In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.
Options
Twinkie maker wants to pay bonuses!
Spider7115
Member, Moderator Posts: 29,714 ******
This comes to an average of nearly $95,000 each in bonuses in addition to their salaries!
I guess you can make a nice living running your company into bankruptcy and firing 18,000 people. [:(!]
NEW YORK (AP) - Hostess Brands Inc. plans to ask for a judge's approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
The process includes the quick sale of its brands, which also include Wonder Bread. Hostess says it has received a flood of interest in the brands.
The company's bankruptcy means loss of about 18,000 jobs.
Read more: http://www.timesunion.com/news/article/Hostess-wants-1-8M-for-executive-bonuses-4076905.php#ixzz2DhmTh8sY
I guess you can make a nice living running your company into bankruptcy and firing 18,000 people. [:(!]
NEW YORK (AP) - Hostess Brands Inc. plans to ask for a judge's approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
The process includes the quick sale of its brands, which also include Wonder Bread. Hostess says it has received a flood of interest in the brands.
The company's bankruptcy means loss of about 18,000 jobs.
Read more: http://www.timesunion.com/news/article/Hostess-wants-1-8M-for-executive-bonuses-4076905.php#ixzz2DhmTh8sY
Comments
The current crop of execs are relatively new, while Hostess has been sliding down for years. Besides, lot of reasons for the bankruptcy, many of which were not under the control of the management - certainly not the current management.
How about you worry about your own money and stop bitching about what others are doing. It was the union the screwed Hostess into bankruptcy.
And don't worry about things changing. Capitalist America is dead and your beloved socialism is here.
Too old to live...too young to die...
I'm tire of unskilled labor complaining that executives are paid too much. An assembly line guy is NOT going to get paid near what the people making the decisions will be paid. If you don't like it, go get an education.
That is how business works, one fails another takes the usable parts of the carcass and moves on. The TWINKIE will rise again, owned by a different and, I by-God-guarantee-ya, a non-union bakery, paying its workers well and not saddled with useless unproductive make-work rules like the now defunct HOSTESS was.
The compay is not closing because of the executives but because of the union usually management is not part of the union so let them have the their bonuses and screw the unions
The truth is between the two extremes.
BTW....punctuation is your friend.
Aw c'mon! ALL business owners are rich, drive fancy cars and live in at least million dollar homes and go on extravagant vacations. Just ask any union member.
Voted for Obama, eh?
How about you worry about your own money and stop bitching about what others are doing. It was the union the screwed Hostess into bankruptcy.
And don't worry about things changing. Capitalist America is dead and your beloved socialism is here.
WTG Doc! I agree wholeheartedly!
Unbelieveable!
[:0][:0] Yep
Workers had already taken approximately 25% in wage concessions over the last 8 years, now Hostess was asking for another 8%. This does not include the concessions in benefits
Hostess is in bankruptcy for the second time in 8 years, yet the company wants to reward management with large bonuses again? For what? Incompetance? I really can't blame the workers for being a little P.O.'ed.
It appears to me that this company has been mis-managed for a very long time and the board of directors took no action other than blame the hard working people for being greedy.
Some say that the workers are foolish. Maybe so in todays economy, but it seems to me that their message is simply that they don't want to work for such an employer any longer.
At the end of the day I have to ask my self, is the country better off without Hostess? Maybe, with obesity running rampant in this country, do we need Twinkies, Ho-Ho's and Wonder Bread? Probably not.
Just my $.02 worth.
...
Some say that the workers are foolish. Maybe so in todays economy, but it seems to me that their message
is simply that they don't want to work for such an employer any longer.
...
Guess what... Now they don't.
Their decision (or at least the union they joined) to stop the work was theirs alone.
The company. how ever mismanaged it was or not... Offered them 'work' for pay...
The employees (well at least the unions did) decided to not accept the terms of that 'work'...
The result was no 'work' is going to get performed now... So the company goes away. Simple...
http://www.courierpress.com/news/2012/nov/29/hostess-seek-judges-approval-executive-bonuses/
More than 100 companies seeking to buy Hostess brands. Maybe a lot of the employees can keep their job with another company.
http://www.courierpress.com/news/2012/nov/29/hostess-seek-judges-approval-executive-bonuses/
Yep... One door closes another one opens...
