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WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately

 
~JustMe~
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11/30/2012 10:29 AM

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WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
A federal bankruptcy judge has approved bonuses for executives of Hostess, the maker of Twinkies, who stay on as the company is broken up and sold off.

On Thursday, as part of a plan to liquidate the company and lay off 18,000 workers, a federal judge in White Plains, N.Y., approved paying 19 Hostess executives bonuses totaling $1.8 million. Hostess has said it has interest from at least 110 firms who want to buy pieces of the operation.

The decision comes as the company, known for its iconic snack cakes like Ho Hos and Ding Dongs, says it doesn't have enough cash on hand to pay retirement benefits to some former employees.

The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year, according to The Associated Press. Rayburn is being paid $125,000 a month.

more [link to abcnews.go.com]
Renegade (Me too)

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11/30/2012 10:32 AM

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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
A federal bankruptcy judge has approved bonuses for executives of Hostess, the maker of Twinkies, who stay on as the company is broken up and sold off.

On Thursday, as part of a plan to liquidate the company and lay off 18,000 workers, a federal judge in White Plains, N.Y., approved paying 19 Hostess executives bonuses totaling $1.8 million. Hostess has said it has interest from at least 110 firms who want to buy pieces of the operation.

The decision comes as the company, known for its iconic snack cakes like Ho Hos and Ding Dongs, says it doesn't have enough cash on hand to pay retirement benefits to some former employees.

The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year, according to The Associated Press. Rayburn is being paid $125,000 a month.

more [link to abcnews.go.com]
 Quoting: ~JustMe~


This is such bullshit!
Who is John Galt?
Anonymous Coward
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11/30/2012 10:35 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Rather hey get it then the UNION BASTARDS
Anonymous Coward
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Sweden
11/30/2012 10:36 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
This is how it works here in Sweden too...

Bankrupcy, people fired etc. and the people in charge picks out 100M + dollars
Anonymous Coward
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11/30/2012 10:39 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Thats cause the rich live in a whole other world. Expensive bills for nice clothes, vacations, restaurants, private schools for their kids, new cars off the lot every three years, etc, and a huge showroom house.

the rest of us are just paid enough for food, clothing shelter. Thats what the Bible said we should be minimally content with right?
Kulkulcan

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11/30/2012 10:52 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Its a privae company.....they can and should take the money they rightfully earned by being smart enough to have a business. Jobs are not a right or entitlement.

Geez, when did everything get so ass backwards in this country.

Good on them. Let the asshat workers who had their unions strike and cause them to lose their nice jobs go elsewhere. Maybe to Venezuela, they like socialism there.
Kulkulcan

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11/30/2012 10:54 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Better yet, let them asshat workers start their own business and year after year sweat away at building a business and providing jobs. Then they can pay themselves whatever the fuck they want.....because they earned it.
Anonymous Coward
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11/30/2012 10:56 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
it was all the union fault......
Anonymous Coward
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11/30/2012 10:57 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I worked in a bank which was bought up by another bank. Three hundred plus of us lost our jobs, the CEO of the original bank was given a severance pay of a few million. After the reorganization, the new bank hired him back, and gave him another few million sign on bonus. Banks in the US have to disclose this to their stockholders, so we knew it was true. To the AC above who said better them than the "Union bastards", we had no Union, banks aren't allowed. You're either a very rich man, or you're extremely stupid.
Kulkulcan

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11/30/2012 11:00 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I worked in a bank which was bought up by another bank. Three hundred plus of us lost our jobs, the CEO of the original bank was given a severance pay of a few million. After the reorganization, the new bank hired him back, and gave him another few million sign on bonus. Banks in the US have to disclose this to their stockholders, so we knew it was true. To the AC above who said better them than the "Union bastards", we had no Union, banks aren't allowed. You're either a very rich man, or you're extremely stupid.
 Quoting: Anonymous Coward 28654268


and so what? Are you jealous? Maybe he worked or earned his way into that position. Jobs are not a right. You just go find another one. Since when did it become so wrong to be "rich" I dont get it. Most people dream of having lots of money but cry because they dont. They want someone to give it to them.
Bigboat

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11/30/2012 11:00 AM

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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
it doesn't have enough cash on hand to pay retirement benefits to some former employees.


That was the real story all along rockon
Anonymous Coward
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11/30/2012 11:01 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
yeah dude they love that shit on glp, they are completely on the side of the rich executives here and believe any lowly worker trying to improve their lives should die penniless in the gutter cuz they weren't smart enough to invent twinkies in the 1930's or whatever.
Kulkulcan

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11/30/2012 11:02 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
and anyway, its 1.8 million for 19 people...thats 0ne hundred thousand each big deal.
Anonymous Coward
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11/30/2012 11:03 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
They really want this country to be a have and have not society

don't they

this is ass a nine

can't believe this shit goes on in a so called civilized society

This shows we are not civilized

and one step away from anarchy
Kulkulcan

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11/30/2012 11:04 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
yeah dude they love that shit on glp, they are completely on the side of the rich executives here and believe any lowly worker trying to improve their lives should die penniless in the gutter cuz they weren't smart enough to invent twinkies in the 1930's or whatever.
 Quoting: Anonymous Coward 27515407


maybe you should try inventing something that you can get paid for and stop hoping that everyone else will just give you something for nothing.
Anonymous Coward
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11/30/2012 11:07 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Good for them they should, they did everything in their power to stop the Unions from destroying and bankrupting a company... they just couldnt pull it off. Union wages and pensions were to ridiculous. No they are out of a job and wont ever find work again, all because of corrupt unions... so yah I hope they get all they can...
Anonymous Coward
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11/30/2012 11:08 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
No, I don't hate rich people at all, and I don't want their money. I did go find another job. What I hate is the way the system is soooo slanted to the top. He double dipped, got more money than all of us together, and if that is questioned as unfair, people like you cry about "poor" people being jealous and grabby. I wouldn't WANT to be
one of the "upper" ones, I've seen enough to know that NO amount of money is enough for them, I don't want to ever make money my god like a lot of them have. I'd just like some fairness.
Anonymous Coward
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11/30/2012 11:10 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
This is why Im on strike and you should be too. What a coward country to allow this to happen.
Anonymous Coward
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11/30/2012 11:10 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I worked in a bank which was bought up by another bank. Three hundred plus of us lost our jobs, the CEO of the original bank was given a severance pay of a few million. After the reorganization, the new bank hired him back, and gave him another few million sign on bonus. Banks in the US have to disclose this to their stockholders, so we knew it was true. To the AC above who said better them than the "Union bastards", we had no Union, banks aren't allowed. You're either a very rich man, or you're extremely stupid.
 Quoting: Anonymous Coward 28654268


and so what? Are you jealous? Maybe he worked or earned his way into that position. Jobs are not a right. You just go find another one. Since when did it become so wrong to be "rich" I dont get it. Most people dream of having lots of money but cry because they dont. They want someone to give it to them.
 Quoting: Kulkulcan


You're an idiot

obviously someone just handed it over to the Ceo s of an already collapsed company

You are not too bright are you??
Anonymous Coward
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11/30/2012 11:12 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
The company has been gutted by the CEO and the execs. Hostess was an LBO (Leveraged Buyout).

Company goes bankrupt, gets bought by private equity group.

Group leverages the company to the tune of tens of millions of dollars. Equity firm takes all that money as consultation fees and bonuses. And they keep taking money from the company until the company cannot pay the interest on the debt.

Then they cut the pay to the employees, and fire whomever they can.

The whole time they have their hands out for tax incentives and whatever other government welfare they can get (offsetting their debt to us).

This is the Bain Capital model, and this is officially endorsed here on this board by all the moderators, and most of the members. They are complete morons, and have descended to the level "complete piece of shit".
Anonymous Coward
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11/30/2012 11:12 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I worked in a bank which was bought up by another bank. Three hundred plus of us lost our jobs, the CEO of the original bank was given a severance pay of a few million. After the reorganization, the new bank hired him back, and gave him another few million sign on bonus. Banks in the US have to disclose this to their stockholders, so we knew it was true. To the AC above who said better them than the "Union bastards", we had no Union, banks aren't allowed. You're either a very rich man, or you're extremely stupid.
 Quoting: Anonymous Coward 28654268


and so what? Are you jealous? Maybe he worked or earned his way into that position. Jobs are not a right. You just go find another one. Since when did it become so wrong to be "rich" I dont get it. Most people dream of having lots of money but cry because they dont. They want someone to give it to them.
 Quoting: Kulkulcan


You're an idiot

obviously someone just handed it over to the Ceo s of an already collapsed company

You are not too bright are you??
 Quoting: Anonymous Coward 28071438

In addition, you are not smart enough to see just because someone has

"ceo" at the end of their name doesn't make them the best

or brightest

How do you know they truly deserved this money?
Anonymous Coward
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11/30/2012 11:14 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Wow, they kicked everyone off the sinking ship.

And then rowed to shore.

WTF!
Anonymous Coward
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11/30/2012 11:15 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
it was all the union fault......
 Quoting: Anonymous Coward 1513486


You're a perfect robot. You have no idea what took place at that company. You don't know what an LBO is, you don't know anything about private equity. You're a complete moron, yet you take to commenting. Stupid piece of shit. Typical fucking moron.
Anonymous Coward
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11/30/2012 11:16 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
The company has been gutted by the CEO and the execs. Hostess was an LBO (Leveraged Buyout).

Company goes bankrupt, gets bought by private equity group.

Group leverages the company to the tune of tens of millions of dollars. Equity firm takes all that money as consultation fees and bonuses. And they keep taking money from the company until the company cannot pay the interest on the debt.

Then they cut the pay to the employees, and fire whomever they can.

The whole time they have their hands out for tax incentives and whatever other government welfare they can get (offsetting their debt to us).

This is the Bain Capital model, and this is officially endorsed here on this board by all the moderators, and most of the members. They are complete morons, and have descended to the level "complete piece of shit".
 Quoting: Anonymous Coward 28714784


Explain more concisely and you'll have a situation.


They basically set up the company for failure, bankruptcy, all while getting the most out of it and preparing to drop the hard ACTUAL workers, off a cliff.

That's like Satanic.

"HEy everyone, come work for me, let's live life together!"

*fires everyone and they're fucked, makes millions*

Hey Satan!
YaRight

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11/30/2012 11:19 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I went down to the local Hostess plant yesterday “they were a customer of ours” and I find 12 senior managers working. They tell me all they are doing is inventorying what raw materials are on site then send that info to the corp office. The guy said they will be employed another 3 or 4 weeks then laid off. It was sad all of them were 50’s 60’s they will have a hell of a time finding another job.
The most terrifying words in the English language are: I'm from the government and I'm here to help.
Kulkulcan

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11/30/2012 11:22 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
I worked in a bank which was bought up by another bank. Three hundred plus of us lost our jobs, the CEO of the original bank was given a severance pay of a few million. After the reorganization, the new bank hired him back, and gave him another few million sign on bonus. Banks in the US have to disclose this to their stockholders, so we knew it was true. To the AC above who said better them than the "Union bastards", we had no Union, banks aren't allowed. You're either a very rich man, or you're extremely stupid.
 Quoting: Anonymous Coward 28654268


and so what? Are you jealous? Maybe he worked or earned his way into that position. Jobs are not a right. You just go find another one. Since when did it become so wrong to be "rich" I dont get it. Most people dream of having lots of money but cry because they dont. They want someone to give it to them.
 Quoting: Kulkulcan


You're an idiot

obviously someone just handed it over to the Ceo s of an already collapsed company

You are not too bright are you??
 Quoting: Anonymous Coward 28071438

In addition, you are not smart enough to see just because someone has

"ceo" at the end of their name doesn't make them the best

or brightest

How do you know they truly deserved this money?
 Quoting: Anonymous Coward 28071438


And how do you know that they didnt?

Obviously I am far brighter than you will probably ever be as I do not descend to name calling becasue I have a different opinion than you. I do agree with the opinion that alot of the mega rich do make money their god and thats terrible for them and their karma.

However, I started working at 13 and never looked back. I do not expect anyone or a govt to ever give me anything. If I could get a bonus of 100 thousand, I would be stoked.

Its not really that much money you know. My yearly expenses are over 60k and I work my ass off to pay it.

But Im not jealous for the guy who make 10 million a year.
Burt Gummer

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11/30/2012 11:23 AM

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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
A federal bankruptcy judge has approved bonuses for executives of Hostess, the maker of Twinkies, who stay on as the company is broken up and sold off.

On Thursday, as part of a plan to liquidate the company and lay off 18,000 workers, a federal judge in White Plains, N.Y., approved paying 19 Hostess executives bonuses totaling $1.8 million. Hostess has said it has interest from at least 110 firms who want to buy pieces of the operation.

The decision comes as the company, known for its iconic snack cakes like Ho Hos and Ding Dongs, says it doesn't have enough cash on hand to pay retirement benefits to some former employees.

The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year, according to The Associated Press. Rayburn is being paid $125,000 a month.

more [link to abcnews.go.com]
 Quoting: ~JustMe~


If I was one of the executives and/or owners....and the UNIONS forced the company out of business.

...I WOULD CASH OUT EVERYTHING I COULD TOO.
...and give bonus disbursments to all the people that tried to save the company.

Good for them.

Nothing for the union thugs.

uniontwink

Last Edited by Useless Cookie Eater on 11/30/2012 11:24 AM
Kulkulcan

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11/30/2012 11:28 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
All you crybabies who are whining will always be employees and never an employer....you simply dont have the mentality for it. You will always be led and never lead. You will always have your hand out in want but never have it out to give. Thank God
Anonymous Coward
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11/30/2012 11:30 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Aaaaameeerica the beautiful
Burt Gummer

User ID: 7702124
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11/30/2012 11:31 AM

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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
Aaaaameeerica the beautiful
 Quoting: Anonymous Coward 27171940


It is....when unions reap their just rewards for their efforts.


1rof1 applause




Last Edited by Useless Cookie Eater on 11/30/2012 11:32 AM
Anonymous Coward
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11/30/2012 11:37 AM
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Re: WTF ---- Hostess goes Bankrupt but Executives get $1.8M in Bonuses - CEO getting $125,000 a month - 15,000 Fired Immediately
The company has been gutted by the CEO and the execs. Hostess was an LBO (Leveraged Buyout).

Company goes bankrupt, gets bought by private equity group.

Group leverages the company to the tune of tens of millions of dollars. Equity firm takes all that money as consultation fees and bonuses. And they keep taking money from the company until the company cannot pay the interest on the debt.

Then they cut the pay to the employees, and fire whomever they can.

The whole time they have their hands out for tax incentives and whatever other government welfare they can get (offsetting their debt to us).

This is the Bain Capital model, and this is officially endorsed here on this board by all the moderators, and most of the members. They are complete morons, and have descended to the level "complete piece of shit".
 Quoting: Anonymous Coward 28714784


The company has not been gutted by the ceo's they have been gutted by the 17 billion dollar in unfunded Union pension benefits... you people are really dumb...

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