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Hostess faces bitter end
in bankruptcy court

MarketWatch, by Steve Gelsi

Original Article

Posted By:SoCalGal, 11/21/2012 11:56:58 AM

NEW YORK — Hostess Brands Inc. plans to return to bankruptcy court on Wednesday seeking approval to move ahead with liquidations plans that would throw 18,500 people out of work, after a latch-ditch mediation effort met with failure. (Snip) Hostess failed to reach a contract agreement with the Bakery, Confectionery, Tobacco and Grain Millers Union, which represents 5,600 workers at the company. In a brief statement late Tuesday, the company said mediation proved unsuccessful.

Comments:
The bakery workers union never showed good faith. Only their intention to go to the mat and drive Hostess into liquidation if necessary to make their point.

Someday soo I hope the union workers wake up and realize that their bully leaders are not serving their best interests. That will be a real revolution.

      


Post Reply  

Reply 1 - Posted by: tennisbum, 11/21/2012 12:10:13 PM     (No. 9027756)

The union is just dumb to the bone!!!! But they really showed Hostess Brands. Enjoy your leisure time off idiots.

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Reply 2 - Posted by: sfacheem, 11/21/2012 12:24:43 PM     (No. 9027798)

They´ve made concessions in the past apparently, so they feel they shouldn´t have to make any more concessions.

Congratulations, you held firm and lost your jobs.

That´ll show ´em.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: whyyeseyec, 11/21/2012 12:34:11 PM     (No. 9027816)

In the interest of jobs and `fairness`, the Court should nullify the Baker`s union contract an order them back to work. Hostess can pay them whatever was their last offer and get on with making the sugary treats we all know and love.

Of course, that will happen as soon as Twinkies become our national dessert treat.

/s

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Reply 4 - Posted by: wws, 11/21/2012 1:01:01 PM     (No. 9027857)

#3, you probably know this, but for those who don´t: a bankruptcy court has no authority to try and save "jobs" or deal in "fairness". In fact, most bankruptcies are manifestly unfair, as some creditors will be paid and some will be stiffed.

The Court´s only function is to see that the existing creditors get paid as much as possible on what they are owed. Now they won´t get it all, but a liquidation may well pay off much of the debt.

Best bet on what happens to twinkies: Grupo Bimbo buys them and moves all production to Mexico, where they not only will have massively lower labor costs but they also will have much lower sugar costs, due to a misguided US sugar tariff policy.

Who knows, soon Americans may start trying to illegally migrate into Mexico for the jobs. Well, and also for a government a little bit less corrupt than the one we have here now.

(okay, that last bit is tongue in cheek - but can anyone argue that our government today is any better than Mexico´s? I won´t.)

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Reply 5 - Posted by: tennman, 11/21/2012 1:01:32 PM     (No. 9027860)

The unions are using the line about upper management getting large raises - one 300%, as a smoke-screen. Saddly the 47% are buying it. Too many figure life is supposed to be fair. All you have to do is show up.

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Reply 6 - Posted by: civilservant, 11/21/2012 1:13:34 PM     (No. 9027878)

#4, you are kinda correct.....allow me to explain that before you get angry.....

Yes, there WAS black letter law regarding creditor priority, but that DIED in the GM ´bankrputcy´.

As far as the Uhhhbama admin. is concerned, the Courts can do ANYTHING.

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Reply 7 - Posted by: earlybird, 11/21/2012 1:23:13 PM     (No. 9027891)

There seems to be a misunderstanding about Grupo Bimbo. Although it is a Mexican company, it operates throughout the world (it is the #1 commercial baker in the world), but manufacturers its products locally in the various nations. In the United States, its headquarters is in Santa Fe, NM.

They are already manufacturing Oroweat and other American bread brands, Sara Lee (fresh baked items), Boboli, and so forth. In this country. I´m not sure that they will do anything different with Hostess. Why would they go and set up plants elsewhere if they buy all of Hostess´s assets which would include brands, recipes and equipment-filled plants, trucks, the works?

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Reply 8 - Posted by: manitouman, 11/21/2012 2:09:07 PM     (No. 9027958)

Fantastic opportunity here:

Each community/region of the nation, can now open up their own twickle factory, and make a fortune right at home.

A buck a bag for $0.05 worth of input - if you can´t make ten percent, no use being in business.

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Reply 9 - Posted by: secondtimelucky, 11/21/2012 2:27:24 PM     (No. 9027980)

per the article, Grupo Bimbo will not be allowed to purchase Hostess because they just finalized the purchase of Sara Lee. Snack food antitrust, ya know...

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Reply 10 - Posted by: greg1a, 11/21/2012 2:29:07 PM     (No. 9027983)

Deleted by Taste Police. This type of language will get you permanently blocked. LCom Staff.

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Reply 11 - Posted by: chief568, 11/21/2012 2:38:09 PM     (No. 9027996)

Well, at least all those union people will be out of work. That works for ME!

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Reply 12 - Posted by: ok state mom, 11/21/2012 2:44:10 PM     (No. 9028007)

Wait till Hobby Lobby closes rather than pay the 1.3 million dollars daily fine for not providing the morning after pill. The outcry may cause rioting in the streets.

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Reply 13 - Posted by: Kansas Conservative, 11/21/2012 4:04:11 PM     (No. 9028116)

I want nothing but malice toward the unions and the union members who caused this. Enjoy a miserable life - I hope you all lose your homes because of this. Try getting a job in the real world where you get these sweetheart work rules and pensions.

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Reply 14 - Posted by: Ida Lil, 11/21/2012 4:47:56 PM     (No. 9028175)

Instead of damning the ranks of union workers who have no choice in Union controlled states damn the state politics and union leaders for keeping them in a semi state of forced membership. Remember the thousands of union teachers who dropped out after they were greed of the union dues?
18 right to woek states should become 50.

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