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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

 
Anonymous Coward
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11/30/2012 11:41 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~


YES, THE C.E.O. FASCIST STATE GETS ITS GOLDEN DIAPER NO MATTER IF THE STOCKHOLDERS, WORKERS AND RETIREE'S GET THE BIG ONE UP THE YOU KNOW WHERE .......
THE UNITED SNAKES IS A CESSPOOL WHERE THE RICH $#!+ ON ALL OF US 99 PERCENT !!
Burt Gummer

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11/30/2012 11:43 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
 Quoting: Burt Gummer


Awww.....unions crying the blues because the owners are taking their EARNED money and going home.

Cry some more.


baby
Anonymous Coward
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11/30/2012 11:43 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
Yes WTF, another company put out of business by greedy Unions, damn!
Anonymous Coward
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11/30/2012 11:45 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 its their company and investment you bufoon, thats how free enterprise works
Anonymous Coward
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11/30/2012 11:46 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.
 Quoting: Kulkulcan



$1000 you stupid union stooge
Alexander

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11/30/2012 11:49 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
Which just shows it pays to be the CEO even in a bankruptcy. Life is unfair. Get over it.
The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.
Winston Churchill
Anonymous Coward
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11/30/2012 11:52 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
Rather hey get it then the UNION BASTARDS
 Quoting: Anonymous Coward 8528412


FUCK YOU !!!!!
ASSLICKER OF THE RICHEST RICH
MAYBE IF YOU LICK THEIR ASSES ENOUGH , THEY WILL GIVE YOU A FUCKING QUARTER!!lollollol::
Burt Gummer

User ID: 7702124
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11/30/2012 11:54 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
Rather hey get it then the UNION BASTARDS
 Quoting: Anonymous Coward 8528412


FUCK YOU !!!!!
ASSLICKER OF THE RICHEST RICH
MAYBE IF YOU LICK THEIR ASSES ENOUGH , THEY WILL GIVE YOU A FUCKING QUARTER!!lollollol::
 Quoting: Anonymous Coward 25549014


The intelligence of union workers displayed above.
Thank you.

uhohmkt
Kulkulcan

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11/30/2012 11:55 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.
 Quoting: Kulkulcan



$1000 you stupid union stooge
 Quoting: Anonymous Coward 17406680


wow you really are dumb. 1.8 million dollars divided into 19 people is roughly 100 thousand each. Go back to school.
Anonymous Coward
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11/30/2012 11:55 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.
Quoting: Kulkulcan



$1000 you stupid union stooge

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

and anytime my old brain can't quite understand how we reached such a point, it never fails, someone steps up to illustrate it......

btw son....... union or not , recheck your math "$1000 you stupid union stooge"


Gawd we are F'd lolol
Anonymous Coward
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11/30/2012 11:59 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 UNION was WARNED to cut a deal. They would not. The members all voted to regect the offer on the table. More More More. Now they are out of jobs.

See it happen all the time. The unions bite the hands that feed them. They could have settled and kept going.

Higher ups have legal binding contracts thats why the Judge honored them.

Maybe if everybody went to school and got an education they could be the one getting the bonus.

Those people start out like everybody else. They are born. They grow up. They go to school. They go on and take extra courses and higher education to get the good paying jobs and work their asses off to get into Management.

Envy is a sin. You get what you give to yourself. Do nothing for yourself and you get nothing back.

If you want the good life you have to work hard for it. Most people don't work hard at anything.
~JustMe~ (OP)
Offer Upgrade

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11/30/2012 12:21 PM

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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...
 Quoting: Anonymous Coward 8213675



Hey, I just posted the story...

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