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A bankruptcy judge has cleared the way for Hostess to begin its liquidation. Flowers Foods...

A bankruptcy judge has cleared the way for Hostess to begin its liquidation. Flowers Foods (FLO), a potential buyer for all or part of the assets, +4%.
Comments (18)
  • wyostocks
    , contributor
    Comments (7619) | Send Message
     
    Way to go union leaders.
    21 Nov 2012, 03:40 PM Reply Like
  • chopchop0
    , contributor
    Comments (3130) | Send Message
     
    Def agree with that, but the CEOs and management were pretty greedy here too, giving themselves ridiculous bonuses and salary increases during this whole debacle, fiddling while Rome burns
    21 Nov 2012, 03:44 PM Reply Like
  • Terry330
    , contributor
    Comments (866) | Send Message
     
    Comment: Hostess pay raises approved in late July.

     

    Brian Driscoll, CEO, around $750,000 to $2,550,000.
    Gary Wandschneider, EVP, $500,000 to $900,000.
    John Stewart, EVP, $400,000 to $700,000.
    David Loeser, EVP, $375,000 to $656,256.
    Kent Magill, EVP, $375,000 to $656,256.
    Richard Seban, EVP, $375,000 to $656,256.
    John Akeson, SVP, $300,000 to $480,000.
    Steven Birgfeld, SVP, $240,000 to $360,000.
    Martha Ross, SVP, $240,000 to $360,000.
    Rob Kissick, SVP, $182,000 to $273,008.

     

    Tthe real problem was top 1% greed.
    21 Nov 2012, 03:52 PM Reply Like
  • wyostocks
    , contributor
    Comments (7619) | Send Message
     
    Back to the Kool Aid terry.
    21 Nov 2012, 04:28 PM Reply Like
  • Terry330
    , contributor
    Comments (866) | Send Message
     
    Just because the management at Hostess blames the union for their demise, doesn't make it so. Poor management is much more to blame for the demise of this company - that and the vulture capitalists that swooped in after the first bankruptcy and loaded it full of debt (taking a HUGE cut for the "improvements"). Meanwhile, the CEO got a 300% raise in the last year. Oh - and the company borrowed from the workers' pension fund. So - guess who's going to be on the hook for the pensions? The U.S. taxpayer. Don't blame BAKERS for what BANKERS do.
    21 Nov 2012, 04:49 PM Reply Like
  • chopchop0
    , contributor
    Comments (3130) | Send Message
     
    You lose whatever credibility you might have when you keep giving unions a free pass,terri. They deserve blame here too
    21 Nov 2012, 10:20 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Sorry Terry330....it was the UNIONS..period...UNION greed...
    21 Nov 2012, 04:21 PM Reply Like
  • Terry330
    , contributor
    Comments (866) | Send Message
     
    CEO makes more in 1 year as workers make in 45 years, and pays less in taxes as a % in earnings.
    21 Nov 2012, 04:45 PM Reply Like
  • surfnspy
    , contributor
    Comments (415) | Send Message
     
    My guess is the "CEO" probably has a higher skill set. In your mind, unskilled and semi-skilled workers would make $100K and bear no responsibility for their choices in life.

     

    You ARE my favorite troll, though. Have a good Turkey Day :-)
    21 Nov 2012, 04:56 PM Reply Like
  • wyostocks
    , contributor
    Comments (7619) | Send Message
     
    terry
    If the workers had the brains and skills of the CEO, they would be the CEO. How hard is that for you to understand.
    If they are so smart, they should go start their own companies.
    21 Nov 2012, 05:10 PM Reply Like
  • WisPokerGuy
    , contributor
    Comments (777) | Send Message
     
    #wyostocks

     

    Had to reply to the above comment because it was so INCREDIBLY stupid.

     

    First, just because someone has the title "CEO" on their business card doesn't mean they have "brains and skills" - I've certainly learned that over the last 35 years. Dick Fuld of Lehman Brothers is a perfect example. Second, just because someone wants to start their own company, it isn't as easy as just snapping your fingers to make it so - especially when you don't have the financial assets available to get started. I know - I'm a small business owner. I worked for basically no salary for 3 years before things took off. Some people might make feeding their families more of a priority? Wanting something to happen and actually having it happen (or being able to even try and make it happen) are two entirely different things.

