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dontmeantobepoliticalbut · 9 months

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Three years after receiving a $700 million pandemic-era lifeline from the federal government, the struggling freight trucking company Yellow is filing for bankruptcy.

After monthslong negotiations between Yellow’s management and the Teamsters union broke down, the company shut its operations late last month, and said on Sunday that it was seeking bankruptcy protection so it could wind down its business in an “orderly” way.

“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” the company’s chief executive, Darren Hawkins, said in a statement. Yellow filed a so-called Chapter 11 petition in U.S. Bankruptcy Court in Delaware.

The downfall of the 99-year-old company will lead to the loss of about 30,000 jobs and could have ripple effects across the nation’s supply chains. It also underscores the risks associated with government bailouts that are awarded during moments of economic panic.

Yellow, which formerly went by the name YRC Worldwide, received the $700 million loan during the summer of 2020 as the pandemic was paralyzing the U.S. economy. The loan was awarded as part of the $2.2 trillion pandemic-relief legislation that Congress passed that year, and Yellow received it on the grounds that its business was critical to national security because it shipped supplies to military bases. Government watchdogs have scrutinized the loan because of the company’s financial turmoil and close ties to the Trump administration, which awarded the loan.

Since then, Yellow changed its name and embarked on a restructuring plan to help revive its flagging business by consolidating its regional networks of trucking services under one brand. As of the end of March, Yellow’s outstanding debt was $1.5 billion, including about $730 million that it owed to the federal government. Yellow has paid approximately $66 million in interest on the loan, but it has repaid just $230 of the principal owed on the loan, which comes due next year.

The fate of the loan is not yet clear. The federal government assumed a 30% equity stake in Yellow in exchange for the loan. It could end up assuming or trying to sell off much of the company’s fleet of trucks and terminals. Yellow aims to sell “all or substantially all” of its assets, according to court documents. Mr. Hawkins said the company intended to pay back the government loan “in full.”

The White House declined to comment.

Yellow estimated that it has more than 100,000 creditors and more than $1 billion in liabilities, per court documents. Some of its largest unsecured creditors include Amazon, with a claim of more than $2 million, and Home Depot, which is owed nearly $1.7 million.

Yellow is the third-largest small-freight trucking company in a part of the industry known as “less than truckload” shipping. The industry has been under pressure over the last year from rising interest rates and higher fuel costs, while customers have been reluctant to accept higher prices.

Those forces collided with an ugly labor fight this year between Yellow and the Teamsters union over wages and other benefits. Those talks collapsed last month and union officials soon after warned workers that the company was shutting down.

After its bankruptcy filing, company officials placed much of the blame on the union, saying its members caused “irreparable harm” by halting its restructuring plan. Yellow employed about 23,000 union employees.

“We faced nine months of union intransigence, bullying and deliberately destructive tactics,” Mr. Hawkins said. The Teamsters union “was able to halt our business plan, literally driving our company out of business, despite every effort to work with them,” he added.

In late June, the company filed a lawsuit against the union, asserting it had caused more than $137 million in damages by blocking the restructuring plan.

The Teamsters union said that Yellow’s executives unjustly blamed the union for the demise of the company, which had been “plagued with financial trouble for nearly two decades,” officials said in a statement.

“Teamster families sacrificed billions of dollars in wages, benefits and retirement security to rescue Yellow,” said Sean O’Brien, the union’s general president. “The company blew through a $700 million government bailout.” Calling Yellow’s top executives “dysfunctional” and “greedy,” he blamed them for failing to “take responsibility for squandering all that cash.”

The bankruptcy could create temporary disruptions for companies that relied on Yellow and might prompt more consolidation in the industry. It could also lead to temporarily higher prices as businesses find new carriers for their freight.

“Those inflationary prices will certainly hurt the shippers and hurt the consumer to a certain extent,” said Tom Nightingale, chief executive of AFS Logistics, who suggested that prices would probably normalize within a few months.

