General Discussion
In reply to the discussion: BREAKING: Hostess, the maker of Twinkies, Ding Dongs and Wonder Bread, is going out of business [View all]rdking647
(5,113 posts)1 union held out. the result is everyone loses their jobs.
you may bitch and moan about management all you want but that doesnt change things. when you file bankruptcy you lose the right to decide your own future. the investors in hostess will recieve nothing. the people that get paid pack are hostesses creditors. their suppliers.
the company has admitted management sucked. that doesnt change things. the union had a choice. take a cut and keep working or no cut and lose their jobs. the union chose suicide.
you claim that wall street and vulture capitalists can walk away with millions. how exactly will they walk away with millions. the majority of hostess debts are secured loans.
these are the major unsecured creditors. these are the ones who will be paid last
Bakery & Confectionery Union & Industry International Pension Fund
Central States, Southeast and Southwest Areas Pension Fund
Interstate Brands Corporation-International Brotherhood of Teamsters National Negotiating Committee
New York State Teamsters Conference Pension and Retirement Fund
Stationary Engineers Union, Local 39
I.A.M. National Pension Fund
Caravan Ingredients Inc.
Bakery, Confectionery, Tobacco Workers & Grain Millers International Union
New England Teamsters and Trucking Industry Pension Fund
so not only did the union cost themselves their jobs they hurt their own pension fund.
the union was stupid.