     

    BOTH parties in this travesty are to blame. The union for not coming to grips with the fact that the ship they were on was sinking and maybe they should think about keeping their jobs and management who made sure they had all the lifeboat seats already occupied.

     

    Workers need to realize that they are just another commodity to most corporations. It's not in most corporations charter to "care" about their employees. Corporations are in business to MAKE MONEY. Nothing more or less. Employees are replaceable assets, pure and simple. That's capitalism in it's truest sense. Still, from a personal standpoint, the bankruptcy judge should rescind those bonuses immediately. That's just disgustingly greedy.
    21 Nov 2012, 09:32 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    Maybe they can pay the CEO's and executives in an equivalent amount of twinkies (at retail value of course) and save the cash flow to keep the company going.
    22 Nov 2012, 02:04 AM Reply Like
  • CullenW123
    , contributor
    Comments (12) | Send Message
     
    go to work for a real Bread Company Flowers Foods
    22 Nov 2012, 03:09 AM Reply Like
  • kmi
    , contributor
    Comments (3979) | Send Message
     
    I think everyone is to blame in this. Everyone involved.

     

    I only want to comment on this:

     

    "If the workers had the brains and skills of the CEO, they would be the CEO"

     

    To which I want to point out that the CEO was unable to bring both sides to a compromise. And therefore failed in his role/leadership of the company. He is a failure. As a failure, he hardly deserves such a large salary. The union leaders share, ultimately, in his failure, as does everyone else who brought about its collapse, but the CEO, who was so certain of his expertise at running the company that he raised his salary, clearly must take the lion's share of the blame.

     

    I'll point out this in tandem: imagine if this CEO was the guy leading the country into the fiscal cliff negotiations....

     

    What has happened here, i.e. the Union taking the blame for collapsing the company, will happen in the fiscal cliff negotiations when Congress fails to deliver.
    22 Nov 2012, 09:39 AM Reply Like
  • golden1234
    , contributor
    Comments (31) | Send Message
     
    Is it better to be "right" and unemployed? I don't know why Hostess was in bankruptcy the 1st time, maybe because they were broke? When a union truck driver is forbidden from carrying cup cakes when he is contracted to carry bread is just plain stupid. Union workers must realize that they do not have a right to a job. Every employee must "earn" at least 4x for the company what he receives in wages. If the employee thinks he is worth more, go get another job, or open up your own bakery. It's real easy to start up and run a business with all the grateful employees out there. And union people wonder why there are no more jobs in America? Why should an employer put up with unions when he can move manufacturing over seas and hire people who are grateful for the opportunity to work?
    21 Nov 2012, 09:37 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4009) | Send Message
     
    It was only a matter of time before the Nanny State outlawed Twinkies anyway.
    22 Nov 2012, 03:29 AM Reply Like
  • User 509088
    , contributor
    Comments (933) | Send Message
     
    arf arf arf still grinding away on the same old tune. blame the unions blame the unions.

     

    canadian hostess will still survive.

     

    do you not see, you fools! ah ha ha ha ha ha! it's a cornspiracy against woody harrelson! destroy america by leveraging and bankrupting america's snack food leader.

     

    the quintessentially canadian strategy was pioneered by lord black of cross harbour on the historic canadian farming equipment manufacturer massey fergusson. i'm sure he didn't do it on purpose, lord black likes to sue doncha know. i'm sure it just happened that the loans he'd taken out to leverage other purchases went bad and the hollowing out of industrial north america got really downhill really fast.

     

    all over america, the strategy was taken up with vigour as a way to get one's money out of whatever daddy or your acquisition's daddy had put his life's work into.

     

    sure, it's the unions. you keep telling yourselves that.
    22 Nov 2012, 06:15 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    I wonder if Terry330 eats turkey today....because she eats it everyday....
    22 Nov 2012, 08:11 AM Reply Like
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