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  • WooHoo2You Nov 16, 7:59 p.m.

    WooHoo - "You miss the point they were giving themselves huge raises while their company was BURNING TO THE GROUND..."

    Where'd you see that? It's not in the financial analyst's reports.-Heuman Bean

    The multiple bankruptcies and a billion dollars in debt????

  • junkmail5 Nov 16, 7:58 p.m.

    FYI the company did not file for Chapter 11. That's reorganizing but staying in business. The company is liquidating.

  • Dynol Yn Cael Ei Nov 16, 7:56 p.m.

    WooHoo - "You miss the point they were giving themselves huge raises while their company was BURNING TO THE GROUND..."

    Where'd you see that? It's not in the financial analyst's reports.

  • Dynol Yn Cael Ei Nov 16, 7:56 p.m.

    Storch - "Heuman Bean and ddm76, those salaries are outrageous and it certainly distributes the blame."

    Doesn't matter.

    They have contracts that award them that much, and contracts like those are not unusual in the business world.

  • Dynol Yn Cael Ei Nov 16, 7:55 p.m.

    For those of you blaming the management, and the unions, and Lord only knows what else - when was the last time YOU bought one of their products?

    Competition and a higher number of people seeking healthier diets led to a downturn of the sales of their products. That trickled down into all other areas of the business.

    So if YOU haven't been buying their product, maybe YOU are to blame.

    (And by the way, this is sarcasm, not meant to be taken as reality, but as food for thought.)

  • WooHoo2You Nov 16, 7:53 p.m.

    uragoner2, so what if the executives earned a high salary? This is to be expected of people in those positions.- paulej

    You miss the point they were giving themselves huge raises while their company was BURNING TO THE GROUND...

  • Dynol Yn Cael Ei Nov 16, 7:52 p.m.

    "Business Insider reports that Hostess, maker of the Twinkie and Ding ####, is now controlled by a group of investment firms that will sell its assets to the highest bidder. Possible buyers could pick up Hostess’s more popular products at auction and package them at other companies. Beyond labor costs, CSM notes that increased competition in the snack space and Americans being increasingly conscious about healthy eating also could be attributed to Hostess’s fall."

  • storchheim Nov 16, 7:51 p.m.

    Heuman Bean and ddm76, those salaries are outrageous and it certainly distributes the blame. I don't want to be too harsh, but this is another thing for workers to be aware of. It was a sign of rats looting a sinking ship or at least displaying too much greed for me. You need to be aware of the world around you and how it affects your financial well-being, just as you need to track the worth of all your assets, of which earning power is one.

    The long and short of it is, know when something stinks and quietly start your job search at that moment. Or since there may not be many jobs in some areas, at least prepare for the worst as best you can. Good luck to us all. We're all going to need it.

  • WooHoo2You Nov 16, 7:51 p.m.

    Hostess wanted their employees to trade a SECURE retirement fund for the ability to hold 100 million in BAD DEBT that would never be worth the paper it was written on and you all are surprised they did not take the deal? I know a dead man who is giving out IOUs for the deed to your house.....

  • troff Nov 16, 7:50 p.m.

    STRONG UNIONS................................. Ooooooooooops!

    ROFLMAO

  • WooHoo2You Nov 16, 7:46 p.m.

    Some creditors question Hostess pay raises approved in late July.

    Brian Driscoll, CEO, around $750,000 to $2,550,000

    Gary Wandschneider, EVP, $500,000 to $900,000 John Stewart, EVP, $400,000 to $700,000 David Loeser, EVP, $375,000 to $656,256 Kent Magill, EVP, $375,000 to $656,256 Richard Seban, EVP, $375,000 to $656,256 John Akeson, SVP, $300,000 to $480,000 Steven Birgfeld, SVP, $240,000 to $360,000 Martha Ross, SVP, $240,000 to $360,000 Rob Kissick, SVP, $182,000 to $273,008- uragoner2

    Thats a lot of MASSIVE executive raises for a company that has filled bankruptcy twice in ten years and is almost a billion in DEBT. But the unions and Obama are to blame....

  • storchheim Nov 16, 7:45 p.m.

    This is from a story posted at 6 pm, haven't seen it mentioned here:

    "The Pension Benefit Guaranty Corp. said Friday that its deficit grew to $34 billion for the budget year that ended Sept. 30."

