Hostess gets the Bain Capital treatment.

[jmowreader]

11. Are you talking about the offer to the unions that happened just before they closed?

The problem is, the company had gone to the unions quite a few times: Give us this concession, and we'll be able to bail ourselves out of the hole we're in. (Which, of course, the vulture capital firms dug, with steam shovels.)

The last time they tried it, the company offered the unions a package which basically amounted to paying the company to come to work - IIRC they wanted to get rid of pensions and slash wages to the bone. Finally the bakers' union told them, "we've always agreed before. This time we can't; we can't live on what you're offering. You'll have to make good on some of the promises you've made in the past." The vulture capitalists then closed the company and told Faux News how unreasonable the unions were being.