Hostess is going out of business

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Since: Feb 08

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#1
Nov 16, 2012
 

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Good Day,

http://www.woodtv.com/dpps/entertainment/dini...

Steelie
vox veritatis

Grand Rapids, MI

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#2
Nov 16, 2012
 

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The sad thing is that the union totally misled their rank and file into believin that Hostess was blufing.
Looks like the jobless claims will be up again next month.
Bob

Big Rapids, MI

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#3
Nov 16, 2012
 

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vox veritatis wrote:
The sad thing is that the union totally misled their rank and file into believin that Hostess was blufing.
Looks like the jobless claims will be up again next month.
Yup, its always the fault of the union workers and their ultra high wages. Take for example how the company's CEO Brian Driscoll sacrificed for the starvation wage of $1.5 Million per/year, plus other benefits of an additional $500,000 which paid him a paltry $2 Million. What more can a guy do to show he is sincere about keeping costs down.....

Oh, that's right, it seems a group of their unsecured creditors brought in front of the court that the top 4 executives got pay raises of up to 80% this last summer. They filed for bankruptcy protection in January, asked the workers to take a second pay cut in three years, decided to quit making any payments into the pension fund which was already short by almost $2 BILLION, so the only thing left to do is to take a pay raise for upper management!

Don't feel bad for Driscoll though.... His severence package totaled $1.95 Million. That's only a little more than the employees will draw in unemployment......

Even though its their fault the company went bankrupt!

http://management.fortune.cnn.com/2012/07/26/...
Bob

Big Rapids, MI

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#4
Nov 16, 2012
 

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vox veritatis wrote:
The sad thing is that the union totally misled their rank and file into believin that Hostess was blufing.
Looks like the jobless claims will be up again next month.
BTW,

Under $1 Billion in assets -vs- More than $1.4 Billion in liabilites, plus of couse the $2 Billion in unfunded pensions.....

How much of a pay cut do the employees have to take to make sure that the execs can keep their low paying jobs?

$3.4 Billion divided by 18,500 =$183,784 per/employee.

Seeing as how the average employee made $30k per/year, some may have to get a part-time job to help out!
Chip

Hortonville, WI

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#5
Nov 16, 2012
 

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Bob wrote:
<quoted text>
BTW,
Under $1 Billion in assets -vs- More than $1.4 Billion in liabilites, plus of couse the $2 Billion in unfunded pensions.....
How much of a pay cut do the employees have to take to make sure that the execs can keep their low paying jobs?
$3.4 Billion divided by 18,500 =$183,784 per/employee.
Seeing as how the average employee made $30k per/year, some may have to get a part-time job to help out!
Where do you get $30k per/year?

According to CNN "Hostess Teamsters workers could have earned between $50,000 to $100,000 a year" Seems far more than the average person.

http://money.cnn.com/2012/11/16/news/economy/...

According to the article linked the top 4 executives were willing to reduce salary to $1 in the short term.

So was it the 15,500 + union employees that were over paid or was it 4 people that were over paid? Which one represents the most amount of cash by an amount that is not even a comparison?
Chip

Hortonville, WI

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#6
Nov 16, 2012
 

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Maybe the CEO could cut his salary to 0 and then the union employees could each get an extra $100 a year, I'll bet that wouldn't cover the 8% cut that was asked.
Really

Grand Rapids, MI

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#7
Nov 16, 2012
 

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Chip wrote:
<quoted text>
Where do you get $30k per/year?
According to CNN "Hostess Teamsters workers could have earned between $50,000 to $100,000 a year" Seems far more than the average person.
http://money.cnn.com/2012/11/16/news/economy/...
According to the article linked the top 4 executives were willing to reduce salary to $1 in the short term.
So was it the 15,500 + union employees that were over paid or was it 4 people that were over paid? Which one represents the most amount of cash by an amount that is not even a comparison?
Bob doesn't do math. They didn't include that in his master's degree he supposedly has.
Sassy

Grand Rapids, MI

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#8
Nov 16, 2012
 

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Isn't it ironic how they blame the employees. 80% pay raise yet the employee's to take an 8% pay cut. Corporate greed once again. Don't worry, Bain Capital will probably jump in to save the day, lol with even lower wages.
Bob wrote:
<quoted text>
Yup, its always the fault of the union workers and their ultra high wages. Take for example how the company's CEO Brian Driscoll sacrificed for the starvation wage of $1.5 Million per/year, plus other benefits of an additional $500,000 which paid him a paltry $2 Million. What more can a guy do to show he is sincere about keeping costs down.....
Oh, that's right, it seems a group of their unsecured creditors brought in front of the court that the top 4 executives got pay raises of up to 80% this last summer. They filed for bankruptcy protection in January, asked the workers to take a second pay cut in three years, decided to quit making any payments into the pension fund which was already short by almost $2 BILLION, so the only thing left to do is to take a pay raise for upper management!
Don't feel bad for Driscoll though.... His severence package totaled $1.95 Million. That's only a little more than the employees will draw in unemployment......
Even though its their fault the company went bankrupt!
http://management.fortune.cnn.com/2012/07/26/...
Really

Grand Rapids, MI

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#9
Nov 16, 2012
 

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Gotta love how the progressives don't understand how bankruptcy works. For people who claim to be so smart, they sure are dumber than a box of rocks. By all means, whine about the union employees who decided their wants were more important than anyone else's. Take a picture folks, the country will look like this more and more in the next 4 years. You got what you voted for.

