The exact same 15% wage reduction was presented to all ABF employees after YRC was approved. The vote was NO.
I've been following ABF not just a few months but for about 3 years. I know this company and the employees and have a good idea of what is going to happen in the future.
ABF is now a holding company. It is not the "good old boy" trucking company it once was.
Holding companies have 2 objectives. First and foremost is to put money in the executive boards pocket. Secondly, is to raise the stock price if it is a publicly traded company. Everything else is expendable.
What I've learned over many years is this. Transportation companies (especially trucking companies) are all corrupt. I could write a book on this.
I never buy and hold trucking companies. I trade them only when they are vulnerable. Shorts, Puts, Calls, and the stock. When the run is over, I sell all. I've never lost yet. This is the reason I'm here. I take no prisoners where the stock market is concerned.
It's no skin off me regardless of which way this contract goes but I will play this to the bitter end.
