wolf Richter at wolfstreet.com:
Executive officers, directors, and Teamsters benefited from the bailout. So get it over with, finally.
Yellow Corporation – formerly YRC Worldwide, the recipient of a $700-million taxpayer bailout in July 2020 that has been condemned in maddening detail by the Congressional Oversight Commission – told laid-off non-union employees on Friday in a memo that the company, including its subsidiaries, is “shutting down regular operations on July 28” and that it is “closing and/or laying off employees at all of its locations, including yours,” and that their employment “will permanently terminate” on July 28, 2023, or within 14 days after the separation date.
US taxpayers, in addition to being owed $700 million, also hold 29.6% of the shares of Yellow [YELL], which on Friday closed at 71 cents. The shares will be wiped out in a bankruptcy filing, though they may continue to trade over the counter and maybe get the meme-stock crowd excited for a while.
On Friday, sources told The Wall Street Journal that Yellow could file for bankruptcy as soon as this week – it would be the biggest trucking company collapse in the US – and that customers were leaving the carrier. Earlier in the week, it was reported that Yellow had stopped picking up freight.
Union=Commie.
If property is theft then you’ll own nothing and be happy.
The bugs are to destroy your immune system, the pods are to destroy your soul.