Except they may use a different grease to keep the hinges quiet.
Or prefer to have the squeaky sounds to assure that the hinges are working... properly.
Rest assured though... The amount of grease or lack thereof will surely be different...
The Baker's Union represented approximately 5000 Hostess workers. The teamsters represented 6700 Hostess workers. This left about 7000 workers who were not under contract. The Teamsters voted to accept Hostess' concessions. The math is simple 13500 workers were willing to take concessions. 5000 were not. Talk about the tail wagging the dog.
Workers had already taken approximately 25% in wage concessions over the last 8 years, now Hostess was asking for another 8%. This does not include the concessions in benefits
Hostess is in bankruptcy for the second time in 8 years, yet the company wants to reward management with large bonuses again? For what? Incompetance? I really can't blame the workers for being a little P.O.'ed.
It appears to me that this company has been mis-managed for a very long time and the board of directors took no action other than blame the hard working people for being greedy.
Some say that the workers are foolish. Maybe so in todays economy, but it seems to me that their message is simply that they don't want to work for such an employer any longer.
At the end of the day I have to ask my self, is the country better off without Hostess? Maybe, with obesity running rampant in this country, do we need Twinkies, Ho-Ho's and Wonder Bread? Probably not.
Just my $.02 worth.
Managers? People who never did your job who think they know all about it when they don't know anything.
And what do you know about a CEO's job?
Have you ever run a small business doing a couple million per year, or a huge Corporation?
The Union did not own the company, they helped destroy it. Any bonuses have to be justified and OK'ed by a judge or bankruptcy trustee. Me thinks the Judge and the Trustee both know it was Union stupidity that caused the FINAL failure of the business.
That is how business works, one fails another takes the usable parts of the carcass and moves on. The TWINKIE will rise again, owned by a different and, I by-God-guarantee-ya, a non-union bakery, paying its workers well and not saddled with useless unproductive make-work rules like the now defunct HOSTESS was.
bpost...exactly the story that I read and heard. The company was in negs with the union, the union didn't like the offer (like having to pay more for hospitalization and such) and went on strike, and the company decided that they had lost enough dough and decided to Chapter 11 rather than put up with the union. The judge then ordered them back to the table (good time for the union to realize that they mean business), they obeyed, talked for day, got nowhere, and then did what they said they were going to do. Not smart on the union part IMO. The judge said the exec's are to be paid to invoice/account recievables out the company....perfectly normal in these kinds of proceedings. Methinks the union of 18k made a bad decision...for all of us as now they are on unemployment and WE have to pay for them....makes me sick actually.
The Union did not own the company, they helped destroy it. Any bonuses have to be justified and OK'ed by a judge or bankruptcy trustee. Me thinks the Judge and the Trustee both know it was Union stupidity that caused the FINAL failure of the business.
That is how business works, one fails another takes the usable parts of the carcass and moves on. The TWINKIE will rise again, owned by a different and, I by-God-guarantee-ya, a non-union bakery, paying its workers well and not saddled with useless unproductive make-work rules like the now defunct HOSTESS was.
You took the words right out of my mouth[;)]
The only way you can get folks to stay on a sinking ship,is to give them either a boat or life jacket! Which would you take? The USS Union Sub has torpedoed the SS "Twinkie",and she is sinking fast! BTW its the owners discretion to dissovle the Corp!
If a Mexican company were to purchase the company they wouldn't have to pay the same tariffs that the American company had to pay, or the unions for that matter.
I am in no way shape or form condoning any of the actions of the unions, or the management but it would seem to me that the strike was more of the straw that broke the camels (granted it is a huge straw but a straw none the less) back.
As themountainman stated part of it is also the lack of foresight, failed policies, and lack of investment into the company. I will go ahead and add the failed policies of the unions to create jobs by making incredibly stupid rules. Pretty much looks to me like there is more than enough blame to go around and to place all of the blame on essentially one part of a group is more than just a little ridiculous.