Since: Mar 09

Grandville, MI

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#10
Nov 16, 2012
 

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The union workers pretty much put themselves out of their own jobs,
Too bad that in their success in doing so, they also put hundreds of others out of work.
The union, unwilling to take a small pay cut, just put themselves out of a job!!
Thats the liberal mentallity!
I hope they have enough twinkies to live on for a while!
Chip

Hortonville, WI

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#11
Nov 16, 2012
 

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Sassy wrote:
Isn't it ironic how they blame the employees. 80% pay raise yet the employee's to take an 8% pay cut. Corporate greed once again. Don't worry, Bain Capital will probably jump in to save the day, lol with even lower wages.
<quoted text>
Still don't seem to get the point, you will never accept the top executives pay because you fail to understand the sacrifice they made to get to the top. The doesn't justify the pay of every CEO, there are good and bad CEO's and overpaid and underpaid CEO's.

What I don't understand is the failure of the left to comprehend that a 2 million paycheck for one person is irrelevant to a multi-billion corporation. He could take nothing for a paycheck and it wouldn't make any difference, its 1 person out of 18,500. Other than to entice some sort of class warfare there is no reason to even bring it up.
vox veritatis

Grand Rapids, MI

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#12
Nov 17, 2012
 

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Really wrote:
Gotta love how the progressives don't understand how bankruptcy works. For people who claim to be so smart, they sure are dumber than a box of rocks.
It's possible that Hostess intends to use the bankruptcy process to shed themselves of the union and will reorganize as a non-union company. Just a thought.
vox veritatis

Grand Rapids, MI

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#13
Nov 17, 2012
 

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Chip wrote:
Still don't seem to get the point, you will never accept the top executives pay because you fail to understand the sacrifice they made to get to the top.
Give it up, Chip...Sassy et al think that the CEO should make no more than the lowest paid janitor. This is their communist idea of 'equality'.
Mark

Rockford, MI

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#14
Nov 17, 2012
 

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Hostess was $800+ million in debt. Hostess went under because of bad management, not because of labor.
rev rite

Dowagiac, MI

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#15
Nov 17, 2012
 

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The "workers" chickens have come home to roooossst!
Really

Grand Rapids, MI

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#16
Nov 17, 2012
 

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vox veritatis wrote:
<quoted text>
It's possible that Hostess intends to use the bankruptcy process to shed themselves of the union and will reorganize as a non-union company. Just a thought.
That is a possibility, but all of their workers were not union. My point about the bankruptcy is that the judge in the bankruptcy case will look at all the numbers and all the actions taken by the company and they could negate the bonuses and such that were given. That does and has happened in other bankruptcy cases. The point being that the executives offered to take $1 as compensation, asked the union for an 8% paycut which would have taken their average pay of $20 to $16 per hour, and a temporary cessation of contributions to the pension funds. The Teamsters would have taken the same pay cut from $24 to $19.20 per hour. Instead,they decided it was in their best interests to collect the unemployment they pay into in New Jersey. Unfortunately, their unwillingness to compromise (much like Obama) is ending up costing their fellow employees their jobs. Much like Obama will end up costing each and every citizen more than we will ever be able to pay back.
Bob

Big Rapids, MI

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#17
Nov 17, 2012
 

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It is amazing how many people can't see anything wrong when a company's management files for bankrptcy, demands that employees take a cut in pay and give up their pensions, and then decides to give temselves a massive pay raise.

When a company goes bankrupt, it always comes back to the failure of management to operate the company in a profitable way.

No one will ever be able to explain to me why a person who thinks that an employee should be fired for not doing their jobs, yet sees nothing wrong with poor management getting a raise.

No one will ever be able to explain to me how the people who own or manage a company can steal their employee's pensions and not face prison time. If your company can't afford to live up to its agreements, then you shouldn't be taking pay raise!
Bob

Big Rapids, MI

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#18
Nov 17, 2012
 

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BTW, For all you village idiots that keep bringing up the fact that these execs announced that they would work for $1 a/year, you should look at the facts.

These execs didn't make this anouncement until after a group of unsecured creditors found out about it and asked the bankruptcy about it. I would like to assume you people would know what an unsecured creditor is. Other businesses or people who provided goods or services to this company, who most likely will put the shaft to these creditors. That's a lot like agreeing to pay into a pension fund for your employees and then ignoring that pesky little promise.

Also, that $1 per/year wage was going to end at the end of the year when those pay raises were going to kick back into effect. Wow, there's a sacrafice for you.... half a year for a buck and then a pay raise of up to 80%!

I hope that all of you right-to-work dolts do the right thing and go to work Monday asking your employers to cut your pay so that they can get a pay raise..... It's the patriotic thing to do!
free thinker

Southfield, MI

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#19
Nov 17, 2012
 

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Bob wrote:
It is amazing how many people can't see anything wrong when a company's management files for bankrptcy, demands that employees take a cut in pay and give up their pensions, and then decides to give temselves a massive pay raise.
It's amazing when those that ride the short bus comment in ignorance. Bob...tell us again, WHO gave them the pay raise? For someone who claims to be so educated, you sure are ignorant on a lot of subjects.
Mark

Rockford, MI

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#20
Nov 17, 2012
 

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Teabagger logic:

Blame the poor for being poor, cite lack of "personal responsibility."

When a business fails, though, blame everybody else but not those who are running the business. Where is the "personal responsibility" for the executives?

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