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Judge Suggests Mediation to Save Hostess; Sides Agree to Talk.
WSJ ^

Posted on 11/19/2012 12:12:42 PM PST by Perdogg

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1 posted on 11/19/2012 12:12:46 PM PST by Perdogg
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To: Perdogg

2 posted on 11/19/2012 12:15:53 PM PST by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Perdogg

If I had the choice between my beloved Twinkies and chocolate cupcakes becoming extinct or the Obamadork/felon/human excrement never being seen again - ‘twouldn’t be long before I could announce a decision.


3 posted on 11/19/2012 12:18:28 PM PST by Da Coyote
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To: Perdogg

The unions do not want to compromise at all

economics won’t either


4 posted on 11/19/2012 12:19:08 PM PST by GeronL (http://asspos.blogspot.com)
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To: Perdogg

How many Snowballs can you fit into your mouth at once?


5 posted on 11/19/2012 12:21:11 PM PST by GSWarrior
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To: Perdogg

Can the judge force them to “mediate” with the union? That’s my impression.


6 posted on 11/19/2012 12:22:13 PM PST by Jean S
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To: Perdogg

Haven’t they already been though mediation....the result of which the union rejected?


7 posted on 11/19/2012 12:24:35 PM PST by O6ret
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To: Perdogg
An unopened box of 10 Twinkies is selling for an average price on Ebay for about 30 bucks. That's with a singles pack of snowballs as a kicker.
8 posted on 11/19/2012 12:25:29 PM PST by 4yearlurker (No matter who you elect,the government eventually gets in.)
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To: Jean S

Bankruptcy judges have a pretty wide swath of powers in the interests of the creditors and owners of a company.

The judge was able to impose the deal on the unions in the first place, which is why the Baker’s union went on strike. The Teamsters took the deal, the bakers balked.

What the judge cannot do is force the owners or investors to toss in more money than they already have (at least to my knowledge of BK law).

Here, the judge can try to mediate a deal under the notion that by so doing, there’s a chance at preserving investor capital and creditor principle.


9 posted on 11/19/2012 12:26:16 PM PST by NVDave
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To: Doogle

This is hilarious.


10 posted on 11/19/2012 12:28:15 PM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: NVDave

Thanks Dave.


11 posted on 11/19/2012 12:29:46 PM PST by Jean S
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To: NVDave

Haven’t seen any “Will Work for Twinkies” signs.....

Guess it would be too ambiguous, like “Will Work for Fairies”?


12 posted on 11/19/2012 12:30:51 PM PST by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: Perdogg
Sounds like the judge wants to force them to stay in business despite the fact that they will be operating at a loss.

Ignorance of basic accounting principles is bliss.

For the ignorant.

13 posted on 11/19/2012 12:32:19 PM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
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To: treetopsandroofs

They wanna work for Barney Frank?


14 posted on 11/19/2012 12:32:22 PM PST by COBOL2Java (The GOP-e said "Beat a Marxist with a Liberal!" What a colossal blunder.)
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To: Perdogg

They have been mediating since April.

Looks like Hostess is giving them the heave-Ho-Ho.


15 posted on 11/19/2012 12:32:37 PM PST by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: Perdogg; a fool in paradise; Slings and Arrows

So, what’s Twinkie’s Defense?


16 posted on 11/19/2012 12:33:06 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: DoughtyOne

” Bakery, Confectionery, Tobacco Workers and Grain Millers International union”

Good Lord!!

Are Hookers covered in this union too ?


17 posted on 11/19/2012 12:36:11 PM PST by stephenjohnbanker
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To: Perdogg

Unions tap made judge.....


18 posted on 11/19/2012 12:37:18 PM PST by Vaduz
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To: stephenjohnbanker

Well my take on things is that when you join a union your status changes, so this is rather academic for me. ;^)


19 posted on 11/19/2012 12:44:16 PM PST by DoughtyOne (Hurricane Sandy..., a week later and 48 million Americans still didn't have power.)
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To: GSWarrior

Well at least we still gots RC Cola and MoonPies for lunch!


20 posted on 11/19/2012 12:45:44 PM PST by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: Perdogg
The owner of a company I used to work for filed for bankruptcy, and as it was the second time, the creditors were ultimately trying to force serious changes. It turned into a heave-ho match with the owner unwilling to make any significant concessions, and the creditors unwilling to lose all of their money.

The judge wanted to them to work things out to avoid a Trustee. Well, it didn't happen, and an extra $2 million was wasted in the court room of a small company with most small time creeditors who could have used it. At times, lawyers would spend the better part of a billable hour in court arguing over which fund pays for the lawyers fees. It was right out of Dickens' Bleak House.

In the end, the result was the same as would have been had the judge been able to realize that one side was completely intractable, and the other was largely intractable. This cost the business three years and two million dollars, neither of which it really had, and everyone was the poorer for it.
21 posted on 11/19/2012 12:45:44 PM PST by Dr. Sivana (There is no salvation in politics.)
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To: DoughtyOne

: )


22 posted on 11/19/2012 12:49:02 PM PST by stephenjohnbanker
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To: Dr. Sivana
and everyone was the poorer for it.

Except the lawyers.

23 posted on 11/19/2012 12:58:55 PM PST by NY.SS-Bar9 (Mitt has dogs for pets - Obama had them for lunch)
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To: Dr. Sivana

“and everyone was the poorer for it.”

Not everyone, the lawyers for both sides were probably toasting each other during the feasts.


24 posted on 11/19/2012 12:59:20 PM PST by wrencher
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To: Dr. Sivana

Which only underscores the imperishable truth that “It’s all about the lawyers” (followed by the Courts and the Judges).


25 posted on 11/19/2012 1:00:41 PM PST by supremedoctrine
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The Place for Conservatives


FReepers are the greatest!!
Woo hoo!! And we’re now working on the last $8k!!
We can do this.

26 posted on 11/19/2012 1:03:13 PM PST by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
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To: stephenjohnbanker

I once sat through a public meeting where an organization known as “The Association of the Gay, Lesbian, Bisexual, Transgendered, and Confused” made an appearance. One wag commented that someone who was the first four would definitely be the fifth.


27 posted on 11/19/2012 1:06:25 PM PST by ArmstedFragg (hoaxy dopey changey)
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To: ArmstedFragg

No doubt : )


28 posted on 11/19/2012 1:08:14 PM PST by stephenjohnbanker
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To: GeronL
I can't believe that there are so many freepers into store bought sugary fatty creations.....doesn't any body bake at home anymore?

but to the point....some workers have come out publicly and said that they hope the company goes bankrupt because they don't want to work for them anymore...

29 posted on 11/19/2012 1:10:18 PM PST by cherry
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To: Perdogg

Medication? Meditation? Oh, never mind.


30 posted on 11/19/2012 1:12:55 PM PST by rfp1234 (Arguing with a liberal is like playing chess with a pigeon.)
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To: GeronL
The unions do not want to compromise at all

The union backed itself into a corner and cannot be seen as compromising as it would likely be seen as backing down and losing face, IMHO.

31 posted on 11/19/2012 1:16:31 PM PST by Ron H. (Democrats and Republicans - birds of a feather that are now flocking together.)
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To: cherry

Hostess would have been half owned by the workers under the proposed contract.

They don’t want to work for themselves either.


32 posted on 11/19/2012 1:23:23 PM PST by GeronL (http://asspos.blogspot.com)
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To: Dr. Sivana

Bleak Twinkies


33 posted on 11/19/2012 1:24:58 PM PST by GeronL (http://asspos.blogspot.com)
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To: Ron H.

The Teamsters compromised and took a 8% pay cut. Hostess wanted the same thing of the bakers union. They refused to budge multiple times. I don’t see that changing.


34 posted on 11/19/2012 1:27:55 PM PST by matt04
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To: Dr. Sivana
The lawyers get paid first in any bankruptcy.

