White House Bailout for Hostess -

White House Bailout for Hostess -

Posted in the Somerset Forum

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Since: Sep 08

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#1 Nov 20, 2012
Whut y'all thunk ?-

Cool Hand Clem

“One day at a time”

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Since: Oct 12

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#2 Nov 20, 2012
Big mama Obama said NO!too much sugar!

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#3 Nov 20, 2012
bail them out with what? We are broke!

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#4 Nov 20, 2012
itsmejd wrote:
bail them out with what? We are broke!
We got Chinese co-signers -

“We Are Family”

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Since: Aug 12

Here, There and Everywhere!

#5 Nov 21, 2012
Target has a chinese checker outter
Roy

Wartburg, TN

#6 Nov 21, 2012
Obama don't need the union vote now.

Cool Hand Clem

“One day at a time”

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#7 Nov 21, 2012
Nope,he's in their pocket.

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#8 Nov 21, 2012
Is he rollin' in the dough ?-

“We Are Family”

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Here, There and Everywhere!

#9 Nov 24, 2012
Naw, More like a cesspool.

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#10 Nov 24, 2012
Need Twinkies - 'bout time for Punch Bowl Cake -

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#11 Nov 25, 2012
Knowitall9 wrote:
Need Twinkies -'bout time for Punch Bowl Cake -
what is punch bowl cake?

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#12 Nov 26, 2012
itsmejd wrote:
<quoted text>
what is punch bowl cake?
Twinkies , or Angel Food cake , fruit cocktail , Cool Whip , Vanilla puddin', crushed pineapple , place in large punch bowl in layers , chill , eat and be happy -

“Boogie Chill'un”

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#13 Nov 26, 2012
For those who are unaware....like Clem (hey ol buddy, there are pictures and all in these articles, just like you like 'em!):

http://thinkprogress.org/economy/2012/11/16/1...

From wikipedia:

"Bankruptcy and liquidation (2012)

By December 2011, it was reported that Hostess Brands was on the verge of filing for bankruptcy a second time due to financial problems. The company stopped paying future pension benefits after August, thereby breaking its union contracts.[20] According to a Hostess worker at the time, "We understand that, should we pursue some form of legal action to require the company to live up to the terms of the contract, they may close, but we have come to believe that they will close anyway. We believe the company is poorly managed and the only hope is a complete change in management."[20]

On January 10, 2012, Hostess Brands filed for Chapter 11 Bankruptcy for the second time. In a statement in its filing, the company said it "is not competitive, primarily due to legacy pension and medical benefit obligations and restrictive work rules." The company said it employs 19,000 people and carries more than $860 million in debt. The company said it would continue to operate with $75 million debtor-in-possession financing from Monarch Alternative Capital, Silver Point Capital and other investors.[5]

In March 2012, Brian Driscoll resigned from his position as CEO.[21] Gregory F. Rayburn, who had been hired and named Chief Restructuring Officer only nine days earlier, assumed the leadership position. Fortune reported that unions within the organization had been unhappy with Driscoll's proposed compensation package of $1.5 million, plus cash incentives and a $1.95 million "long term compensation" package. Additionally, the court had discovered that Hostess executives had received raises of up to 80% the year prior. In an effort to restore relations, Rayburn cut the salaries of the four top Hostess executives to $1, to be restored by January 1 (or earlier) of the following year.[22]

In July 2012, the New York Post reported that negotiations (led by Silver Point Capital) with the Teamsters Union were close to a possible agreement that could allow Hostess Brands to cut employee pay and benefits, if the company maintained funding of existing pension plans.[23] In May, all 19,000 workers had been warned (as required by the Worker Adjustment and Retraining Notification Act) that they could face a mass layoff. In an email to the Appeal-Democrat Hostess spokesman Erik Halvorson said that the May notices were to alert employees to possible sale or wind down of the company, but that "our goal is still to emerge from bankruptcy as a growing company with a strong future."[24] These layoff notices listed the dates as July 7–21, but on July 5 another company spokesman told the Financial News & Daily Record that there were no immediate plans to start laying off Hostess employees.[25]"

http://www.forbes.com/sites/helaineolen/2012/...

"More than a few observers say they know who to blame for the demise of the iconic company: the Bakery, Confectionary, Tobacco Workers and Grain Millers International union, which represents thousands of striking Hostess Brand workers who have refused to accept a new contract that would do everything from slash their salaries to their retirement benefits.
Time for a reality check.
Hostess has been sold at least three times since the 1980s, racking up debt and shedding profitable assets along the way with each successive merger. The company filed for bankruptcy in 2004, and again in 2011. Little thought was given to the line of products, which, frankly, began to seem a bit dated in the age of the gourmet cupcake.(100 calorie Twinkie Bites? When was the last time you entered Magnolia Bakery and asked about the calorie count?)"

“Boogie Chill'un”

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#15 Nov 26, 2012
Now, I have found unions to be corrupt at times, at times I've found them to be a good thing. I have found most large corporations to be VERY corrupt, with a few being responsible and for the greater good. I've found A LOT of small business owners to be the salt of this earth and important to their communities. I work for one now.....

All that said, The Hostess workers HAD taken cuts, but the CEO gave himself a 300% pay raise for essentially making bad merger deals that ran the company into the ground. Where's the outrage there? I just don't get it.

Everyone but Clem, discuss. Clem, you learn how to read first....

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#16 Nov 26, 2012
Well put , Sir -And it'll be nothing but greed that strangles us at the local gas pumps -

“Boogie Chill'un”

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#17 Nov 26, 2012
Knowitall9 wrote:
Well put , Sir -And it'll be nothing but greed that strangles us at the local gas pumps -
You are exactly right KIA.....although some on here would try to have us believe it is our own fault the gas is high.....SMH.

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#18 Nov 29, 2012
Our gas prices are manipulated by some pitiful souls - I just never could have an orgasm at a gas pump -Can't say that for everybody -(hear that , baron morons ?)-

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