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[robonono]

Seahorse, your 1-for-1 swap OPL for UPS shares sounds wonderful. BUT, I don't see how it could ever happpen for several reasons:
1) UPS and OPL are legally separate entities. Different Boards.
2) If UPS were to buy out OPL to liquidate the company and payoff OPL shareowners, there may be severe feduciary questions rasied. Especially by "B" shareowners who bought post IPO.
3) UPS is at $56.95 today, and OPL is at $11.07. At best you might be able to make an arguement for a 1-for-5 swap. Even that is a pipe dream based on 1 and 2 above.

That said, I LOVE the idea....who can we talk to?

 

[upsace]

I, like most people on this board, also stand to lose a substantial amount of money on the present OPL situation. However, I would much prefer to take my loss on that than to see any action taken against OPL that could be misinterpreted by the public or "THE STREET" that would have a negetative effect on my brown stock. This is not a good time to have that type of bad publicity.

 

[jbul_ups]

Hubie,

My question to you is: If you bargained for a guaranteed minimum number of hours why should the company not be expected to ensure you get all the work you are guaranteed plus a reasonable margin of error, say +/- an hour a day?

The Teamsters did better than that. They agreed to and hour and a half forced overtime. It has been in the contract as long as I have been at UPS.

 

[robonono]

An interresting comment in the following article:
"That should mean all policyholders will be paid in full."



NEW YORK (Reuters) Overseas Partners Ltd. (OPL), one of the largest reinsurers operating in Bermuda, said on Wednesday it would stop underwriting after a couple of years of large losses.

OPL, set up in 1983 by parcel delivery firm United Parcel Service Inc., has been one of the hardest hit in the reinsurance business lately, burdened by the growing value of old claims, poor investment returns and World Trade Center losses.

The reinsurer, which has ventured into riskier business areas in the past two years after cutting its ties with UPS, lost $558 million in 2000, and lost $475 million in the first nine months of last year, according to the latest figures available.

OPL, whose 98,000 shareholders are mostly UPS employees, said it would stop underwriting Bermuda business immediately, and put most of its operations into runoff, meaning it will pay off existing claims over time from its funds.

That should mean all policyholders will be paid in full. OPL said it has $1.3 billion in capital, with a strong balance sheet and loss reserves approved by outside actuaries.

The firm said OPCat, an underwriting joint venture with fellow Bermuda firm RenaissanceRe Holdings Ltd., would be taken over by Renaissance.

Overseas Partners said it was in discussions to sell its U.S. reinsurance unit, called OPUS Re, which will continue operating. OPUS Re was formerly Reliance Re, the U.S. reinsurance unit of bankrupt insurer Reliance Group Holdings

 

[jcroche]

Just now, CNBC's Maria B identified Mike Eskew as CEO of FEDEX as he rang the closing bell while Dale Jarrett waved a checkered flag from Daytona!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[upsace]

Maria, oh sweet Maria, how could you?

 

[batavia]

Yeah....UPS the Rodney Dangerfield of Wall Street!
No Respect...the money honey blew it.

Mike did OK in the brief floor interview but needs to forget about where the camera is.

 

[gregg]

People HERE ARE NOT VERY HELPFUL, SOMEONE HERE GIVE ME A GOOD RESPONSE!

 

[teacherk]

Gregg -- I don't work for UPS any more, so I can't help you. I'm sure though that the company has a hiring freeze on now, and is only hiring PT employees. The economy is tight (I probably don't have to tell you that), and UPS feels it too. I don't think that anybody is giving you the cold shoulder. It's just that nobody can help you. Good luck.

 

[hr]

If your erratic behavior on this board is in any way related to your behavior in person you should not be hired at UPS. I read some of the other posts that you added here before they were removed and you were way out of line. If you want to be seriously considered as a canidate for employment at UPS you need to have more personal integrity and not offer bribes etc.

 

[charlie]

There is an interesting interview at www.ipapilot.org with OPL's CFO Mark Bridges. He states, "Our anticipation by going into runoff is that we'll be able to return that $11.00 to our shareholders over a period of time". That time could be up to or past 15 years. He also gives an explanation on what runoff means.
Charlie

 

[hr]

Great link Charlie, thanks for posting it.

 

[upsfla]

If you want to complain about being dispatched with too much work, answer this - did your Preloader give an accurate stop count that morning? Does the center team get accurate stop counts so they can level out work, so some drivers aren't blown out regularly? If not, do you support disciplinary action, including termination, for preloaders who can't or won't count stops. From what I see, many preloaders don't seem to care, which makes it tough on the driver and the supervisor who wants to do the right thing.

 

[hubie]

Most preloaders care. Most drivers care. Most management people care. That's what a successful Brown is all about. There are exceptions in all categories. My comment to you would be that just as children are reflections of their parents so too are workers generally a reflection of the person they are working for. Good leader, good results.

Think about the last contract and the results coming from it. The rule does not apply only at the bottom of the heirarchy nor only to Brown.

 

[brownbld1]

I donot think I fully realized the need for corparate PR until this. We are not known out there by the general public or the analysts...

 

[jjmckayups]

I did hear about the Mass termination of the UPS'ers in California. I heard through the grapevine that they were "messing with the timecards to improve the way they look". So I have to agree with the termination of them. It makes us all look bad if they let people like that stay and run an honest business.

 

[gregg]

teacherk, Thanks for the reply, seem like a nice guy, maybe they will call me soon, Gregg

 

[bmwups]

What's wrong with the Hub?

 

[legs]

United Parcel Service visits the NYSE. Mike Eskew, Chairman & CEO, rings The Closing Bell to kick off the Daytona 500. Dale Jarrett, racing legend, will join the ceremonies from Daytona, Florida. UPS rings the NYSE bell in honor of its #88 UPS Ford Taurus car, which will participate in the Daytona 500 race.

 

[marmac]

No, the only one messing with the numbers, was the region managers. He wanted to reduce the number of people in his region by using any means. The people terminated were called back and most dicided that enough was enough and took a package deal, loseing the right to sue. The Region Manager has since been terminated along with other key personal in the district level who have either retired or have other jobs with less authority. The Northwest region will take years to rebuild due to the loss of many excellent people that were forced out or down, most of them in their late 40s and early 50s. When they started this in north cal the district was up and down. The lowest being 58th the region was in the middle. The results of the Age Cleansing was the region dead last and three of the districts along with north cal were dead last. I have never seen such an abuse of power in my 25 years with UPS. I also know that the dust has not settled and the cost is termendous.