| OUR HISTORY | ||||||||||||
| The former Yellow Cab Company had been a subsidiary of the Westgate Corporation, which filed for bankruptcy in 1976 and ceased operations.
After long negotiations with the Federal Bankruptcy Court in San Diego a group of cab drivers, mechanics, dispatchers and other local investors who had organized into a Cooperative successfully concluded an agreement with the Court to purchase the San Francisco Yellow Cab Company. |
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| Yellow Cab Cooperative began operations on the evening of November 8th, 1977. The Cooperative was formed with the objective of putting the former employees of the bankrupt company back to work and the taxis back on the road. Each of the prospective members put in $5,000 to create a fund sufficient for a down payment. Most Co-op members were taxi drivers who had previously worked for the former Yellow Cab Company. |
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| Yellow Cabs at 245 Turk Street idle during the general strike, 1934 | ||||||||||||
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When Co-op operations started on November 8, 1977 Yellow Cab Cooperative, Inc. had already been in existence for several months. A Board of Directors was in existence, officers had been elected, bylaws adopted, a manager hired and legal representations retained. While many start-up problems were still to be addressed the basic structure of the Co-op was already formed. There are two firm rules that define the Co-op: each Co-op member has only one vote and no proxy voting is allowed. Thirteen directors, elected to two-year terms set the policies of the Co-op. Currently 9 directors are active cab drivers and the remaining 4 have full time management duties. | |||||||||||
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