It's like gravity. It's the LAW.

35 posted on 11/19/2012 1:28:15 PM PST by elkfersupper ( Member of the Original Defiant Class)
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To: Red_Devil 232
Well at least we still gots RC Cola and MoonPies for lunch!

In 'Merica, anyway.

The rest of the U.S. may just have to suffer.

36 posted on 11/19/2012 1:32:33 PM PST by elkfersupper ( Member of the Original Defiant Class)
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To: All

We sure need some here.
FReepathon Day 50!

37 posted on 11/19/2012 1:35:17 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: Perdogg

Sell it — too much featherbedding in the current economic model. A new buyer will pay more for the assets if it doesn’t have to deal with the unions.


38 posted on 11/19/2012 1:37:13 PM PST by Uncle Chip
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To: matt04

Not good to have the teamsters union mad at you.

The bakers union might want to reconsider.


39 posted on 11/19/2012 1:38:44 PM PST by FR_addict
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To: Dr. Sivana

btt


40 posted on 11/19/2012 1:46:15 PM PST by supremedoctrine
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To: Dr. Sivana

btt


41 posted on 11/19/2012 1:46:34 PM PST by supremedoctrine
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To: Dr. Sivana

btt


42 posted on 11/19/2012 1:47:10 PM PST by supremedoctrine
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To: FR_addict

The Bakers Union thought that Hostess was bluffing. The Union was wrong and they will now beg to go back to work.

If I could make the rules, I would encourage Hostess to take the workers back, WITHOUT the Union!


43 posted on 11/19/2012 1:50:17 PM PST by BobNative
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To: cherry
some workers have come out publicly and said that they hope the company goes bankrupt because they don't want to work for them anymore...

Oh, with Obama as president they can probably collect unemployment until the Americans are re-elected again.

The Hole Picture

44 posted on 11/19/2012 2:13:00 PM PST by Daryl L.Hunter
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To: GeronL
The unions do not want to compromise at all

economics won’t either

The unions have compromised quite a bit over the last few years. How about the lenders compromise a bit on the $700 million in debt and their fees?

45 posted on 11/19/2012 2:23:31 PM PST by ksen
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To: FR_addict

Particularly when the Teamsters was the largest union involved. The bakers union was smaller.


46 posted on 11/19/2012 2:24:07 PM PST by matt04
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To: ksen

don’t borrow money, if you do then try to get a better deal BEFORE you take a loan.


47 posted on 11/19/2012 2:39:03 PM PST by GeronL (http://asspos.blogspot.com)
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To: ksen
The unions have compromised quite a bit over the last few years.
How about the lenders compromise a bit on the $700 million in debt and their fees?

Or, sympathetic parties could offer to take their savings, use it to buy some of that debt, then tell Hostess they will eat the debt to help the company out.

That would embarrass those greedy capitalists, wouldn't it?

/s


48 posted on 11/19/2012 2:47:04 PM PST by Iron Munro (Robbing From The Hood and Boy Blunder - Our New Queen and King)
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To: GeronL
don’t borrow money, if you do then try to get a better deal BEFORE you take a loan.

It wasn't the unions that borrowed money.

And it looks like Sun Capital wants to buy Hostess and keep the existing plants and workers operating.

The co-CEO for Sun Capital said:

"I think that we could offer a slightly better, more labor-friendly deal than what was on the table last week," says Sun co-CEO Marc Leder, in an interview with Fortune. "We also think that one point the unions have made is that there hasn't been a great amount of reinvestment in the business. We've found that investing new capital into companies like this can be very positive for brand, people and profitability... We would look to invest in newer, more modern, manufacturing assets that would enable the company to become more productive and to innovate."

49 posted on 11/19/2012 3:07:50 PM PST by ksen
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To: Perdogg

If hostess caves to the union I can see them getting the JC Penny treatment by consumers.


50 posted on 11/19/2012 3:22:30 PM PST by Rebelbase
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