19 replies to this topic

[Hum]

Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its roster of snack cakes to find a second life with new owners — even as 18,000 jobs will be wiped out.

The company said in court that it's in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos. The suitors include at least five national retailers such as supermarkets, a financial adviser for the company said. The process has been "so fast and furious" Hostess wasn't able to make its planned calls to potential buyers, said Joshua Scherer of Perella Weinberg Partners.

"Not only are these buyers serious, but they are expecting to spend substantial sums," he said.

The update on the sale process came as Hostess received approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million for meeting certain liquidation goals. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the wind down process, which could take about a year.

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[HawkMan]

The glory of uncontrolled capitalism, the workers get shafted, then when they try to defend themselves, they get double shafted and the upper management gets bonuses...

[Shane Nokes]

Really? Bonuses for meeting liquidation goals?

Is anyone willing to pay me 1.8 million dollars if I meet my goal to get completely ****-faced tonight?

Heck I'll even take substantially less than that...but helping pay for the booze would be awesome.

[Hum]

Diabetics rejoice !

[+scumdogmillionaire]

The bonuses aren't a huge deal. Those top level people need a reason to hang around to close everything out. The IRS is going to want every last dime they can get out of that liquidation which is why that was granted. Seems shady, but in reality it's necessary.

[Intrinsica]

scumdogmillionaire, on 01 December 2012 - 00:01, said:

The bonuses aren't a huge deal. Those top level people need a reason to hang around to close everything out. The IRS is going to want every last dime they can get out of that liquidation which is why that was granted. Seems shady, but in reality it's necessary.

But what is wrong with those executives just getting their normal paycheck instead of their paycheck+bonuses? A colleague of mine at work has just been told that his contract will not be renewed next year. Are the company offering him anything extra? Nope, he gets his monthly paycheck and when the time is up, that's it. Does he still have responsibilities while he is with us? Of course. And he will fulfil those responsibilities to the best of his ability so that he gets his paycheck. He doesn't need a bonus to sweeten the deal for him. Does being in a managerial position suddenly change that mentality?

[Shane Nokes]

Intrinsica, on 01 December 2012 - 00:12, said:

But what is wrong with those executives just getting their normal paycheck instead of their paycheck+bonuses? A colleague of mine at work has just been told that his contract will not be renewed next year. Are the company offering him anything extra? Nope, he gets his monthly paycheck and when the time is up, that's it. Does he still have responsibilities while he is with us? Of course. And he will fulfil those responsibilities to the best of his ability so that he gets his paycheck. He doesn't need a bonus to sweeten the deal for him. Does being in a managerial position suddenly change that mentality?

If you're a lazy ******* that was leeching the company dry without intention of actually doing anything for the pay? Then yes

[TRC]

There are dozens of Twinkie knockoffs on the market, many of them taste much better than the real thing (which in the last few years was disgusting).

It's the same with cereal; while many of the big brands have ruined their product trying to go healthy or cut costs many of generic versions still taste as good as the old stuff we remember.

[Growled]

Quote

The update on the sale process came as Hostess received approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million for meeting certain liquidation goals.

That's just wrong.

[Spartan Erik]

Quote

The update on the sale process came as Hostess received approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million for meeting certain liquidation goals.

Growled, on 01 December 2012 - 01:23, said:

That's just wrong.

Agreed, super messed up. This is after the union had already accepted cuts years ago in order for the business to keep running. In hindsight, it was only a matter of time. People are trying to eat healthier, and these sugary snack foods were the first thing off most people's lists (seriously, the only time I ever bought these was at a gas station in the middle of nowhere during a road trip), and it definitely didn't help that management was terrible either (7 different CEOs in 10 years.. that's very high turnover).

It's times like these that make me want more Elizabeth Warrens in a sense. Clearly the wealthy have had things stacked in their favor for quite some time, I'm hoping the pendulum swings the other way for a change to benefit the middle class for once.

[HawkMan]

scumdogmillionaire, on 01 December 2012 - 00:01, said:

The bonuses aren't a huge deal. Those top level people need a reason to hang around to close everything out. The IRS is going to want every last dime they can get out of that liquidation which is why that was granted. Seems shady, but in reality it's necessary.

Actually they are because they are completely stupid. and why would you want the people who got you in this situation to liquidate it... makes no sense. over here when a company goes bankrupt the assets are handled by third part holding/handler or something I believe, there's a name for the people/company that manages the assets of a bankrupt company, which I don't remember and can't translate

[xpablo]

Spartan Erik, on 01 December 2012 - 01:35, said:

Agreed, super messed up. This is after the union had already accepted cuts years ago in order for the business to keep running. In hindsight, it was only a matter of time. People are trying to eat healthier, and these sugary snack foods were the first thing off most people's lists (seriously, the only time I ever bought these was at a gas station in the middle of nowhere during a road trip), and it definitely didn't help that management was terrible either (7 different CEOs in 10 years.. that's very high turnover).

It's times like these that make me want more Elizabeth Warrens in a sense. Clearly the wealthy have had things stacked in their favor for quite some time, I'm hoping the pendulum swings the other way for a change to benefit the middle class for once.

Well the Teamsters Union agreed to cuts, but the majority Bakers Union wouldn't negotiate.

And Elizabeth warren are you serious, that woman is a complete whack job!

[Spartan Erik]

xpablo, on 01 December 2012 - 08:31, said:

And Elizabeth warren are you serious, that woman is a complete whack job!

Think about it like this.. the banksters and Wall Street have their lobbyists.. who does the middle class have?

I'll take Elizabeth Warren any day over no representation at all. Having her on the Senate banking committee ought to put the banks on thin ice, and it's about time

[Taliseian]

First off, now I completely understand why a friend of mine has pushed to get their Business degree....so they can turn off their brain and turn on their bank account. Only in business and politics can you **** up beyond all reason and come out not only smelling of roses but richer than you'll ever need for the next seven lifetimes.

About Sen. Elect Warren, I absolutely agree that we need more people of her intelligence and integrity in Washington. She's already doing her best to do what she can and she hasn't been sworn in yet. If Congress has more people like her and Sen. Sanders (I-VT) then the middle class would be a lot stronger, and the rest of the nation along with it, than they are now.


T

[XerXis]

HawkMan, on 01 December 2012 - 08:21, said:

Actually they are because they are completely stupid. and why would you want the people who got you in this situation to liquidate it... makes no sense. over here when a company goes bankrupt the assets are handled by third part holding/handler or something I believe, there's a name for the people/company that manages the assets of a bankrupt company, which I don't remember and can't translate

curators we call them, I think it's the same in English

edit: according to google translate it would be called a trustee in English, but that might have a different meaning