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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
Dow Jones is reporting that a bankruptcy judge is urging mediation to save Hostess from liquidation. WSJ will have more to come as it comes out of the courtroom.
Heres an update from bankruptcy reporters Jacqueline Palank and Rachel Feintzeig
A bankruptcy judge Monday asked whether he should preside over mediation between Hostess Brands Inc. and its striking union to avoid pulling the plug on the baker of Ho Hos, Twinkies and Wonder Bread.
(Excerpt) Read more at blogs.wsj.com ...
TOPICS: Breaking News; Business/Economy
KEYWORDS: hostess
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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.)
To: DoughtyOne
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)
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
To: Dr. Sivana
Which only underscores the imperishable truth that “It’s all about the lawyers” (followed by the Courts and the Judges).
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)
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)
To: ArmstedFragg
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
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.)
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.)
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)
To: Dr. Sivana
33
posted on
11/19/2012 1:24:58 PM PST
by
GeronL
(http://asspos.blogspot.com)
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
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)
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)
To: All
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)
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.
To: matt04
Not good to have the teamsters union mad at you.
The bakers union might want to reconsider.
To: Dr. Sivana
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