Hostess joins John Galt and Tman 67 at the mountain retreat

[houndawg]

Unions How many of em are there now, 3?

Baldy, you need a new villian!

There a force to be reckoned with...just like american communists.

..back in the walls....hiding and breeding....

[Baldy]

Unions are the lifeblood of 'progressivism'.

All thanks to the knuckledragging neanderthal unions for **** over the Ho Ho.

Bunch of greedfvck managers won't lead by example....

It wasn't the managers of Hostess who demanded that Twinkies and Wonder Bread couldn't be delivered in the same delivery van.

[Baldy]

Unions How many of em are there now, 3?

Baldy, you need a new villian!

There a force to be reckoned with...just like american communists.

True, they only donated over $100,000,000 during the 2012 election cycle.

[Ibanez]

Unions are the lifeblood of 'progressivism'.

All thanks to the knuckledragging neanderthal unions for fucking over the Ho Ho.

Unions How many of em are there now, 3?

Baldy, you need a new villian!

Quite a few more than three. UAW, Longshoremen, teachers, Airline workers, actors, electricians come to mind. the AFL-CIO represents close to a hundred different unions if not more.

[biobengal]

This is getting interesting.....

Hostess' liquidation -- just like the recent bankruptcies of well known companies like Friendly Ice Cream and Eddie Bauer -- raises the prospect that sophisticated private equity and distressed debt hedge fund investors are using courts to cast off unwanted pension obligations on U.S. taxpayers and put a losing investment back on the track.

http://www.thestreet.com/story/11771361 ... spers.html" onclick="window.open(this.href);return false;

[D1B]

Unions How many of em are there now, 3?

Baldy, you need a new villian!

Quite a few more than three. UAW, Longshoremen, teachers, Airline workers, actors, electricians come to mind. the AFL-CIO represents close to a hundred different unions if not more.

They have limited power. Most are irrelevant.

[Ibanez]

http://news.yahoo.com/twinkie-return-me ... gARuLQtDMD" onclick="window.open(this.href);return false;

Food producers ConAgra and Flowers Food, the American company behind Nature Valley granola, have expressed interest and so has Little Debbie baker McKee Foods. But another possible bidder hints at the future of Twinkies and maybe the US bakery business as a whole: Mexico’s Grupo Bimbo, the world’s largest bread baking firm, which already owns parts of Sara Lee, Entenmann’s and Thomas English Muffins.

[YoUDeeMan]

This is getting interesting.....

Hostess' liquidation -- just like the recent bankruptcies of well known companies like Friendly Ice Cream and Eddie Bauer -- raises the prospect that sophisticated private equity and distressed debt hedge fund investors are using courts to cast off unwanted pension obligations on U.S. taxpayers and put a losing investment back on the track.

http://www.thestreet.com/story/11771361 ... spers.html" onclick="window.open(this.href);return false;

Not sure why people are bothered by hedge funds using courts to cast off unwanted pension obligations...how were GM's pensions handled?

[houndawg]

Bunch of greedfvck managers won't lead by example....

It wasn't the managers of Hostess who demanded that Twinkies and Wonder Bread couldn't be delivered in the same delivery van.

It wasn't the unions who gave the CEO a 300% raise and big bonuses to nine execs while filing bankruptcy for the second time.

[AZGrizFan]

It wasn't the managers of Hostess who demanded that Twinkies and Wonder Bread couldn't be delivered in the same delivery van.

It wasn't the unions who gave the CEO a 300% raise and big bonuses to nine execs while filing bankruptcy for the second time.

And now, the rest of the story:


http://blogs.wsj.com/deals/2012/04/09/h ... ly-raises/" onclick="window.open(this.href);return false;

The chief executive of Hostess Brands said Sunday he is slashing executive compensation in the aftermath of creditor allegations that the company may have pushed management’s salaries higher in the months leading up to its Chapter 11 bankruptcy filing in an effort to skirt bankruptcy rules.

Gregory F. Rayburn, a restructuring expert who took the helm at Hostess last month, said in an interview that the top four executives working under him had agreed to cut their annual salaries to one dollar until the company emerges from bankruptcy or Dec. 31, whichever comes first. The executives–Gary Wandschneider, John Stewart, David Loeser and Richard Seban–had seen their salaries increase by 75% to 80% last July, at a time when the baking company had already hired restructuring lawyers, according to creditors.

