More union jobs auctioned off by union demands
Posted in the Minneapolis Forum
Saint Paul, MN
#1 Feb 13, 2013
Hostess cleared by court to auction off Twinkie brand
Credit: Reuters/Bret Hartman/Files
Mon Feb 11, 2013 7:18pm EST
(Reuters)- Hostess Brands Inc HTBRS.UL, the bankrupt maker of Twinkies snack cakes, received court permission on Monday to proceed with auctions for several of its brands, including Twinkies and Wonder Bread.
The U.S. Bankruptcy Court in White Plains, NY, cleared Hostess to sell off assets related to its Hostess and Dolly Madison Brands.
A hearing to approve the successful bidder is scheduled for March 19.
Private equity firms Apollo Global Management LLC (APO.N) and C. Dean Metropoulos & Co have set a baseline offer of $410 million to buy the company's snack cake brands including Hostess Twinkies and Dolly Madison, Hostess said last month.
The so-called stalking horse bid by the private equity firms, working together to buy the 82-year-old baker, would serve as the minimum offer for the business, which could still be topped by others.
Hostess was granted permission by a U.S. bankruptcy court judge in November to wind down its business and liquidate its assets after a strike by a baker's union crippled the company's operations.
The sale of assets, which range from Twinkies and Wonder Bread to real estate and baking equipment, is being run by Perella Weinberg Partners.
#2 Feb 13, 2013
They "DEMANDED" Hostess follow the contract and pay them ! LMAOROTFU~!
Funny, management preferred to LOOT THE COMPANY !
Darn workers, wanting to be paid, right ?
“The one and only Smart Liberal”
Since: Aug 12
Former MN Tax Payer
#3 Feb 13, 2013
Sad as it is, it is a good lesson in capitalism.
The unions said they wanted more money. The ownership said there was none to give, and that the union salaries & work rules were killing the business.
I guess we found out that was a fact or they never would have shut down the business.
Now, they can build back the brands that the unions destroyed. This is what should have happened to GM and Chrysler.
#4 Feb 13, 2013
Management wasn't funding the contractual retirement and the WORKERS had given concessions... in the last contract...
Geez, you're simply a moron bean counter, who farts too much and puts the leakage here ! LMAOROTFU~!
Saint Paul, MN
#5 Feb 13, 2013
Not only did management say there was no money, but the bankruptcy court judge agreed. I guess we have to get ready for Walmart or the Mexican baking company Bimbo to make Twinkies. Another bunch of good American jobs, gone. Thanks unions.
#6 Feb 13, 2013
Another place, where greedy management violated the contract, took pay raises , and killed the company...
Why would you blame the folks NOT IN CHARGE ????
Oh right, management didn't run the business, huh ???
Tell TrashyLiar, he says "he" does....
Saint Paul, MN
#7 Feb 13, 2013
If Smart Liberal had his way, there would ber no more middle class in America. Unions are what CREATED The middle class. Without them, we are all doomed to Walmart wages and benefits.
Watch Smart Liberal squak about Obama's proposal to raise the minimum wage from $7.25 to $9.00. His answer is that employers should be able to pay employees as little as they want.
We had that once before in America, before the rise of the unions. Google "Robber Barons" and read about it.
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