Hostess wins OK to give execs up to $1.75 million in bonuses

[Omaha Steve]

Source: LA Times

By Tiffany Hsu

Hostess Brands Inc., in the midst of winding down its business, won approval Thursday from a federal bankruptcy judge to give as much as $1.75 million in bonuses to its executives.

The money is intended as an incentive for 19 top-level managers to remain with the Twinkies and Ding Dongs maker to oversee its liquidation.

The payouts will be granted only if managers "achieve a set of specific tasks and goals within a specified time frame that are designed to speed and lower the cost of the wind-down," Hostess spokesman Lance Ignon said.

The maximum bonus amount, Ignon said, represents 0.07% of Hostess' revenue and 0.17% of the value of its assets and is below the average for bonuses in comparable bankruptcy cases. Hostess Chief Executive Greg Rayburn would be not be eligible for a bonus, Ignon said.

FULL story at link.



Read more: http://www.latimes.com/business/la-fi-hostess-20121130,0,1027676.story

[cstanleytech]

1. Well thats BS. nt

[Kablooie]

2. Heartwarming.

All the way to heartburn.

[OnyxCollie]

3. Of course. nt

[nc4bo]

4. Profits over people, The American Way!

I hope they all choke on their unearned rewards.

[Gormy Cuss]

5. The bonus should be paid out in Twinkies and Ding-Dongs.

If the top-level managers had been doing their jobs the company wouldn't be in liquidation.

[DollarBillHines]

13. My thoughts, exactly... nt

[mahatmakanejeeves]

18. At eBay prices

.

[Agschmid]

6. That's just ridiculous. n/t

[SoapBox]

7. Sickening.

Creeps and Crooks.

How the hell do we stop them?

[lexw]

8. We're in this pretty fckng deep. This is messed up.

[abelenkpe]

9. Holy injustice.

Typical.

Should have told the failure CEOS to piss off and look for work elsewhere and set that money aside to give the the workers who are being screwed out of a job and pension.

[Iliyah]

10. Start within and appoint judges that care about the consumers, workers, laborers

Its a slow process but the people must take back the justice system.

[luv_mykatz]

11. Sickening!

[AtheistCrusader]

12. Bonuses for what? Running the company into the ground?

One way or another, the leadership of the company is to blame. For not adapting to the market, for not adapting to consumer tastes or food quality priorities, for not expanding into new areas, you fucking name it. For failing to negotiate wages/benefits. For failing to compete against other companies.

No matter how you slice it, the company died on their watch, by their hand.


The only possible explanation for a bonus in that situation, is to reward an executioner for skeletonizing and breaking up the company into profitable little pieces to liquidate.

[HughBeaumont]

14. Son of a BITCH.

Are you KIDDING ME ON THIS??? REALLY????

You diaper bastards shouldn't be getting "incentive bonuses", you should be SKINNED.

What the fuck is an "incentive bonus" anyway? "Oh, my millions and giant house and stacked ...cars don't inspire me enough . . . I need more "incentive"".

Plutocracy. And America, THAT'S what will be biting you in the ass. Not the "have too littles". Not the elderly. Not students. Not those who you think are "commies". Not (insert boogeyman du jour here). THIS is your "class warfare" and YOU'RE LOSING IT. End of story.

[davidpdx]

15. The bonus should be

to shove their fat asses in one of those huge vats with a blender while it is going on high speed.

[fasttense]

16. The executives are so incompetent, so bad that they put the corporation into bankruptcy

And the Bankruptcy judge approves giving them bonuses in the millions. Talk about corruption.

I don't know who is more immoral and evil, the executives for playing out this scheme to get millions from harvesting Hostess and destroying worker's jobs, or the judge who lets them do it.

[lonestarnot]

17. It should be awarded in twinkies and fucking ding-dongs via dump-truck those fucks.

[onecent]

19. Our system is certainly SCREWED UP!!!!!!!!

[Baitball Blogger]

20. They fucking failed at their jobs, so they

get a nice cushion.

Capitalism.