Possible no more Twinkies and Wonder Bread

[Joe Steel]

The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.

Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.

According the union's fact sheet, Hostess has demanded a bankruptcy court allow:

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.

 

[editec]

Their food is so shitty I will be surprised to learn that even bankruptsy protection will save them.

 

[Two Thumbs]

The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.

Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.

According the union's fact sheet, Hostess has demanded a bankruptcy court allow:

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.

Hey moran, their food is bad for people, liberals, like yourself, have been telling people that for years, and now in some states, food that you would be able to get is restricted in size or banned.

This is your doing. Now wallow in the horror that you have wrought.

 

[Rshermr]

The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.

Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.

According the union's fact sheet, Hostess has demanded a bankruptcy court allow:

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.

Hey moran, their food is bad for people, liberals, like yourself, have been telling people that for years, and now in some states, food that you would be able to get is restricted in size or banned.

This is your doing. Now wallow in the horror that you have wrought.

Is it possible to provide a more ignorant post, two thumbs. I know you think it makes some sort of sense, but jesus h christ, twothumbs. That was stupid. Kinda like a limbaugh statement. You been listening to Rush???

 

[Joe Steel]

According to Hostess, sales have been holding-up. Whatever "liberals" have been saying about the health value of Twinkies, etc. doesn't seem to be the reason for the Company's difficulties. More than likely, the financial difficulties are caused by the kind of predation vulture capitalists like Ripplewood (and Bain Capital) inflict on their victims. They buy the company and suck cash out of it then try to get the money back by taking it from the employees.

 

[Katzndogz]

The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.

Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.

According the union's fact sheet, Hostess has demanded a bankruptcy court allow:

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.

The company cannot be forced to continue to operate at a loss. Unless the government is prepared to take it over the way they took over GM and prop it up so that it can continue to operate at a loss, this game is over.

This is exactly what's happening in San Bernardino. The city stopped making payments to the public union, CALPERS. They ran out of money.

From suburb to basket case: How California city traveled the road to ruin - Open Channel

This is going to become the norm as companies and cities can no longer afford to fund the outsized pensions. They will simply go under. The way Hostess is doing now. Liberals can scream, they can tantrum. They can demand away, but the leeches are killing off the hosts and nothing can stop that.

 

[Grandma]

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

Time to get the unions back, otherwise the corporate fucks will hang us all out to dry.

 

[Toro]

You can stop with this faux outrage. The election is over. You won.

Besides, there is nothing you can do. This is now in the hands of a bankruptcy court. Surely, you don't think people should intimidate judges and politicians screw around with the courts?

 

[Grandma]

I think the best thing would be for everyone to quit working at Hostess and bake their own snacky cakes to sell. In a union shop. I'd buy the things.

The unions need to form at businesses not actually in bankruptcy.

 

[Katzndogz]

I think the best thing would be for everyone to quit working at Hostess and bake their own snacky cakes to sell. In a union shop. I'd buy the things.

The unions need to form at businesses not actually in bankruptcy.

Then they can push them into bankrutpcy too!

The way to solve the problem is for the government to open state owned bakeries. It really is the ideal solution. Total control over fat and calorie content. Control over the allottment every individual might have of snacky cakes. All employees members of a public service union with full benefits. Russia tried it for awhle. We can ask them how well it worked.

I do everything I can possibly do to not buy union made products. I'll pay more to buy something imported if it doesn't support a union. I shop at Trader Joes because it isn't part of the grocery store union.

 

[Joe Steel]

The company cannot be forced to continue to operate at a loss. Unless the government is prepared to take it over the way they took over GM and prop it up so that it can continue to operate at a loss, this game is over.

I doubt the Company is operating at a loss. More than likely, it wants to divert more of its revenue to dividends for the vulture capitalists who own it.

 

[Katzndogz]

The company cannot be forced to continue to operate at a loss. Unless the government is prepared to take it over the way they took over GM and prop it up so that it can continue to operate at a loss, this game is over.

I doubt the Company is operating at a loss. More than likely, it wants to divert more of its revenue to dividends for the vulture capitalists who own it.

You might doubt it, but that doesn't make it any less true.

Give the unions what they want. Liquidate the company and let all the workers go. Sell off the equipment for scrap. The unions can take the pennies scrap brings.

This is what always happens to leeches. They eventually kill the host, then blame the host for dying.

 

[Rshermr]

The company cannot be forced to continue to operate at a loss. Unless the government is prepared to take it over the way they took over GM and prop it up so that it can continue to operate at a loss, this game is over.

I doubt the Company is operating at a loss. More than likely, it wants to divert more of its revenue to dividends for the vulture capitalists who own it.

You might doubt it, but that doesn't make it any less true.

Give the unions what they want. Liquidate the company and let all the workers go. Sell off the equipment for scrap. The unions can take the pennies scrap brings.

This is what always happens to leeches. They eventually kill the host, then blame the host for dying.

Katz, you have no clue. hostess is a victim of mergers and acquisitions, and eventually a probable company that wants to get out of managing them. Turn it over to a venture capital group, who finds the best way to get money out fast. And that generally does not mean running a going concern, or trying to fix one. They do not understand the business, and want cash.
I know. I was the svp of sales for a multinational software co, that went through this. VC's are generally ruthless, and clueless about business management of a going concern.

