Round Table - What the purchase of Yellow’s former terminals means in a market that still has too much capacity?

Was this a good idea to take on these new terminals (by anyone who bought them) knowing that the freight economy shows no sign of a strong comeback anytime soon and a big desire to see some capacity leave the market?

Zach, I remember you saying that it would be pointless to build more infrastructure at LA/LB during the height of the shipping crisis because it would likely never get used again after the crisis subsided. How is this situation different as these companies take on more infrastructure with likely not much to send to them in the near future?

Was this a risk at all - or even a gamble?

Estes Trucking has made some major moves in the last few years - they took on many drivers from Central Freight Lines when that entity folded. They won the stalking horse bid for Yellow’s terminals, they spent almost $250M for 24 of those terminals. Do you like the way they have handled their business in this lackluster environment?

It was reported that Saia managed to hold on to the largest chunk of Yellow freight - were you surprised to see them not be more advantageous in going after more terminals? They got 17.

When it comes to the trucks and trailers being auctioned off (estimated value could be as high as $800M) would you expect these same players to make the biggest moves even though, again, there is a need for capacity to leave the market?