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Fri Nov 16, 2012, 05:05 PM

 

Hostess web page replaced by anti-union diatribe

http://hostessbrands.com/Closing.aspx


Hostess made $27 million in profits in 2003.

In 2004 management took the company into bankruptcy.

"Looting for profit"

8 replies, 1147 views

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Arrow 8 replies Author Time Post
Reply Hostess web page replaced by anti-union diatribe (Original post)
HiPointDem Nov 2012 OP
Lint Head Nov 2012 #1
HiPointDem Nov 2012 #3
City Lights Nov 2012 #4
Great Caesars Ghost Nov 2012 #2
smccarter Nov 2012 #5
HiPointDem Nov 2012 #6
aint_no_life_nowhere Nov 2012 #7
amborin Nov 2012 #8

Response to HiPointDem (Original post)

Fri Nov 16, 2012, 05:17 PM

1. Is Bain involved in this?

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Response to Lint Head (Reply #1)

Fri Nov 16, 2012, 05:32 PM

3. no, several other hedge funds aka grifters.

 

- Ripplewood Holdings (Citibank alumni)

- General Electric Capital/Ge Capital markets (GE's financial arm)

- Silver Point Finance/Silver Point Capital (Goldman Sachs alumni)

- Monarch Master Funding/Monarch Alternative Capital (Lazard alumni)

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Response to Lint Head (Reply #1)

Fri Nov 16, 2012, 05:38 PM

4. Haha, that was my first question! eom

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Response to HiPointDem (Original post)

Fri Nov 16, 2012, 05:22 PM

2. I like to know their political donations

 

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Response to HiPointDem (Original post)

Fri Nov 16, 2012, 05:41 PM

5. American business at its most profitable.

Business plan:
===================
1. Purchase a profitable company
2. Remove current board
3. Elect new board consisting of only those in our company
4. Vote on pay increases for top management (Executives only)
5. Assess extreme management fees
6. Leverage as many assets as possible
7. Award annual performance bonuses (Executives only)
8. Raid the company pension fund
9. Reduce employee payroll
10. Reduce employee benefits
11. Once unable to leverage any additional assets, file bankruptcy
12. Fire all workers and cease production
13. Sell off any remaining assets
14. Look for another profitable company to purchase
15. See item 1.

This is re-distribution of wealth. Taking all of the wealth from the worker and re-distributing it to the very top. A few folks make a huge amount of money while the majority in the company get squeezed out. Hundreds of families lose in this deal.

Trickle down Reaganomics at it's finest.

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Response to smccarter (Reply #5)

Fri Nov 16, 2012, 06:12 PM

6. +1. In fact, they already stole the pensions once during an earlier bankruptcy.

 

The bad news continued in 1984, as Interstate racked up $4.2 million in red ink. At that time, the company appointed a new president, Robert Hatch, a veteran of General Mills, who came on board just days before Interstate's bankers demanded payment on $36 million worth of loans. In an effort to get the company out of the shadow of its computer-leasing losses, Interstate took another $21 million writeoff and cashed in its $37 million pension fund to pay off the banks.

http://www.fundinguniverse.com/company-histories/interstate-bakeries-corporation-history/

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Response to HiPointDem (Original post)

Fri Nov 16, 2012, 06:26 PM

7. Well maybe if the company hadn't tripled executive salary the workers might have been a little

more understanding and willing to negotiate.

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Response to HiPointDem (Original post)

Fri Nov 16, 2012, 06:27 PM

8. disgusting....workers vastly outnumber CEOs and yet we tolerate this eom

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