In late July, Yellow began permanently laying off workers and ceased most of its operations in the United States and Canada, according to court documents. Yellow has retained a “core group” of about 1,650 employees to maintain limited operations and provide administrative work as it winds down. Yellow said it expected to pay about $3.4 million per week in employee wages to operate during bankruptcy, which “may decrease over time.” None of the remaining employees are union members, the company said.

The company also sought the authority to pay an estimated $22 million in compensation and benefit costs for current and former employees, including roughly $8.7 million in unpaid wages as of the date of filing.

Yellow had readily accessible funds of about $39 million when it filed for bankruptcy, which it said would be insufficient to cover its wind-down efforts, and it expected to receive special financing to help support the sale process and payment of wages.

Jack Atkins, a transportation analyst at the financial services firm Stephens, said that Yellow’s troubles had been mounting for years. In the wake of the financial crisis, Yellow engaged in a spree of acquisitions that it failed to successfully integrate, Mr. Atkins said. The demands of repaying that debt made it difficult for Yellow to reinvest in the company, allowing rivals to become more profitable.

“Yellow was struggling to keep its head above water and survive,” Mr. Atkins said. “It was harder and harder to be profitable enough to support the wage increases they needed.”

David P. Leibowitz, a Chicago bankruptcy lawyer who represents several trucking companies, said Yellow had found itself in a “perfect storm, and they have not managed that perfect storm very well.”

The company’s financial problems fueled concerns. It lost more than $100 million in 2019 and was being sued by the Justice Department over claims that it defrauded the federal government during a seven-year period. Last year it agreed to pay $6.85 million to settle the lawsuit.

Congressional oversight committees have scrutinized the company’s relationships with the Trump administration. President Donald J. Trump tapped Mr. Hawkins to serve on a coronavirus economic task force, and Yellow had financial backing from Apollo Global Management, a private equity firm with close ties to Trump administration officials.

Democrats on the House Select Subcommittee on the Coronavirus Crisis wrote in a report last year that top Trump administration officials had awarded Yellow the money over the objections of career officials at the Defense Department. The report noted that Yellow had been in close touch with Trump administration officials throughout the loan process and had discussed how the company employed Teamsters as its drivers.

In December 2020, Steven T. Mnuchin, then the Treasury secretary, defended the loan, arguing that had the company been shuttered, thousands of jobs would have been at risk and the military’s supply chain could have been disrupted. He predicted that the federal government would eventually turn a profit from the deal.

“Yellow had longstanding financial problems before the pandemic, was not essential to national security and thus should never have received a $700 million taxpayer bailout from the Treasury Department,” Representative French Hill, Republican of Arkansas and a member of the Congressional Oversight Commission, said in a statement. “Years of poor financial management at Yellow has resulted in hard-working people losing their jobs.”

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transparentgentlemenmarker · 1 year

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WOW - The Moderna and Pfizer Covid 19 vaccines are NO LONGER AUTHORIZED for use in the United States. They must be finding more and more side effects. Who else is thankful they stood strong and didn’t get the jab? ✋

April 18 2023

#coronavirus usa #vaccine #covid vaccine #covid 19 new york

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uchidachi · 1 year

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What? Nypd wants mandatory non-masking? Or at least mandatory exposing yourself to coronavirus long enough for your photo to be taken on cctv 🤨 also there’s a non-trivial population of women who veil in nyc and it’s hard to not see any proposed rules on this as targeted too

#new york city #covid 19 #coronavirus #local news

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eretzyisrael · 2 years

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Good News From Israel

In the 18th Sep 22 edition of Israel’s good news, the highlights include:

Israeli scientists can detect pancreatic cancer with a blood test.

Israel is top of the global

Israeli technology streams video simultaneously to millions of viewers.

An Israeli startup makes vegan meat from “used” vegetable oil seeds.

New York awarded $1 million to an Israeli energy company.

The movie Captain America 4 will feature an Israeli superhero.

A rare Judean “Freedom” coin has returned to the Jewish State.

See also:

#news #new york state government is a shitshow #new york state #government corruption #coronavirus #covidー19 #kathy hochul

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saulcastillo · 2 years

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EXTRA! es una sección mensual que recopila los mejores diseños en las páginas de la prensa nacional e internacional, con publicaciones que no han aparecido con anterioridad en el blog.

