Hope the court throws them out on the street. Anyone can lose money. The fact that these individuals want to get paid so much money is ridiculous. The court should hire someone to sort through the offers for various assets and the liquidation.
Posts: 2574 | Location: Ohio | Registered: Feb 25, 2006
Unfortunately, the courts are probably going along with their extortion request.
The unions gave up so much so the 19 people mainly responsible for the failure of the company gets a big fat Christmas bonus.
My thoughts towards those 19 are definitely not chr - istian and I will not post here.
I do hope the individuals who were so quick to attack all unions (not just the bakers union) are embarassed by their ill informed comments.
The one thing I find laughable about all of this (coming from someone who has not had a Twinkie since the 1960's) are all the people who are completely devastated about the demise of the company.
This isn't the first time the CEOs and CFOs have intentionally run a failing company under. Won't be the last. It's been proven over and over just how mega-profitable it is for them personally.
Originally posted by KeepYouInStitches: The courts approved it.
IMHO no one group owns the failure of this company...it's all of them.
Not on the workers this time. They had given up raises, lost their insurance and now their pensions. Management was responsible for not "Managing" the company. Other companies adjust with changes in markets - I don't recall reduced fat offerings of their more popular products, new styles, new flavors, new packaging - nothing. Their products look the same today as they did 40 years ago.
As was mentioned earlier when Hostess management started with the we're going broke routine the unions took the hit just to see managment award themselves bonuses.
The management saddled the company with huge amounts of debt which the company could not repay. This is the issue with hedge funds and private equity companies. The payment of the bonuses to these individuals for destroying this company is ridiculous. The pensions will now be handled by the PBGC, which is an arm of the US Department of Labor. Payouts are limited and the workers bear the losses generated by greedy individuals.
Posts: 2574 | Location: Ohio | Registered: Feb 25, 2006
