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Hostess Brands Says It Will Liquidate

Started by garbon, November 16, 2012, 09:15:47 AM

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garbon

"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

katmai

Quote from: CountDeMoney on November 16, 2012, 02:20:52 PM
Quote from: merithyn on November 16, 2012, 02:00:56 PM
When the employees are willing to take a drastic pay-cut with even more drastic cuts to benefits in order to at least have a job but the union won't let them, well, yeah, I blame the union.

5,000 employees spread out over multiple states out of 18,000+ employees does not break a company: the "private equity" firm that came in after Hostess' leadership hauled ass and filed does.
An 8% salary cut, cutting healthcare and retirement contributions?  On top of the concessions from the last time?

But no, management still gets theirs:
Quotehe company is also seeking permission to pay a group of 19 managers bonuses ranging from 25% to 75% of their annual base compensation. Those payments would total up to $1.75 million, the company said. In addition, it wants to pay 3,200 employees bonuses equal to 25% of what they will earn from Friday until their wind-down-related duties are completed. Those payments would total $4.36 million.

19 managers share $1.75M.  But they need 8% salary cut.  You should've voted for Romney, after all; you support the model.  Sucker.

I :wub: you.

In a completely prison way.
Fat, drunk and stupid is no way to go through life, son

Neil

Quote from: CountDeMoney on November 16, 2012, 02:20:52 PM
Quote from: merithyn on November 16, 2012, 02:00:56 PM
When the employees are willing to take a drastic pay-cut with even more drastic cuts to benefits in order to at least have a job but the union won't let them, well, yeah, I blame the union.
5,000 employees spread out over multiple states out of 18,000+ employees does not break a company: the "private equity" firm that came in after Hostess' leadership hauled ass and filed does.
An 8% salary cut, cutting healthcare and retirement contributions?  On top of the concessions from the last time?

But no, management still gets theirs:
Quotehe company is also seeking permission to pay a group of 19 managers bonuses ranging from 25% to 75% of their annual base compensation. Those payments would total up to $1.75 million, the company said. In addition, it wants to pay 3,200 employees bonuses equal to 25% of what they will earn from Friday until their wind-down-related duties are completed. Those payments would total $4.36 million.
19 managers share $1.75M.  But they need 8% salary cut.  You should've voted for Romney, after all; you support the model.  Sucker.
Damn.  When are you going to get a job and stop it with all the crybaby shit?  If you envy management so much, just get your MBA.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

Tonitrus

There's probably a fair chance someone will buy up the rights to the more marketable products.

Barrister

Quote from: Tonitrus on November 16, 2012, 04:18:44 PM
There's probably a fair chance someone will buy up the rights to the more marketable products.

...and move production to a right-to-work state.

Twinkies will live again.  These jobs, however, will not.
Posts here are my own private opinions.  I do not speak for my employer.

garbon

Quote from: CountDeMoney on November 16, 2012, 02:20:52 PM
Quote from: merithyn on November 16, 2012, 02:00:56 PM
When the employees are willing to take a drastic pay-cut with even more drastic cuts to benefits in order to at least have a job but the union won't let them, well, yeah, I blame the union.

5,000 employees spread out over multiple states out of 18,000+ employees does not break a company: the "private equity" firm that came in after Hostess' leadership hauled ass and filed does.
An 8% salary cut, cutting healthcare and retirement contributions?  On top of the concessions from the last time?

More than a quarter of employees striking at a beleaguered company isn't a substantial issue? :huh:
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Barrister

Quote from: garbon on November 16, 2012, 04:31:34 PM
Quote from: CountDeMoney on November 16, 2012, 02:20:52 PM
Quote from: merithyn on November 16, 2012, 02:00:56 PM
When the employees are willing to take a drastic pay-cut with even more drastic cuts to benefits in order to at least have a job but the union won't let them, well, yeah, I blame the union.

5,000 employees spread out over multiple states out of 18,000+ employees does not break a company: the "private equity" firm that came in after Hostess' leadership hauled ass and filed does.
An 8% salary cut, cutting healthcare and retirement contributions?  On top of the concessions from the last time?

More than a quarter of employees striking at a beleaguered company isn't a substantial issue? :huh:

Especially when the workers in question are bakers working for a baked goods company?
Posts here are my own private opinions.  I do not speak for my employer.

merithyn

Quote from: Barrister on November 16, 2012, 04:20:41 PM
Quote from: Tonitrus on November 16, 2012, 04:18:44 PM
There's probably a fair chance someone will buy up the rights to the more marketable products.

...and move production to a right-to-work state.

Twinkies will live again.  These jobs, however, will not.

Isn't Illinois a right-to-work state? :unsure:
Yesterday, upon the stair,
I met a man who wasn't there
He wasn't there again today
I wish, I wish he'd go away...

Barrister

Quote from: merithyn on November 16, 2012, 04:38:24 PM
Quote from: Barrister on November 16, 2012, 04:20:41 PM
Quote from: Tonitrus on November 16, 2012, 04:18:44 PM
There's probably a fair chance someone will buy up the rights to the more marketable products.

...and move production to a right-to-work state.

Twinkies will live again.  These jobs, however, will not.

Isn't Illinois a right-to-work state? :unsure:

Apparently not.

http://www.nrtw.org/rtws.htm
Posts here are my own private opinions.  I do not speak for my employer.

DGuller

Why are anti-union states called "right to work" states?  Is this one of those Orwellian terms Republicans like to come up with?

garbon

Quote from: DGuller on November 16, 2012, 05:04:39 PM
Why are anti-union states called "right to work" states?  Is this one of those Orwellian terms Republicans like to come up with?

Because not being forced to join a union is rather terrible.
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Admiral Yi

Quote from: DGuller on November 16, 2012, 05:04:39 PM
Why are anti-union states called "right to work" states?  Is this one of those Orwellian terms Republicans like to come up with?

:lol:

Unlike, say, anti-union, which is so neutral and accurate.

dps

Quote from: CountDeMoney on November 16, 2012, 01:45:18 PM
Quote from: merithyn on November 16, 2012, 01:43:31 PM
In this case, it's the truth. The employees were ready to deal months ago, but the union refused to do it. Now, the union is throwing Hostess down the river in order to protect their interests elsewhere.

They started the strike in November.  The company filed for Chapter 11 in January.  Hostess had a lot more systemic issues in its model than the Teamsters.

The problem wasn't the Teamsters--they had settled with them.

If the actual employees wanted to deal, but the union didn't, the employees probably should have decertified them.  But I guess that, unlike, say, NBA players, Hostess employees didn't have anyone besides the union leadership to give them advice.

The Brain

Women want me. Men want to be with me.

Ed Anger

Stay Alive...Let the Man Drive