En la recopilación de mayo destacamos (de arriba a abajo y de izquierda a derecha):

Arrancamos el EXTRA! de mayo a contrarreloj antes de que finalice junio con dos excelentes dobles páginas que pudimos disfrutar el pasado mes: a la izquierda, sobre los juicios en Francia por los atentados de París del 13-N, con las ya tradicionales ilustraciones judiciales de Le Monde (1), un trabajo de Sergio Aquindo para el diario del 22-23 de mayo. El mismo día, a la derecha, pudimos descubrir quién era en realidad Roland Garros (2), en una doble del Primera Plana de Marca, con infografía de Sofía Valgañón.

Saltamos a otras dos dobles vocentiles, en este caso sobre cómo ahorrar en calefacción por el aislamiento térmico de los hogares (3), en un gráfico de Isabel Toledo que pudimos ver en el extremeño Hoy; o una inmersión en la Estación Espacial Internacional (4), con un trabajo de Ignacio Sánchez en El Correo. Ambos se publicaron el 8 de mayo.

Nos vamos a continuación a EE.UU. para analizar cómo se siente cuando la gente actúa como si la COVID hubiera terminado (5), en una página ilustrada por Aubrey Hirsch para el Time vol. 199 #17-18 del 9-16 de mayo. A la derecha, la brutal portadilla del New York Times tras el tiroteo de Uvalde (6), en una de esas páginas que corta la respiración publicada el día 29.

Volvemos a Marca para disfrutar de una de esas previas del Giro que tanto nos gustan (7), en otra doble de Sofía Valgañón publicada el 6 de mayo.

Cerramos el EXTRA! con esta triste pero bella página de pajarillos extinguidos en España (8), que pudimos ver en La Vanguardia el pasado 22 de mayo.

… Más EXTRA! · 2015: septiembre · octubre · noviembre · diciembre | 2016: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2017: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2018: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2019: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2020: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2021: enero · febrero · marzo · abril · mayo · junio · julio · agosto · septiembre · octubre · noviembre · diciembre | 2022: enero · febrero · marzo · abril

#EXTRA!#infografía #ilustraciones #le monde #marca #deportes #el correo #medios regionales #time #coronavirus #the new york times #la vanguardia #medios internacionales

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thoughtportal · 2 years

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Getting the Covid-19 vaccine or a booster shot can be cause for celebration, which for some might mean pouring a drink and toasting to their new immunity. But can alcohol interfere with your immune response?

The short answer is that it depends on how much you drink.

There is no evidence that having a drink or two can render any of the current Covid vaccines less effective. Some studies have even found that over the longer term, small or moderate amounts of alcohol might actually benefit the immune system by reducing inflammation.

Heavy alcohol consumption, on the other hand, particularly over the long term, can suppress the immune system and potentially interfere with your vaccine response, experts say. Since it can take weeks after a Covid shot for the body to generate protective levels of antibodies against the novel coronavirus, anything that interferes with the immune response would be cause for concern.

“If you are truly a moderate drinker, then there’s no risk of having a drink around the time of your vaccine,” said Ilhem Messaoudi, director of the Center for Virus Research at the University of California, Irvine, who has conducted research on the effects of alcohol on the immune response. “But be very cognizant of what moderate drinking really means. It’s dangerous to drink large amounts of alcohol because the effects on all biological systems, including the immune system, are pretty severe and they occur pretty quickly after you get out of that moderate zone.”

Moderate drinking is generally defined as no more than two drinks a day for men and a maximum of one drink a day for women, whereas heavy drinking is defined as four or more drinks on any day for men and three or more drinks for women. Keep in mind that one “standard” drink is considered five ounces of wine, 1.5 ounces of distilled spirits, or 12 ounces of beer.

Some of the first concerns about alcohol and Covid vaccination began circulating after a Russian health official warned in December that people should avoid alcohol for two weeks before getting vaccinated and then abstain for another 42 days afterward. According to a Reuters report, the official claimed that alcohol could hamper the body’s ability to develop immunity against the novel coronavirus. Her warning sparked a fierce backlash in Russia, which has one of the world’s highest drinking rates.

