Hoffa’s Concessions Tycoon

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Over 25,000 freight Teamsters at YRC suffered wage and pension cuts since 2009, but their loss delivered big gains for one Hoffa appointee. Harry Wilson, a hedge fund tycoon appointed by Hoffa to the YRCW board, was paid a $5 million bonus when employees approved the concessions and a bank deal was consummated. YRCW paid Wilson $125,000 a month retainer and a $1.5 million bonus for his work on the company’s restructuring and concessions package—plus a $175,000 a year salary as Hoffa’s appointee to YRCW’s board. The $5 million concession bonus was icing on the cake.

CHECK THE FACTS: "YRC refinances $1.15 billion by closing on two 5-year loans", DC Velocity February 14, 2014. See also SEC filing by YRC, February 7, 2014.

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