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Old 11-16-2012, 07:10 AM  
petegz28 petegz28 is offline
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Say Goodbye to Twinkies and Wonderbread

Sad to see this happen...

Twinkies Maker Hostess Going Out of Business
http://www.nbcdfw.com/news/national-...179643161.html
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Old 12-01-2012, 07:00 AM   #241
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That's brutal.
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Old 12-01-2012, 12:14 PM   #242
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Quote:
Originally Posted by Dave View Post
They are also not paying pensions that they owe.
Yeah, that definitely sucks, but that happens in bankruptcy situations. If they don't keep people around to wind up the business, even fewer of the creditors will get paid because the liquidation will be less likely to get top dollar.
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Old 12-01-2012, 12:47 PM   #243
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Quote:
Originally Posted by patteeu View Post
Yeah, that definitely sucks, but that happens in bankruptcy situations. If they don't keep people around to wind up the business, even fewer of the creditors will get paid because the liquidation will be less likely to get top dollar.
Agreed.

That being said, do you agree that it is beyond ridiculous to keep a guy on to "wind up the business" at 125,000/month while 30+ year workers get ****ed out of their pensions?
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Old 12-01-2012, 02:58 PM   #244
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Originally Posted by patteeu View Post
Yeah, that definitely sucks, but that happens in bankruptcy situations. If they don't keep people around to wind up the business, even fewer of the creditors will get paid because the liquidation will be less likely to get top dollar.
In bankruptcy the only people to truly get paid are:

Secured Creditors
Attorneys
CPA/Accountants hired for Forensic Account purposes
Employees who wind down the business
"Experts" in bankruptcy wind-down operations (Usually these are the experts who know how to maximize value of the bankruptcy estate)



Everyone else takes a haircut....some get a slight trim, others get it all taken off the top.
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Old 12-01-2012, 04:32 PM   #245
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They're paying people to do a job. They're going to stop paying people who aren't doing a job anymore.
They worked for 30 years to get that pension. Now what are they going to live on?.....unemployment and the taxpayer dime. While the executive gets a 300K raise and the junior executives get raises for the fantastic job they did running it into the ground.

You see nothing wrong with this picture?
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If it's effective, who are you, me, or anybody else to call it abuse? I worked with a guy back in Moberly who would shove a finger up his son's ass each time he had anything worse than a C on his report card. If he came home with 2 D's and an F, that's 3 fingers (and this was a big dude). Does that sound hideous and disgusting? Absolutely. Did the kid ever get anything worse than a C after this rule was implemented? Not a chance.

I'm not saying it's morally right or wrong, but does it make the child because of it? Think about that for a second.
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Old 12-01-2012, 05:12 PM   #246
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Originally Posted by Bowser View Post
Agreed.

That being said, do you agree that it is beyond ridiculous to keep a guy on to "wind up the business" at 125,000/month while 30+ year workers get ****ed out of their pensions?
How easy is it to find a cheaper alternative and what were the terms of the guy's compensation before the decision to shut down and sell off?
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Old 12-01-2012, 05:14 PM   #247
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They worked for 30 years to get that pension. Now what are they going to live on?.....unemployment and the taxpayer dime. While the executive gets a 300K raise and the junior executives get raises for the fantastic job they did running it into the ground.

You see nothing wrong with this picture?
If the judge who has all the information approves it, why should I come to a different conclusion based on almost no information?
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Old 12-01-2012, 05:18 PM   #248
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Quote:
Originally Posted by patteeu View Post
If the judge who has all the information approves it, why should I come to a different conclusion based on almost no information?
Though it sounds awful and I don't blame the workers for being pissed, I agree with pat on this one. If you literally just fold up shop, there's even less money in the company to pay off debts and salvage whatever they can of those workers' pensions. It sounds like a lot of money to me for sure, but if they think they can save $200k per month by paying that guy $150k per month, they're making positive progress for everyone even if it doesn't seem that way.

Last edited by DaFace; 12-01-2012 at 05:32 PM..
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Old 12-01-2012, 05:21 PM   #249
La literatura La literatura is offline
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Though it sounds awful and I don't blame the workers for being pissed, I agree with pat on this one. If you literally just fold up shop, there's even less money in the company to pay off debts and salvage whatever they can of those workers' pensions. It sounds like a lot of money to me for sure, but if they think they can save $200k per month by paying that guy $150k per month, they're making positive progress for everyone even if it doesn't seem that way.
Yeah, I guess there's not much more to do. I guess this is cheaper than paying a receivership to handle this (or maybe receiverships do not make those kinds of decisions).

Or, I will volunteer to do the job for 140K per month, and I will follow all the judge's decisions for who has priority of the remaining assets.

Last edited by DaFace; 12-01-2012 at 05:31 PM..
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Old 12-01-2012, 05:27 PM   #250
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just fyi, walmart bought out a lot of the hostess stuff still left at the hostess factory's. I don't know about other walmarts, but the one by me has 8 pallets full of zingers($2).

