General Discussion

DirkGently

(12,151 posts)

63. UPDATE: A more "union-friendly" buyer?

Mon Nov 19, 2012, 07:40 PM

Nov 2012

Florida-based private equity firm Sun Capital Partners said it hoped to buy the company with a more union-friendly deal, according to Fortune.

http://www.latimes.com/business/money/la-fi-mo-twinkies-hostess-union-mediation-20121119,0,5350938.story

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Hostess wants pay executive bonuses while "liquidating" [View all] DirkGently Nov 2012 OP

Of course Drale Nov 2012 #1

this is actually typical; another rotten aspect of "free enterprise" unblock Nov 2012 #2

We have no sense that a company is "for" the workers. DirkGently Nov 2012 #4

I guess one day ... 1StrongBlackMan Nov 2012 #10

I don't know that the management would be that much help here jmowreader Nov 2012 #27

i would think more than likely they'll take the brands and make them elsewhere. unblock Nov 2012 #37

Grupo Bimbo has US-based bakeries. You know that, right? jmowreader Nov 2012 #65

lots of possibilities unblock Nov 2012 #66

Seems like there is a way out of that quakerboy Nov 2012 #44

in fact such contracts usually stipulate a bonus/retainer for this. unblock Nov 2012 #48

That seems back asward quakerboy Nov 2012 #53

companies do often have vesting schedules to keep people there long term unblock Nov 2012 #59

Exactly Tigress DEM Nov 2012 #69

They also want to cancel the pension plans. tclambert Nov 2012 #73

This is correct Morganfleeman Nov 2012 #85

I am curious to see what the stockholders are going to get from this ProgressiveProfessor Nov 2012 #3

Zero, would be my guess, not counting the insiders. DirkGently Nov 2012 #6

Too broke to continue business but doing well enough to pay bonuses. Sounds like banksters. nc4bo Nov 2012 #5

Yep. Take the money and run. nt Tigress DEM Nov 2012 #70

LOL ... 1StrongBlackMan Nov 2012 #7

The workers should buy the brands at liquidation and continue to make them Vincardog Nov 2012 #8

That thought flew through my brain too. nc4bo Nov 2012 #9

Love that idea. I remember a story about a DirkGently Nov 2012 #11

The workers Collect their pensions by collecting the means of production Demeter Nov 2012 #75

Bingo. Let the debt return to the fraudsters who manufactured it. Vincardog Nov 2012 #79

Occupy Hostess! Barack_America Nov 2012 #20

Ya know.... Tigress DEM Nov 2012 #71

Hostess said it wants to pay as much as $1.75 million in incentive bonuses to 19 senior managers FogerRox Nov 2012 #12

And they deserve these bonuses for what? LiberalEsto Nov 2012 #13

How else do you expect to attract... awoke_in_2003 Nov 2012 #67

Hahaha! And more to come for the Banes of the world... freshwest Nov 2012 #14

About those banksters everyone is complaining about.... Travelman Nov 2012 #15

Wherever they started, it became a vulture capital looting. DirkGently Nov 2012 #16

I have to agree with you. Barack_America Nov 2012 #21

The problem with that is Travelman Nov 2012 #29

sorry but, that doesn't mean what you think it means -- liquidation bonuses are not the same "salary nashville_brook Nov 2012 #32

They did triple the salaries, backed off when caught. Now they want bonuses. DirkGently Nov 2012 #38

The US Trustee's Office has been involved since the bankruptcy filing Travelman Nov 2012 #41

No. Ch. 7 trustees are completely different. DirkGently Nov 2012 #42

You are wrong quakerboy Nov 2012 #43

Very interesting WinniSkipper Nov 2012 #17

Democrats are just as capable of participating in disaster capitalism as Repubs. nashville_brook Nov 2012 #23

Where is the evidence of that? Travelman Nov 2012 #31

read the article -- information loves consumption :) nashville_brook Nov 2012 #33

There is no evidence in that article Travelman Nov 2012 #36

They "borrowed" from the pension, then reneged. DirkGently Nov 2012 #40

YES, SOME effort was made to actually SAVE the Company by a bankster with a DEM style. Wonderful. Tigress DEM Nov 2012 #72

The law should state there is a 6 month clawback in Chap. 11 closeupready Nov 2012 #18

+1 -- great suggestion! nashville_brook Nov 2012 #26

Borders redux. OnyxCollie Nov 2012 #19

Aren't these the jerks that are cutting pensions through the bankruptcy? Asshats. nt Mnemosyne Nov 2012 #22

+1 no_hypocrisy Nov 2012 #51

workers get romneyed once again nt msongs Nov 2012 #24

man barbtries Nov 2012 #25

It's called win - win liberal N proud Nov 2012 #28

That's the problem with this type of "investment." DirkGently Nov 2012 #45

And 100 year old brands are lost because of greed liberal N proud Nov 2012 #49

same with U.S. domestic airlines...CEOs get big chunk of the equity as part of the bankruptcy langua amborin Nov 2012 #30

And how does the US trustee get paid? AngryAmish Nov 2012 #34

Your tax dollars at work. DirkGently Nov 2012 #52

This message was self-deleted by its author DirkGently Nov 2012 #54

The liquidation request is now irrevocably denied. Panasonic Nov 2012 #35

We must PD Turk Nov 2012 #39

The criminal executive class. If I were in charge... Initech Nov 2012 #46

Amen. No reason to allow it that I can see. DirkGently Nov 2012 #47

Oh there's a good reason... daleanime Nov 2012 #84

and theft. Panasonic Nov 2012 #50

UPDATE: Hostess will now mediate with baker's union DirkGently Nov 2012 #55

Thank you for the update Dirk. Starry Messenger Nov 2012 #57

Interesting, no? Suddenly Hostess is not as "done" as indicated. DirkGently Nov 2012 #61

CNBC has been talking about Hostess all afternnon.... Sekhmets Daughter Nov 2012 #56

Pension thievery. Another gift of the investor class. DirkGently Nov 2012 #62

Amazing isn't it? Sekhmets Daughter Nov 2012 #64

All the people griping about unions have suddenly fallen strangely silent. Weird. ck4829 Nov 2012 #58

well, except for the International Brotherhood of Banksters JustABozoOnThisBus Nov 2012 #60

UPDATE: A more "union-friendly" buyer? DirkGently Nov 2012 #63

Sun Capital = Mark Leder = Host of "47%" fundraiser. Barack_America Nov 2012 #76

Tell me. What is the downside of hiring cheaper, less experienced executives here? Canuckistanian Nov 2012 #68

Laying off people is hard work jsr Nov 2012 #74

They did such a great job toddwv Nov 2012 #77

this is that pesky oversight that rmoney and the TP congress ran on getting rid of tjwash Nov 2012 #78

Hostess was Romneyed Yo_Mama_Been_Loggin Nov 2012 #80

WHY NOT THE UNION PURCHASE HOSTESS, keep the jobs in AM, fire management! CarmanK Nov 2012 #81

MSM all over this story? upi402 Nov 2012 #82

I hope they lose. Quantess Nov 2012 #83