    Look for a bailout if this Hostess scenario plays out too often. They will come to the taxpayers when the insurance runs out, you can count on that.

  • Alexia Nov 16, 7:44 p.m.

    uragoner2, so what if the executives earned a high salary? This is to be expected of people in those positions. We're talking about a multi-billion dollar company. Do you honestly think reducing those executive salaries would have saved the company? If it would have, the debt collectors would have asked for it. Bottom line is it made no difference. But, if 18,500 employees contribute a little, it works.

    That also goes for the economy in general. Taxing only the highest wage earners is not nearly as effective as having EVERYONE pay a little tax into the system.

  • ddm76 Nov 16, 7:37 p.m.

    Management is placing blame on the union when they are the ones that have taken this company through it's second bankruptcy in ten years. They have mismanaged and given themselves massive payouts at the cost of the company and it's workforce. While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.
    Brian Driscoll, CEO, around $750,000 to $2,550,000.
    Gary Wandschneider, EVP, $500,000 to $900,000.
    John Stewart, EVP, $400,000 to $700,000.
    David Loeser, EVP, $375,000 to $656,256.
    Kent Magill, EVP, $375,000 to $656,256.
    Richard Seban, EVP, $375,000 to $656,256. John Akeson, SVP, $300,000 to $480,000. Steven Birgfeld, SVP, $240,000 to $360,000. Martha Ross, SVP, $240,000 to $360,000. Rob Kissick, SVP, $182,000 to $273,008.

    They have been talking of shutting down for a long time. But it's those dirty unions that are the problem..... yeah.... riii

  • Dynol Yn Cael Ei Nov 16, 7:35 p.m.

    WooHoo - "In a Chapter 11 they still would have their retirement plan....not so if they took the deal. Plus, nothing could stop Hostess from closing 6 months from now (or tomorrow) AND having the retirement funds for a few stockholders to 'play with.'"

    Good point!

    Plus, I can guarantee you, the CEO and Board of Directors haven't lost their retirement plans, nor with their negotiating, would they have. They'd have made sure of that, even if they had to step on all the little people to ensure it.

  • Dynol Yn Cael Ei Nov 16, 7:32 p.m.

    ConservativeVoter - "Unions are job killers. "

    As I said here before, unions would never have come into being had all employers treated their employees fairly to begin with. Instead, many treated them like slaves, paying substandard wages. Then there were the employers who didn't pay their employees at all, but instead of paying them in $$$, they gave them very crude housing which they charged exorbitant rent for and they paid them in “script” which could only be used in the Company Store to by goods sold at such outrageous prices they could barely afford milk.

    Employers used children in mines and mills because they could get them cheaper than adults, and they often used those children, some as young as 3 or 4, for performing exceedingly dangerous jobs like fixing looms, knocking large slag particles out of lit furnaces and even lighting fuses in mines.

    And some of you here are talk unions down!?! You need to study your history better.

  • uragoner2 Nov 16, 7:31 p.m.

    Some creditors question Hostess pay raises approved in late July.

    Brian Driscoll, CEO, around $750,000 to $2,550,000

    Gary Wandschneider, EVP, $500,000 to $900,000
    John Stewart, EVP, $400,000 to $700,000
    David Loeser, EVP, $375,000 to $656,256
    Kent Magill, EVP, $375,000 to $656,256
    Richard Seban, EVP, $375,000 to $656,256
    John Akeson, SVP, $300,000 to $480,000
    Steven Birgfeld, SVP, $240,000 to $360,000 Martha Ross, SVP, $240,000 to $360,000 Rob Kissick, SVP, $182,000 to $273,008

    So the line people gave up a lot, are now being asked to take huge salary cuts, and these pigs are giving themselves a couple million extra. Please. Get rid of them, and the company will probably be profitable for some smart acquirer.

  • storchheim Nov 16, 7:21 p.m.

    Scubagirl, we had Silvercup bread in Chicago for competition in the 50s. I remember the Wonder Bread trucks though, with the primary colors and happy little bread-eating kids. I was sure it must taste better than Silvercup.

  • storchheim Nov 16, 7:18 p.m.

    Malaki, my comment was an attempt at irony. The poster had suggested that these Hostess workers would have been out of a job if Romney had won, and they're...out of a job.

  • WooHoo2You Nov 16, 7:13 p.m.

    Notice you left off the loss of their RETIREMENT if they took the "deal." You seem to always miss the really large print when judging someone else.... WooHoo2You

    ====================================================

    Just out of curiosity, how's their situation looking about right now? Not too good.-Bartmeister

    In a Chapter 11 they still would have their retirement plan....not so if they took the deal. Plus, nothing could stop Hostess from closing 6 months from now (or tomorrow) AND having the retirement funds for a few stockholders to 'play with.'

  • WooHoo2You Nov 16, 7:11 p.m.

    "Notice you left off the loss of their RETIREMENT if they took the "deal.""

    yea? How's that retirement working out for them now?-Scubagirl

    In a Chapter 11 such as Hostess has filed their retirement would be protected 99 percent of the time. That is why their possible loss of a retirement plan (if they took the deal) to a company that would likely go under either way was a deal breaker. Would you throw away (permanently) your nestegg for a job that might disappear anyway???

  • OpenM1nd Nov 16, 7:06 p.m.

    Unions are tearing this country apart, and you heard it here first!

  • Bartmeister Nov 16, 7:04 p.m.

    Notice you left off the loss of their RETIREMENT if they took the "deal." You seem to always miss the really large print when judging someone else.... WooHoo2You

    ====================================================

    Just out of curiosity, how's their situation looking about right now? Not too good.

  • 101jackson101 Nov 16, 7:04 p.m.

    How can they get unemployment, they had a choice to work and that was their call, they are not entitled to get benefits.

  • ConservativeVoter Nov 16, 6:57 p.m.

    It amazes me that the union employees were dumb enough to go out on strike for higher wages against a struggling company in bankruptcy.

    Sounds like the strike was the last strike for Hostess.

  • ConservativeVoter Nov 16, 6:56 p.m.

    Unions are job killers.

    The unions killed manufacturing and forced it out of the country.

    The unions have bankrupted most of the airlines at least once.

    Now the unions are killing Hostess who makes the twinkies.

  • workingforthosethatwont Nov 16, 6:50 p.m.

    what are we going to do now?

  • Brandex Nov 16, 6:50 p.m.

    There will be a lot of weight to lose due to this shutdown.....A blessing in disguise.

  • Alexia Nov 16, 6:48 p.m.

    It utterly amazes me that people can be so void of basic intelligence that they go on strike arguing over wages when the company had already filed bankruptcy because it cannot pay the bills. The company said "we cannot meet your demands". Could they not see they were serious?

    Will there be a next company? Maybe, maybe not. In any case, I suspect it is going to be a long, cold winter for these folks.

  • Working man Nov 16, 6:47 p.m.

    Like I said 17 years ago when I was working with them it seemed as if management and the union slept in the same bed.... To bad others couldn't see it.

  • mcraineycrazies Nov 16, 6:46 p.m.

    i am eating my last box of twinkies and hohos ,, sad sad day

  • junkmail5 Nov 16, 6:33 p.m.

    junkmail, I'm sorry to see you resorting to the "gimme proof" method because although we disagreed I enjoyed your posts. And I don't obey orders to provide links. Believe what you want to.- storchem

    Generally when someone refuses to offer proof, it's because they haven't got any.

    Certainly seems the case here is what I believe.

    FYI- asking someone to support their claim in a discussion isn't "ordering them to provide proof" it's how adults have rational and fair discussions... try it some time!

  • Scubagirl Nov 16, 6:28 p.m.

    "Notice you left off the loss of their RETIREMENT if they took the "deal.""

    yea? How's that retirement working out for them now?

  • Scubagirl Nov 16, 6:27 p.m.

    will I be #700?

  • mmtlash Nov 16, 6:25 p.m.

    RIP Twinkies

  • WooHoo2You Nov 16, 6:24 p.m.

    Both are true however your oversimplification might make you think you are making a point but it just shows how hollow your spoon-fed talking points are. WooHoo2You

    LOL! This comging from you. Classic.-imback

    LOL! That was your 'idea' of a retort? Did Fox News remind you to say "I know you are but what am I" again ;)

  • WooHoo2You Nov 16, 6:20 p.m.

    Hummm.... A pay cut (from union wages) and loss of some benefits verses unemployment.-mep

    Notice you left off the loss of their RETIREMENT if they took the "deal." You seem to always miss the really large print when judging someone else....

  • In the Clover Nov 16, 6:11 p.m.

    I noticed a few comments about the workers who lost their jobs were going to get free cell phones from Obama. This is a huge crock. Check out this article on the Forbes Magazine website:
    http://www.forbes.com/sites/kellyphillipserb/2012/09/28/crazy-for-obama-phones-but-are-they-for-real/

    Some of you people will believe anything. Do a little basic research and don't believe everything you hear.

  • Working man Nov 16, 6:07 p.m.

    Card player, I worked at the rm plant about 17 years ago and I agree 100 percent with your last statement. And yes back then the union was a joke. I didn't see where they were for the employees not one time in 2 years

  • stormtrooper76 Nov 16, 6:07 p.m.

    A decent job is better than NO job.......

    What were these people thinking? They should have gone back to work and continued the contract talks.

    They tried to hold the company at bay and lost.

  • CarolinianByChoice Nov 16, 6:01 p.m.

    Hostess's hands were tied by the union. Most union agreements include a required length of notice before a plant is shut down or relocated. They could not move (would have been too costly anyway), could not simply close, and the workers would not negotiate. So the only option left was bankruptcy. Now someone new can come in, buy out the assets, and start back up without being encumbered by the previous union agreements. If those now ex-Hostess workers thought they had it bad before, guess what? They have NO seniority and they WILL be paying more for benefits - and FORGET a pension plan, companies don't do that anymore!

  • storchheim Nov 16, 5:55 p.m.

    Somebody said the lowest-paid got $11/hr. That'll come to a whopping $215/week for 26 weeks, or $5610 - that's best-case for these guys. You don't automatically get 26 weeks, that's the max. There's a bit more to it, so here's the link if you want to test it out:

    www.ncesc1.com/individual/UI/UiClaims.asp

  • beachboater Nov 16, 5:54 p.m.

    hey.......are you required to pay union dues out of unemployment?

  • kasondra81 Nov 16, 5:49 p.m.

    I for one work for the former Sara Lee whom Hillshire Brands bought out a few months ago. As of right now we are making the same type of money and they actually are contributing a little more to our pensions. I think the big diff between the two companies are that we do not have a union we have an open door policy all the way up tot he corporate office.
    I pray that the families of the displaced workers but I for one know that this is the wrong time of year to be unemployed. I understand what they did was thought to be for a better cause but I for one go to work for one reason and one reason only, TO SUPPORT MY FAMILY... and that I am going to do by any means, if a paycut is what I have to do I will until I can find a job that fits my needs... I'm just saying..

  • beachboater Nov 16, 5:47 p.m.

    That's now the American way. Why worry about a job. You get 99 weeks of unemployment, free medical care, foodstamps, free cell phone, free day care, free retraining at the local community college. Why would anyone want to work in this welfare society we have created?

    If they can't live on 92% of their salary, how are they going to live on 50% unemployment? Oh.......duh......Obama will take care of everything. Another mean greedy old corporation is gone. Maybe if unions keep on, we'll reach 100% unemployment.

  • mep Nov 16, 5:46 p.m.

    Hummm.... A pay cut (from union wages) and loss of some benefits verses unemployment. In the Obama economy, the choice should have been a simple one. But union bosses make even the simplistic choices difficult.... and in this case painful.

    The time and need for unions is over.

  • Bartmeister Nov 16, 5:46 p.m.

    All any business has to do to keep unions out is to treat their employees properly.
    piene2

    ====================================================

    By who's definition? The Liberals/Unions don't want to hear reasoning cause it takes them off point. Always looking to have a way out of things and then complain. The spreading of the wealth..............BWAHAHAHAHAHAHA!!!

  • laniohana Nov 16, 5:46 p.m.

    key word UNION WAGES AND PENTIONS. now they don't have a job but who cares, obama will take care of them for at least 2 years with unemployment ( oh wait that really means taxpayers will take care of them for 2 years) do people really think businesses work for no profit. go back and study economics and while your at it history. Cause the path we are going is very similar to Nazi Germany

  • Glock07 Nov 16, 5:45 p.m.

    I hope we will not give these workers $1 of unemployment.

  • Malaki Nov 16, 5:39 p.m.

    storchheim - You need to do your homework. It's funny how the media never mentioned all the jobs folks have thanks to Romney/Bain. Ever heard of Staples?

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