I know they aint twinkies, but may make for a good investment...?

who knows there still maybe twinkies at some of the other walmarts...
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Old 12-01-2012, 05:33 PM   #251
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Yeah, I guess there's not much more to do. I guess this is cheaper than paying a receivership to handle this (or maybe receiverships do not make those kinds of decisions).

Or, I will volunteer to do the job for 140K per month, and I will follow all the judge's decisions for who has priority of the remaining assets.
Letting the executives that ran the company into the ground to profit while the working stiffs lose their pensions? In what world does that make sense?
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If it's effective, who are you, me, or anybody else to call it abuse? I worked with a guy back in Moberly who would shove a finger up his son's ass each time he had anything worse than a C on his report card. If he came home with 2 D's and an F, that's 3 fingers (and this was a big dude). Does that sound hideous and disgusting? Absolutely. Did the kid ever get anything worse than a C after this rule was implemented? Not a chance.

I'm not saying it's morally right or wrong, but does it make the child because of it? Think about that for a second.
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Old 12-01-2012, 05:37 PM   #252
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Letting the executives that ran the company into the ground to profit while the working stiffs lose their pensions? In what world does that make sense?
As mentioned, in a world where we care about creditors and think the old executives are best able to handle the assets creditors are owed. Are the old executives taking advantage of the situation? Yeah, most likely. What is the cheaper alternative for wind-up management? Is it the receivership? I don't know.
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Old 12-10-2012, 07:43 PM   #253
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Hostess Workers' Pension Money Diverted For Other Uses: Report

Hostess Brands acknowledged for the first time in a news report Monday that the company diverted workers' pension money for other company uses.

The bankrupt baker told The Wall Street Journal that money taken out of workers' paychecks, intended for their retirement funds, was used for company operations instead. Hostess, which was under different management at the time the diversions began in August 2011, said it does not know how much money it took.

"It's not a good situation to have," Hostess CEO Gregory Rayburn told the WSJ.

"Whatever the circumstances were, whatever those decisions were, I wasn't there," Rayburn added. As the founder and owner of Kobi Partners, a restructuring advisory firm, Rayburn was appointed acting CEO in March 2012.

Hostess Brands, which filed for bankruptcy for a second time in January, started liquidating its operations in November after the bakers' union refused to take another pay cut and went on strike. The liquidation will leave about 18,000 workers without jobs.
http://www.huffingtonpost.com/2012/1...n_2271868.html
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Old 12-10-2012, 07:53 PM   #254
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Of course they did. Now the government is going to have to rescue that pension like they did those companies Romney's outfit ran into the ground.
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Old 01-11-2013, 07:08 PM   #255
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HOSTESS TO SELL WONDER BREAD TO MAKER OF TASTYKAKE
By CANDICE CHOI
Jan. 11 8:56 PM EST


NEW YORK (AP) Hostess has found a new home for its most popular breads, including the iconic Wonder bread.

The bankrupt maker of Twinkies, Devil Dogs and other snack cakes said late Friday that it selected bids by rival bakery Flower Foods Inc. to buy six of its bread brands for $390 million. Flower Foods, based in Thomasville, Ga., is best known for Tastykakes but also makes breads including Nature's Own and Cobblestone Mill.

Hostess is expected to announce buyers for its famed dessert cakes in coming weeks. The company has said a wide variety of parties have expressed interest in its brands, including national supermarket chains and the makers of brand name packaged foods.

Flower Foods was selected as the "stalking horse" bidder for the bread brands. That means higher competing bids can still be made and the final deal must be approved in bankruptcy court. The company made two separate bids for the Hostess breads; a $360 million bid for Wonder, Nature's Pride, Butternut, Home Pride and Merita, along with 20 bakeries and 38 depots. Another $30 million bid was made for Beefsteak.

Taken together, Hostess said those breads generated just under $1 billion in sales last year, with Wonder bread accounting for about half of that. Flower Foods, which generates about $3 billion in annual sales, said it expects the deals to be accretive to its earning this year. The company plans to finance the deal through a mix of cash and debt.

Hostess Brands Inc., based in Irving, Texas, announced in November that it was shutting down its business and selling its breads and snack cakes.

The company's demise came after years of management turmoil and turnover, with workers saying the company failed to invest its brands. Hostess filed for its second Chapter 11 bankruptcy in less than a decade this January, citing costs associated with its unionized workforce. It had about 18,500 employees when it announced that it was shutting down after it was unable to reach a deal on a new contract with striking workers.

Hostess CEO Gregory Rayburn, who was hired last year to help orchestrate a turnaround, said in a statement that negotiations were continuing with parties for its snack cakes and remaining bread bands. The company has stressed in bankruptcy court that it would need to move quickly in the sales to capitalize on the outpouring of nostalgia prompted by its shuttering.
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