HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Hostess execs are granted...
Introducing Discussionist: A new forum by the creators of DU

Thu Nov 29, 2012, 04:34 PM

Hostess execs are granted their Twinkies.

This should indeed be the term applied to such bonuses granted to those in charge of receiving largesse while part of a leveraged bankruptcy or overseeing a poorly managed company...they received their Twinkie.


http://teamsternation.blogspot.com/2012/11/judge-approves-hostess-exec-bonuses.html



Thursday, November 29, 2012
Judge approves Hostess exec bonuses, Teamsters object

Whoa. This is disgraceful. From Twitter:
@CNBC: BREAKING: Judge approves Hostess bonus payout plan; 19 Hostess senior executives in line for up to $1.8M in bonuses
The Teamsters stridently objected. From the court filing:
...there is no basis under any possible standard of review, including business judgment or “justification by the facts and circumstances of the case,” 11 U.S.C.§ 503 (c)(3), for the Court to conclude that the requested payments should be approved. This is particularly true in these tragic circumstances where so many thousands of employees have lost their jobs and benefits, and where remaining non-senior management employees will receive an incentive payment of no more than 25% of their compensation during the wind down period.
Our attorneys argued that the bonuses are against the law:
The Debtors, however, have failed to demonstrate that the proposed bonuses are true incentive bonuses and not disguised retention payments in violation of section 503(c)(1) of the Bankruptcy Code.
Just disgusting.

10 replies, 1313 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 10 replies Author Time Post
Reply Hostess execs are granted their Twinkies. (Original post)
Skidmore Nov 2012 OP
Taverner Nov 2012 #1
atreides1 Nov 2012 #5
Turbineguy Nov 2012 #2
madrchsod Nov 2012 #3
AlexSatan Nov 2012 #4
Sherman A1 Nov 2012 #6
burnsei sensei Nov 2012 #7
Initech Nov 2012 #8
derby378 Nov 2012 #9
Matariki Nov 2012 #10

Response to Skidmore (Original post)

Thu Nov 29, 2012, 04:35 PM

1. WHAT???????

 

Fucking "leaders"

Always doing this shit.

Always!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Taverner (Reply #1)

Thu Nov 29, 2012, 04:41 PM

5. It happened with Border's Books

The workers got fired and the executives got paid...

Personally, I think this judge had already made up his mind about letting the suits have the money!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 04:36 PM

2. This is good news

It would be a terrible thing not to be obscenely well-paid to run your company into the ground. It would be the end of the world as we know it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 04:37 PM

3. nothing new..it`s been going on since the 80`s

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 04:38 PM

4. Didn't they

 

even come out and say the "bonuses" were to retain the execs during the sale/transition/breakup? I know several of the news articles said it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 04:44 PM

6. I think a nice Federal Facility

would be more in line for these fine gentlemen, however that is just my opinion.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 06:19 PM

7. These execs are unworthy of Twinkies!

Support the workers!
Vindicate the Twinkies!
Vindicate Wonder Bread, Snow Balls, Ding Dongs and Cupcakes!
Let these familiar American brands reflect American progress, not American intransigence toward labor.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 06:59 PM

8. This is fucking disgusting!!! And if we don't stop it it's just going to keep happening.

"Executive" is just another word for crook anymore.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 07:25 PM

9. A golden parachute with cream filling

And how many proposed buyers of Hostess' assets do you think will do everything to keep the unions from getting a foothold once the copyright for the Twinkie changes hands?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Skidmore (Original post)

Thu Nov 29, 2012, 07:29 PM

10. Awesome. Run a company into the ground. Get rewarded with a couple million.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread