When I heard about the million dollar bonuses upper management wanted the court to approve in the bankruptcy I figured the union employees had it right that something is seriously wrong with the company. clearly the problem was not just the unions.
Here's an excerpt from the link firebrand posted above:
"Hostess Brands Inc., in the midst of winding down its business, won approval Thursday from a federal bankruptcy judge to give as much as $1.75 million in bonuses to its executives.
The money is intended as an incentive for 19 top-level managers to remain with the Twinkies and Ding Dongs maker to oversee its liquidation.
The payouts will be granted only if managers "achieve a set of specific tasks and goals within a specified time frame that are designed to speed and lower the cost of the wind-down," Hostess spokesman Lance Ignon said.
The maximum bonus amount, Ignon said, represents 0.07% of Hostess' revenue and 0.17% of the value of its assets and is below the average for bonuses in comparable bankruptcy cases. Hostess Chief Executive Greg Rayburn would be not be eligible for a bonus, Ignon said."
BTW, Those are the first 4 paragraphs. It's $1.75 million spread across 19 managers, and contingent on specific goals regarding the wind-down. Additionally, the CEO doesn't qualify for a bonus.