we are not in Ksnsas snymore as barna prepsres materials to submit to the us attorney for the eastern district of new york and snd the us sevurities and exchange commisdion.
mnuchin tells the boss that it keeps getting more snd more expensive to buy the election and that the corona virus is making the nstives restless and all the want do do is......
kansas is just second fidfle to east coast as barna prepares for a good old fashined barbecue
fry em barna
An activist shareholder is pressing for changes in YRC Worldwide Inc.’s board and management, citing the Overland Park-based trucking company’s financial results the past two years.
Barna Capital Group Ltd. owns 2 million shares of YRC stock, a 5.4% stake, according to a filing Thursday with the Securities and Exchange Commission. Barna lists a business address in Cyprus and is led by Egor Romanyuk.
In Thursday’s filing, Barna said it will work to replace three members of YRC’s seven-person board "who have not provided the needed guidance for the company to achieve decent operating results." Although Barna doesn't name the directors it's targeting, it notes that they joined the board in 2011 and 2015. The filing adds that during that time the board has sought even more pay even as the stock has lost 90% of its value.
YRC’s proxy statement, filed April 1, lists five directors up for election at the annual meeting next month. Matthew Doheny of North Country Capital LLC and James Hoffman, a retired commercial office developer, joined the board in 2011. Patricia Nazemetz, founder of an executive consulting firm and formerly an executive with Xerox Corp., joined the board in 2015.
The other two directors standing for election this year are CEO Darren Hawkins, who joined the board in 2018, and CFO Jamie Pierson, who was named to the board in December.
Barna’s demands first became public in mid-March, when its holdings in YRC passed the 5% threshold, triggering a filing with the SEC. Despite its stated intention of replacing board members, the company’s filings make clear that it will not nominate new members for two board seats held by directors representing the Teamsters.
The Teamsters gained control of the two seats as part of a 2010 restructuring agreement in which union employees agreed to concessions YRC said it needed to avoid bankruptcy.
YRC has made progress but has continued working to reduce debt and improve its financial performance. The company reported revenue of $4.87 billion for 2019 — lower than either of the previous two years. YRC had a loss of $104 million last year, compared with earnings of $20.2 million in 2018 and a loss of $10.8 million in 2017.
Barna’s initial filing, on March 17, mentions a release from YRC four days earlier that reported declines in shipments per day and revenue per hundredweight and per shipment for the months of January and February. During the same period, Barna claimed, YRC’s competitors had shown increases in revenue per hundredweight.
On Wednesday, YRC announced an amendment to its credit agreement that provides a waiver from a covenant concerning the company’s consolidated EBITDA (a measure of operating results).
Barna’s initial filing triggered an increase in YRC’s stock, as did Thursday’s filing. At 12:20 p.m. on Thursday, YRC stock was trading at $1.68 a share, up 32 cents a share, or 24%, on the day.
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