YRC Worldwide Inc (YRCW)

[MagicCap]

I don't know if you guys got a chance to listen to these two calls, done on the same day by Stephanie Fisher and Jeff Rogers...Fisher sounds kind of nervous...she was a last second fill-in for Jamie Pierson who was sick:

http://investors.yrcw.com/index.cfm

Anyway, some good stuff on there. On the BB&T presentation, on the 2nd or 3rd question the topic of debt and how they're going to repay it comes up. I found the discussion really interesting and it gives me confidence that these guys are getting things geared up for a nice 2013 and 2014. they are clear to say they are overleveraged but that they have some things in the works and they have breathing room to just focus on execution because there are no major debt deadlines looming. they also talked about pension reform and how even though they don't know what the impact will be they're pretty sure it will be at least neutral if not positive for them. this will happen in 2014/5.

i was also digging around more and saw they just did a deal with this company MAEVA, which is a company that specializes in turnarounds.
http://www.sec.gov/Archives/edgar/data/716006/000071600613000003/yrcw-20121231xex1037.htm

"As set forth more fully below, MAEVA will advise the Company with regard to one or more potential value enhancing events, transactions and/or strategic initiatives involving the Company." I wonder if this is what they were hinting at as far as some ways to reduce leverage in the near term. There was a portion of one of these calls...can't remember which one...that talked about some things they're looking at in terms of cutting costs on their long hauls, if memory serves me right. I have to listen again because I just remember making a mental note of it when I was listening and then I came across this and started putting 2 and 2 together...

anyway, the founder of this company is Harry J. Wilson who was involved in numerous turnaround / restructuring events including GM/Chrysler (he was on that auto task force thing back in 2009), Hostess, and he was involved in the restructuring of YRCW in 2011. here is his background:
http://www.teamster.org/sites/teamster.org/files/Wilson_Report_as_Filed_Redacted_(00216121)_c.PDF

i don't know what kind of value enhancing events they are considering but I also noticed when i looked at the insider buys/sells that Harry Wilson bought about 10,000 shares of the company on the open market back at the end of August:
http://finance.yahoo.com/q/it?s=YRCW+Insider+Transactions

this guy has had access to the company's books and specializes in turnarounds so i think it's at least a small vote of confidence.