August 8, 2013: Reports indicate that YRC executives have asked Hoffa and Freight Director Tyson Johnson for a two-year extension to the present five-year deal, with a wage and pension freeze extending until 2017. And Hoffa's appointee to YRC's board, Harry Wilson, is trying to broker the deal.
An August 7 press release, following YRC's second-quarter earnings announcement, referred to a potential refinancing of debt arranged by Credit Suisse and the Maeva Group. This announcement was tucked away under the heading "Other."
But Credit Suisse is apparently looking for a longer term deal with the Teamsters before they extend credit.
Maeva's CEO is Harry Wilson, who already has made over $5 million advising YRC, so Hoffa's appointment has been very lucrative for him. And he has millions of more reasons to keep the deals rolling.
Are informal talks being held with YRC about a contract deal? We think if such talks could lead to a proposed contract extension, then members should be informed and consulted. YRC members have sacrificed plenty to keep the company operating—they shouldn’t have to give away all their union rights to secret deals with hedge fund millionaires.