In the United States, some experts say they have heard similar concerns about whether it is safe to drink around the time of vaccination. “We’ve been getting a lot of questions from our patients about this,” said Dr. Angela Hewlett, an associate professor of infectious diseases who directs the Covid infectious diseases team at the University of Nebraska Medical Center. “Understandably, people who are receiving these vaccines want to make sure they’re doing all the right things to maximize their immune response.”

Clinical trials of the Covid vaccines that are currently approved for use by the Food and Drug Administration did not specifically look at whether alcohol had any impact on the effectiveness of the vaccines, Dr. Hewlett said. It’s possible that there will be more information on that in the future. But for now, most of what is known comes from previous research, including studies that examined how alcohol affects the immune system in humans and whether it hinders the immune response in animals that received other vaccines.

One thing that is clear from studies is that heavy alcohol consumption impairs the immune response and increases your susceptibility to bacterial and viral infections. It prevents immune cells from traveling to sites of infection and carrying out their duties, like destroying viruses, bacteria and infected cells; makes it easier for pathogens to invade your cells, and causes a host of other problems.

In contrast, moderate drinking does not seem to have this effect. In one study, scientists exposed 391 people to five different respiratory viruses and found that moderate drinkers were less likely to develop colds, but not if they were smokers.

In another study, Dr. Messaoudi and colleagues provided rhesus monkeys access to alcoholic beverages for seven months and then looked at how their bodies responded to a vaccine against poxvirus. Much like humans, some rhesus monkeys enjoy alcohol and will drink a lot, while others show less interest and will limit themselves to small amounts. The researchers found that the animals that were chronically heavy drinkers had a weak response to the vaccine. “They had almost a nonexistent immune response,” Dr. Messaoudi said.

The animals that consumed only moderate amounts of alcohol, however, generated the strongest response to the vaccine, even compared to the teetotalers that consumed no alcohol at all. Studies in rats have found a similar pattern: Those consuming large amounts of alcohol have only a weak immune response to infections compared to animals given moderate amounts of alcohol or none at all. Other studies have found that when people drink moderately, it seems to lower inflammatory markers in their blood.

Another reason to moderate your alcohol intake is that heavy drinking — along with the hangover that can ensue — can potentially amplify any side effects you might have from the Covid vaccine, including fever, malaise or body aches, and make you feel worse, said Dr. Hewlett of the University of Nebraska Medical Center. Dr. Hewlett chose not to drink after getting the Covid vaccine. But she said that people should feel free to imbibe so long as they drink within reason.

“Having a glass of champagne probably won’t inhibit any immune response,” she said. “I think having a celebratory beverage in moderation is fine.”

#coronavirus (2019-ncov)#COVID-19 #covid #covid vaccine #article #new york times #drinking #pandemic #health news #health #vaccines

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don-lichterman · 2 years

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Chinatowns More Vibrant After Pandemic, Anti-Asian Violence | New York News

By TERRY TANG, Associated Press The last week of April was a whirlwind for San Francisco’s Chinatown. The storied neighborhood debuted the “AAPI Community Heroes Mural,” a mostly black and white depiction of 12 mostly unsung Asian American and Pacific Islander figures on the wall of a bank. Three days later “Neon Was Never Brighter,” the first ever Chinatown contemporary arts festival, took…

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dontmeantobepoliticalbut · 9 months

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The White House on Monday blasted comments made by Robert F. Kennedy Jr. about COVID-19 as “vile” amid broader condemnation of the Democratic presidential candidate’s claim that the virus was manipulated to target white and Black people.

The firestorm began after The New York Post reported Kennedy Jr.’s comments, in which he said during an event last week that COVID-19 was “ethnically targeted” to attack those groups of people while avoiding Chinese people and Ashkenazi Jews.

“The claims made on that tape is false, it is vile, and they put our fellow Americans in danger,” White House press secretary Karine Jean-Pierre said at a briefing with reporters. “If you think about the racist and antisemitic conspiracy theories that come out of saying those types of things. It is an attack on our fellow citizens, our fellow Americans. And so it is important that we essentially speak out when we hear those claims made more broadly.”