Further down the totem pole at the Twinkie maker, four additional executives agreed to return to the salaries they were receiving before the July increase.

“I just think that it’s the right thing to do,” Rayburn said, noting that word of the salary bumps, disclosed in redacted papers filed by the creditors committee Tuesday, had caused “a high level of internal strife in the organization and certainly external strife.”

The official committee of unsecured creditors in Hostess’s bankruptcy case alleged the company may have “manipulated” its executives’ salaries, converting a chunk of their pay from performance-based bonuses to guaranteed salary. The creditors said the move may have been taken “at least in part to sidestep” provisions designed to ensure that companies in bankruptcy aren’t enticing their employees to stay on board with the promise of cash.

“I don’t think that that was the intent,” Rayburn said of the creditors’ theory Sunday. “I think that they wanted to stabilize the management team.”

He added that all of the executives were supportive of the decision to roll back the salaries and that the management team had the “full support” of the company’s board and its lenders.

And when, pray tell, did this rollback of salaries happen?

SEVEN months ago.

[Ibanez]

C. Dean Metropoulos and Co., the Connecticut-based private equity firm behind blue-collar-cum-hipster-darling beer, Pabst Blue Ribbon, is considering making an offer to buy Hostess Brands, Inc., according to Bloomberg.

http://www.huffingtonpost.com/2012/11/1 ... f=business" onclick="window.open(this.href);return false;

[biobengal]

C. Dean Metropoulos and Co., the Connecticut-based private equity firm behind blue-collar-cum-hipster-darling beer, Pabst Blue Ribbon, is considering making an offer to buy Hostess Brands, Inc., according to Bloomberg.

http://www.huffingtonpost.com/2012/11/1 ... f=business" onclick="window.open(this.href);return false;

Great, maybe they can sell a combo pack... couple of Twinkes and a double deuce, the American Special.

I read somewhere that Pabst doesn't even bother brewing their own piss-yellow swill.

[Baldy]

It wasn't the unions who gave the CEO a 300% raise and big bonuses to nine execs while filing bankruptcy for the second time.

And now, the rest of the story:


http://blogs.wsj.com/deals/2012/04/09/h ... ly-raises/" onclick="window.open(this.href);return false;

The chief executive of Hostess Brands said Sunday he is slashing executive compensation in the aftermath of creditor allegations that the company may have pushed management’s salaries higher in the months leading up to its Chapter 11 bankruptcy filing in an effort to skirt bankruptcy rules.

Gregory F. Rayburn, a restructuring expert who took the helm at Hostess last month, said in an interview that the top four executives working under him had agreed to cut their annual salaries to one dollar until the company emerges from bankruptcy or Dec. 31, whichever comes first. The executives–Gary Wandschneider, John Stewart, David Loeser and Richard Seban–had seen their salaries increase by 75% to 80% last July, at a time when the baking company had already hired restructuring lawyers, according to creditors.

Further down the totem pole at the Twinkie maker, four additional executives agreed to return to the salaries they were receiving before the July increase.

“I just think that it’s the right thing to do,” Rayburn said, noting that word of the salary bumps, disclosed in redacted papers filed by the creditors committee Tuesday, had caused “a high level of internal strife in the organization and certainly external strife.”

The official committee of unsecured creditors in Hostess’s bankruptcy case alleged the company may have “manipulated” its executives’ salaries, converting a chunk of their pay from performance-based bonuses to guaranteed salary. The creditors said the move may have been taken “at least in part to sidestep” provisions designed to ensure that companies in bankruptcy aren’t enticing their employees to stay on board with the promise of cash.

“I don’t think that that was the intent,” Rayburn said of the creditors’ theory Sunday. “I think that they wanted to stabilize the management team.”

He added that all of the executives were supportive of the decision to roll back the salaries and that the management team had the “full support” of the company’s board and its lenders.

And when, pray tell, did this rollback of salaries happen?

SEVEN months ago.

wow. houndawg makes himself look stupid.......again.

Shocking.

[kalm]

And now, the rest of the story:


http://blogs.wsj.com/deals/2012/04/09/h ... ly-raises/" onclick="window.open(this.href);return false;




And when, pray tell, did this rollback of salaries happen?

SEVEN months ago.

wow. houndawg makes himself look stupid.......again.

Shocking.

I'm sure the executives had no clue they were in trouble at the time of their raises.