The Twinkie is not dead yet.

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“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#1
Nov 19, 2012
 
The Judge is not smiling at the union.

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Judge asks Hostess to mediate with union
The Associated PressAssociated Press

11/19/2012 02:40:26 PM CST

Twinkies won't die that easily after all.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.

The bankruptcy judge hearing the case said Monday that the parties haven't gone through the critical step of mediation and asked the lawyer for the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which has been on strike on Nov. 9, to ask his client, who wasn't present, if the union would agree to participate. The judge noted that the bakery union went on strike after rejecting the company's latest contract offer, even though it never filed an objection to it.

"Many people, myself included, have serious questions as to the logic behind this strike," said Judge Robert Drain, who heard the case in the U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. "Not to have gone through that step leaves a huge question mark in this case."

Hostess and the union are expected to begin the mediation process on Tuesday.

Irving, Texas-based Hostess, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring. Instead, it's
asked the court for permission to sell assets and go out of business.

It's a far cry from when the maker of Twinkies, Ding Dongs and Ho Ho's filed for bankruptcy in January, its second Chapter 11 filing in less than a decade. The company had hoped to emerge with stronger financials. It brought on CEO Gregory Rayburn as a restructuring expert and was working to renegotiate its contract with labor unions.

But Rayburn wasn't able to reach a deal with the bakery union, which went on strike Nov. 9. Rayburn said that Hostess was already operating on razor thin margins and that the strike was the final blow.

The company's announcement on Friday that it would move to liquidate prompted people across the country to rush to stores and stock up on their favorite Hostess treats. Many businesses reported selling out of Twinkies within hours and the spongy yellow cakes turned up for sale online for hundreds of dollars.

Even if Hostess goes out of business, its popular brands will likely find a second life after being snapped up by buyers. The company says several potential buyers have expressed interest in the brands. Although Hostess' sales have been declining in recent years, the company still does about $2.5 billion in business each year. Twinkies along brought in $68 million so far this year.

http://www.twincities.com/ci_22027714/judge-o...
Smart Liberal Lies

Minneapolis, MN

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#2
Nov 19, 2012
 
Good lord, how fricking many threads about Twinkies are you going to post?

You Republicans are absolutely desperate for an issue.

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#3
Nov 19, 2012
 
Smart Liberal Lies wrote:
Good lord, how fricking many threads about Twinkies are you going to post?
You Republicans are absolutely desperate for an issue.
How about one for each job that the union wants to destroy? That would be 18,500 total. So only 18,493 or so left to post.
Bridgework

Lincoln, NE

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#4
Nov 19, 2012
 
Smart Liberal Lies wrote:
Good lord, how fricking many threads about Twinkies are you going to post?
You Republicans are absolutely desperate for an issue.
Says the person who spam creates dozens of threads? How many times will you lie about people lying? How may "insert person's name" Lies monikers have you posed under? I know you did a Bridgework Lies a few times.
DSM Local

Ankeny, IA

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#5
Nov 19, 2012
 
Bridgework wrote:
<quoted text>
Says the person who spam creates dozens of threads? How many times will you lie about people lying? How may "insert person's name" Lies monikers have you posed under? I know you did a Bridgework Lies a few times.
Watch out, it may snap again and fill the forum with more B.S. threads under stolen names
Amused Slew

Seattle, WA

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#6
Nov 19, 2012
 
How about one for each job management incompetence /greed has cost...

GO ahead... Hertz me and find a union job, that get 300% pay raises...

Poor TrashyLiar, you keep blaming the guys who aren't getting pensions funded, while managers walk away with the LOOT !!

What are managers doing, if THEIR company fails ???

Never mind, the same as you...QUITTING after 2 hours and 15 minutes... LMAOROTFU~!

Almost forgot lying your way to the bank, on another man's effort...
Bridgework Lies

Minneapolis, MN

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#7
Nov 19, 2012
 
Ask and ye shall receive.

It's not my fault that you post lies.
Amused Slew

Seattle, WA

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#9
Nov 19, 2012
 
Bridgework wrote:
<quoted text>
Says the person who spam creates dozens of threads? How many times will you lie about people lying? How may "insert person's name" Lies monikers have you posed under? I know you did a Bridgework Lies a few times.
"have you posed under ??" Posted "under" less that you, transparent moron...
Why answer A MORON, who isn't capable of a competent question...
Bridgework

Lincoln, NE

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#10
Nov 19, 2012
 
Amused Slew wrote:
How about one for each job management incompetence /greed has cost...
GO ahead... Hertz me and find a union job, that get 300% pay raises...
Poor TrashyLiar, you keep blaming the guys who aren't getting pensions funded, while managers walk away with the LOOT !!
What are managers doing, if THEIR company fails ???
Never mind, the same as you...QUITTING after 2 hours and 15 minutes... LMAOROTFU~!
Almost forgot lying your way to the bank, on another man's effort...
Once again the CEO did not get a 300% raise. I will be posting this in every thread you bring up that lie.

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

It is a lie that the former Hostess CEO Driscoll received a 300% increase (that you have repeated many times). A motion for the increase was filed to the bankrupsy trusties, but was withdrawn at which point the FORMER CEO Driscoll left the company.

"When the Teamsters saw the court motion, Ken Hall, the union's secretary-treasurer and No. 2 man, was irate. So much, he thought, for what he described as Driscoll's "happy talk" about "shared sacrifice." Hall says he tracked Driscoll down by phone and told him, "If you don't withdraw this motion, these negotiations are done." Hostess withdrew the motion a few weeks later when Driscoll left -- the same Driscoll who, Hostess told the court in its motion, was "key" to "reestablishing" Hostess's "competitive position going forward." Abbott and Costello couldn't have made this stuff up if they'd gone to Wharton."

You don't mention that the top 4 executives at Hostess agreed to only be paid $1 for 2012.
Bridgework

Lincoln, NE

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#12
Nov 19, 2012
 
Bridgework Lies wrote:
<quoted text>
More lies.
You are saying CNN was lying when they printed that, or are you admitting to being a liar?

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

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#14
Nov 19, 2012
 
Bridgework Lies wrote:
I never saw a link. You made it all up.
That proves it. You are both blind and dumb. And a liar for good measure.
Amused Slew

Seattle, WA

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#15
Nov 19, 2012
 
Today, Hostess Brands inc.— the company famed for its sickly sweet dessert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production.

But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

At the time, creditors warned that the decision signaled an attempt to “sidestep” bankruptcy rules, potentially as a means for trying to keep the executive at a failing company. The Confectionery, Tobacco Workers & Grain Millers International Union pointed this out in their written reaction to the news that the business is closing:

BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.

Certainly, the company agreed to an out-sized pension debt, but the decision to pay executives more while scorning employee contracts during a bankruptcy reflects a lack of good managerial judgement.

It also follows a trend of rising CEO pay in times of economic difficulty. At the manufacturing company Caterpillar, for example, they froze workers’ pay while boosting their CEO’s pay to $17 million. And at Citigroup, CEO Vikram Pandit received $6.7 million for crashing his company, walking off with $260 million after the business lost 88 percent of its value.

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