Democratic officials and anti-discrimination leaders immediately challenged the veracity of Kennedy’s claims, which he sought to backtrack by saying in part he didn’t think the virus was “deliberately engineered.”

The Democratic Congressional Campaign Committee released a statement saying the environmental lawyer and anti-vaccine activist should be prevented from serving as an elected official.

Jaime Harrison, chairman of the Democratic National Committee, also called the comments “deeply troubling,” tweeting that “they do not represent the views of the Democratic Party.”

#us politics #news #the hill #2023 #Democrats #president joe biden #biden administration #Robert F. Kennedy Jr.#covidー19 #coronavirus #coronavirus pandemic #xenophobia #stop aapi hate #antisemitism #The New York Post #Karine Jean-Pierre #Democratic Congressional Campaign Committee #Democratic National Committee #Jaime Harrison

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transparentgentlemenmarker · 1 year

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COVID-19 et les règles sanitaires à New York. A compter du 12 mai 2023, la preuve de vaccination COVID-19 ne sera plus obligatoire pour voyager. Le mandat relatif au port du masque et au pass sanitaire n’est plus en vigueur en ville. Cependant, dans de nombreux endroits, il est encore recommandé de porter le masque. Cela signifie que certaines personnes se plieront à cette recommandation, tandis que d’autres n’en verront pas l’utilité. Vous êtes donc libre de faire comme vous voulez. Je vous recommanderais d’avoir toujours un masque à portée de main, au cas où. Mis à part cela, New York est ouvert

May 2 2023

#covid 19 new york #covid 19 #coronavirus usa

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pressnewsagencyllc · 5 days

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Pfizer, NYU working on innovative coronavirus vaccine

Researchers at Pfizer Inc. and New York University are working on a never-before-tried coronavirus vaccine that the pharmaceutical company says could be available by September. The vaccine, which carries genetic code known as messenger RNA, attempts to reprogram the deadly pathogen rather than manipulate the live virus. “It is probably the fastest way of having a vaccine available to stem this…

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#Baylor University #Coronavirus #genetic code #Kathrin Jansen #Mark Mulligan #messenger RNA #New York University #NYU Langone Health #Pfizer Inc.#pharmaceutical company #vaccine research

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irreplaceable-spark · 11 months

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Who’s Holding Sway Over Your Kids? | Karol Markowicz | EP 355

Dr. Jordan B. Peterson and Karol Markowicz discuss many of the topics found in her new national best-selling book, “Stolen Youth.” Together, they break down the current state of K-12 academia, the pornographic books being pushed into your child's hands, and the broader discussion we need to have about woke-ism in the West and where to draw the line. Karol Markowicz is a weekly columnist at the New York Post and FoxNews, a contributor at Spectator World, and a contributing writer to Washington Examiner magazine. She has written for USA Today, Wall Street Journal, Newsweek, Time, Forward, National Review, Daily Beast, Business Insider, Haaretz, and many others. She appears regularly on Fox News, Newsmax, OANN, and Fox Business Network and is featured frequently on national radio programs. Karol was born in the Soviet Union, grew up in Brooklyn, and now lives in Florida with her husband and three children.

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2t2r · 3 years

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Des portraits d'animaux avec des coquillages par Anna Chan

Nouvel article publié sur https://www.2tout2rien.fr/des-portraits-danimaux-avec-des-coquillages-par-anna-chan/

Des portraits d'animaux avec des coquillages par Anna Chan

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thomas-querqy · 1 year

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SMS Pfizer, la justice saisie... Michèle Rivasi, députée européenne (Les Verts), vice-présidente de la Commission spéciale sur le Covid 19, interviewée par le journal L’Humanité (février 2022)

Covid-19 : le New York Times poursuit la Commission européenne en justice

#coronavirus #vaccins #pfizer #ursula von der leyen #michèle rivasi #démocratie #UE #covid19 #new york times #biopouvoir #mal administration #économie #albert bourla #l'humanité

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