Since taking over Venelazzo, new owner Apollo Management has been behaving itself, with none of the shenanigans that characterized its ill-fated co-ownership of Caesars Entertainment. That, however, does not mean that Apollo has learned to straighten up and fly right. Thanks to a sweetheart deal carved out with the Donald Trump administration, Apollo is reaping megabucks even as it drives the Yellow trucking firm into bankruptcy, costing workers thousands of jobs. In 2020, Yellow received $700 million in government-funded largesse, in agreement structured in such a way that Apollo stood in senior position for bankruptcy repayment ahead of Uncle Sam. Apollo is throwing the scapegoated Teamsters Union under the bus for the bankruptcy, while also potentially leaving such clients as Home Depot, Walmart and a little boutique known as the Department of Defense high and dry.
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