Skip to comments.Hostess says liquidation decision expected Friday (Going Galt)
Posted on 11/15/2012 4:35:49 PM PST by Navy Patriot
Hostess Brands Inc. said it likely won't make an announcement until Friday morning on whether it will move to liquidate its business, after the company had set a Thursday deadline for striking employees to return to work.
The maker of Twinkies, Ding Dongs and Wonder Bread had warned employees that would file a motion in U.S. Bankruptcy Court to unwind its business and sell off assets if plant operations didn't return to normal levels by 5 p.m. EST Thursday. That would result in the loss of about 18,000 jobs.
The Teamsters meanwhile are urging the smaller union to hold a secret ballot on whether to continue striking. Citing its financial experts who had access to the company's books, the Teamsters say that Hostess' warning of liquidation is "not an empty threat or a negotiating tactic" but a certain outcome if workers continue striking.
(Excerpt) Read more at sfgate.com ...
I just googled the Yankee Doodles, it says they are Drake’s..hmmm....must find.
The problem is that you just don't prepare them correctly... First, you dip them in a sweet egg batter, then roll them in crushed "Cap'n Crunch" cereal. Another dip in the batter, then into the deep fryer.
You have a point, likely ONLY the union will be protected . The non union employees and creditors will lose everything.
"Now I really hate unions."
they’ll get some rat judge to claim that the workers were illegally “locked out” and they’ll get unemployment going back to when the strike started, and then they’ll get their pensions sent to the pension guarantee board and they can start collecting immediately..
That's because the union bosses are covered and the dumbasses think that a bankruptcy and liquidation would bring forward a white knight to save the company. Who in the hell would buy a union infested company like Hostess in this Obama/FDR economy and maintain the current benefit structure? Not a damn soul.
we are going to see businesses not only shut down, but simple lock the doors and walk away. Truly going Galt, not liquidating. directive 10-289 coming to a congress near you.
I think that's because he's been loafing as a union rep. I'm pretty sure he gets huge money for the union job so the shipping clerk pay he gets probably doesn't matter to him.
When I was a kid, I sold newspapers outside Seal Stadium in San Francisco (first home of the Giants here). Just down the block was a Hostess outlet store. I couldn’t afford retail, a twin-pack of Twinkies were $0.12 a pack - yeah, 12 cents for two. I cringed when they hiked the price to 13 cents a twin-pack. I got day-old packs for half-price. Enjoyed them after selling papers. Prices have gone up a little bit since then, sigh.
I thought Twinkies weren’t baked, but a chemical concoction that went through a curing process.
Where’s the Allied Brotherhood of Rubber and Chemical Workers on this?
Yup....just watching these guys on local TV in southern Maine striking. A lot of these guys are pushung 60-plus. They lose these jobs, well, they are never working anywhere again for the wages & bennifits that they are getting now. Job suicide why the union fat-cats sit back & laugh.
You are right, there is simply no way in the world these unionists are keeping their jobs at the current pay and benefit level. Zero.
The business will likely be parceled out to regional contractors like Dr. Pepper and Big Red. Even though those are independent companies, they don’t produce and distribute most of their own product (Dr. Pepper does their own in Texas of course).
Obamanation Communism File.
Nah, here's what the plan is...
"I don't want to lose my job. It's Christmas time," said 23-year-old Daniel Smith, who makes $11.64 an hour at the plant. "But if I have to take the cuts they're talking about I can get more from unemployment."
oops. I meant yes, that’s what the plan is.
Actually, the company is very likely going down for the count. There are three hedge funds that bought up the assets after they filed Chap11 the first time, and they’ve poured money into this company. When Hostess filed Chap11 for the second time (earlier this year), the hedge funds decided that unless they get concessions from the unions on the pension issue that they’ll realize more value by breaking up the company and selling it off.
The Mexican conglomerate, Groupo Bimbo, owns most of the mass-consumer bakeries in the US. Sara Lee, Entemann’s, etc - all bought up over the years by Bimbo. If Bimbo doesn’t buy the Hostess assets, I don’t know who will.
To which Winston Zeddimore says,
“Tha’s a BIG twinkie.”
They may get the formula on paper, but they may have a hard time renegotiating the contract at the Hanford nuclear site where they breed the filling in their fast reactors.
Who needs the bread that "builds strong bodies 12 ways" (old ad copy) when you have Duh-1 to provide for all your needs? You don't need a strong body to collect your check/Obamacare/obamaphone/etc...
It’s official...suspending baking operations...18,500 layoffs. I may pick up a few Ho-Ho’s or Twinkies for old times sake!
They won’t have to copy it now. It’s for sale.................
From the website:
Hostess Brands issued the following statement today:
Some of our employees who are on strike have expressed the desire to come back to work, but they have also expressed concern about the $140.00 daily fine the Bakers Union has threatened to impose on employees who cross a picket line. The employees are being misinformed that the fine will be taken out of their paychecks.
We want to be clear: Hostess Brands does not provide a payroll deduction for any fine a union may decide to impose on our employees.
Now to the tune of “the witch is dead”: Ding Dong, the Ding Dong’s dead, the tasty Ding Dong is Dead!.
You bring up important facts making recovery that much more difficult, but well known brand names and popular products tend to return eventually.
Twinkies: the All-American junk food
They should use the unionRAT labor to pack up the plants lock, stock and barrel, and ship it to the new locations in the right to work states.
(of course they wouldn't want to tell the morons)
It is against federal law to move a production location to avoid the use of union labor.
It happens all the time, of course. But there has to be another compelling reason that can be used to justify the move. I've been involved in such a move -- from Illinois to Alabama -- and the reason we used was "take advantage of efficiencies by being closer to the source of raw materials".
But a transparent move to avoid union labor is sure trouble with the feds. Moreso now than it was then, I'm sure. Ask Boeing...