 

[Katzndogz]

I doubt the Company is operating at a loss. More than likely, it wants to divert more of its revenue to dividends for the vulture capitalists who own it.

You might doubt it, but that doesn't make it any less true.

Give the unions what they want. Liquidate the company and let all the workers go. Sell off the equipment for scrap. The unions can take the pennies scrap brings.

This is what always happens to leeches. They eventually kill the host, then blame the host for dying.

Katz, you have no clue. hostess is a victim of mergers and acquisitions, and eventually a probable company that wants to get out of managing them. Turn it over to a venture capital group, who finds the best way to get money out fast. And that generally does not mean running a going concern, or trying to fix one. They do not understand the business, and want cash.
I know. I was the svp of sales for a multinational software co, that went through this. VC's are generally ruthless, and clueless about business management of a going concern.

Hostess is being killed by union demands, not vulture capitalism. Hostess should be liquidated as fast as possible and the unions left standing in an alley holding their dicks in their hands.

 

[Rshermr]

You might doubt it, but that doesn't make it any less true.

Give the unions what they want. Liquidate the company and let all the workers go. Sell off the equipment for scrap. The unions can take the pennies scrap brings.

This is what always happens to leeches. They eventually kill the host, then blame the host for dying.

Katz, you have no clue. hostess is a victim of mergers and acquisitions, and eventually a probable company that wants to get out of managing them. Turn it over to a venture capital group, who finds the best way to get money out fast. And that generally does not mean running a going concern, or trying to fix one. They do not understand the business, and want cash.
I know. I was the svp of sales for a multinational software co, that went through this. VC's are generally ruthless, and clueless about business management of a going concern.

Hostess is being killed by union demands, not vulture capitalism. Hostess should be liquidated as fast as possible and the unions left standing in an alley holding their dicks in their hands.

And, of course, you have some proof of this statement? Some experience? Some research?

Of course not. You are a con tool. No knowledge needed.

 

[oldfart]

Their food is so shitty I will be surprised to learn that even bankruptsy protection will save them.

The bankruptcy is not intended to save the company. It is a step in the standard business plan for an "orderly liquidation". It allows the company to break contracts like employment contracts and do other things it would otherwise not be able to do legally. The key is unfunding the pension plan. This step reveals the company's ultimate objective of a Chapter 7 liquidation after as much cash flow can be wrung out of the company as possible.

 

[Rshermr]

Their food is so shitty I will be surprised to learn that even bankruptsy protection will save them.

The bankruptcy is not intended to save the company. It is a step in the standard business plan for an "orderly liquidation". It allows the company to break contracts like employment contracts and do other things it would otherwise not be able to do legally. The key is unfunding the pension plan. This step reveals the company's ultimate objective of a Chapter 7 liquidation after as much cash flow can be wrung out of the company as possible.

Exactly. Well stated, oldfart.

 

[Nova78]

Liquidation deadline looms for Twinkies maker Hostess | Comcast

— A standoff between Hostess Brands Inc. and thousands of its bakery workers was heading for a showdown Thursday as both sides declared they would not bend and were set to accept the demise of the historic maker of Twinkies and Wonder Bread.

Members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union went on strike November 9 to protest 8 percent pay cuts and other health care and pension concessions sought by the company.

Unions would rather have them go out of business than give a little. Its a big shit sandwich and they have to take a bite,like most every regular Joe has had to over the last few years under the Obama regime.

 

[EdwardBaiamonte]

This step reveals the company's ultimate objective of a Chapter 7 liquidation after as much cash flow can be wrung out of the company as possible.

you mean it reveals capitalism's ultimate objective, an objective that can only be controlled by communism!!

Why do treasonous anti-American liberal communists like you support the interests of workers over the interests of consumers who benefit from the lower prices that must come with lower wages??

Answer: because satisfied customers won't help you start Barry's treasonous Marxist revolution. No surprise given that Barry had 2 communist parents and voted to the left of Bernie Sanders, the only open communist in the Senate.

Now that you know you are being used as Barry's Marxist puppet how do you feel?

 

[Annie]

The closing of the Hostess plants in Cincinnati, Seattle and St. Louis appears to be an object lesson in the evils of vulture capitalism.

Hostess is owned by Ripplewood Holdings, a vulture capital firm, and two hedge funds, Silver Point Capital and Monarch Alternative Capital. As is typical for such parasites, they have loaded the company with debt and are slashing employment and benefits to maintain their profits.

According the union's fact sheet, Hostess has demanded a bankruptcy court allow:

An immediate 8% wage reduction;

The shift of at least 20% more health care costs onto its employees;

Elimination of the employees’ W-1 (retiree medigap insurance) and P-Plan (a pension supplement used to pay health and funeral costs);

Closure of additional plants (10-12), refusing to tell the union which plants are profitable, which plants will be closed, why, etc.

Elimination of the eight-hour work day.

"Outside of court, Hostess unilaterally stopped paying its pension obligations (that is its hourly contributions to the workers’ pension funds), in violation of federal labor law.

These outrages must be stopped. The Hostess workers are standing strong against predatory capitalism for the rights of all American worker. They deserve every patriotic American's full support.

The outrages were stopped. They don't have to take a pay cut, they've lost their jobs. Good show.