via that legislation as they prepare to fold shop tomorrow? I don't think so.
"On behalf of nearly 40,000 YRC Worldwide employees, we wish to thank Representatives Pomeroy and Tiberi for recognizing that these costs represent a huge, hidden tax on large and small businesses that are unfairly shouldering this burden," said Bill Zollars, Chairman, President and CEO of YRC Worldwide. "We are hopeful that Congress will take swift action to resolve this inequity and protect the jobs and pensions of hard working Americans, retirees and their families."
Of course a CEO would make these types of comments about pending legislation that impacts his industry when asked for comments even if his company was on the brink of “folding.”.
He has a fiduciary responsibility to ALL of his company’s shareholders… unless a broad announcement available to the public via a PR or similar, they will remain generally positive or at least optimistic.
Do you think he would say, “I don’t really care about any pending legislation… we are going to announce termination of operations tomorrow.”
Of course not.
I still remember CF making all types of announcements about exciting new business contracts, etc. very shortly before they closed the doors.
Not predicting anything here, just stating that, especially with this CEO, you must take his statements with a grain of salt.
If crap was going to hit the fan tomorrow it is my opinion he would have kept his yap shut and maybe incorporated some comments re the proposed legislation in their release or during the CC. He had no fiduciary responsibility to comment on the legislation tonight.
Like what? What surprise are you talking -- I mean hoping for? Making money? Really.....get honest with yourself, if you survive it will take a lot longer than one quarter, you may not see a profit for a while. So what surprise are you hoping for?
Believe it or not blc, the surprise a lot of the pumpers are talking about really is positive earnings.
The only surprise will be that after eliminating all of their contracted pension payments, union folks taking another pay reduction (now up to 15%), closing literally hundreds of facilities, laying off thousands of employees, and cutting non-union benefits….
They will still have massive losses.
As I said quite some time ago, the most entertaining thing for me will be listening to the spin Billbo the clown puts on these results.