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Posted by oklared on 11-16-2012 07:38 PM:

18000 MORE JOBS LOST

HOSTESS TWINKIES ARE HISTORY, 18000 JOBS LOST MMMM

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Posted by BIG$BLUES on 11-16-2012 07:54 PM:

Never fear the twinks will be back they are just gona sell it and bust the union and rehire at min wage

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Posted by Oak Ridge on 11-16-2012 08:26 PM:

quote:
Originally posted by BIG$BLUES
Never fear the twinks will be back they are just gona sell it and bust the union and rehire at min wage

Actually I don't think the bankruptcy court will allow that. If you did your research you would know that the company is seeking permission from the Court to LIQUIDATE...that means to sell off ALL OF THE ASSETS of the company in order to pay off creditors.

What will likely happen is that a competitor, most likely one that is a non-union shop that is paying a decent wage in order to remain competitive, will buy out the brand and will continue to market the product.

If this were bailed out like the auto companies, the US Govt would swoop in, throw a bunch of cash at the union, they would have voted for the concessions asked (the Teamsters Union which represented 70% of the workforce had already voted FOR the concessions) to save the company......and everyone would have been happy, well except the taxpayers who were paying attention.

As it is, the 30% (5,400) who didn't feel it was "fair" that they take a pay cut, and reduced benefits to protect the 18,000 jobs resulted in the loss of those jobs.

Now the taxpayers have to pay for 18,000 folks to be on unemployment for 99 weeks..... That sounds "fair"....

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Posted by BIG$BLUES on 11-16-2012 10:01 PM:

I can agree to disagree.

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Posted by Slowpoke 2012 on 11-17-2012 12:40 AM:

Twinkies

I've sure supported them over the years. Guess I better get me one tomorrow before there gone!

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Posted by dperry on 11-17-2012 01:11 AM:

Very good explanation Joe. Thanks. I thought this was going to turn into another blame it on Obama. 5400 trying to control 18000, reminds me of the GOP.

Posted by Hey Preacher!!! on 11-17-2012 01:27 AM:

So you are anti union?

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Posted by cripple creek on 11-17-2012 02:34 AM:

I am preacher...

I was a logistical manager for 25 years with 3 different fortune 500 companies one of which was Fed Ex who is non union.
The two other companies had they gone union would have shut down. We could not be competitive in the markets we were in paying those kind of wages and benefits.
I think there was a time for them in the beginning, but they have out lived their purpose.
the govt union workers, city, state and federal have and are breaking the backs of your nation. whole cities are going bankrupt because of unions.
doesnt take a nuclear scientist to figure that one out.

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Posted by J Ternes on 11-17-2012 03:03 AM:

Unions

Im a union worker for an aircraft company. The union has done some good things for its people but, they do alot of things that hurt the companies as well. However, the big wigs are just as guilty and as the company leaders set a piss poor example for the unions. For example, this company is going through a chapter11 bankrupsy, but some how the CEO is petioning for a 1.5 million dollar bonus?! But the company is broke?! In my opinion if the unions really cared about the health of the companies that employ them they should put in the contract that the company must have a proffit margin of "X" amount of dollars before the VP's could reward themselves.

Posted by Wingman66 on 11-17-2012 03:06 AM:

quote:
“Hostess’s announcement that it is liquidating the company is a deep disappointment for all of our Hostess members. While Hostess management wants to blame our members for the demise of the company, the truth is that had it not been for the valiant efforts of our members over the last eight years, including accepting significant wage and benefit concessions after the first bankruptcy, this company would have gone out of business long ago.

“Hostess failed because its six management teams over the last eight years were unable to make it a profitable, successful business enterprise. Despite a commitment from the company after the first bankruptcy that the resources derived from the workers’ concessions would be plowed back into the company, this never materialized. Management refused to invest in modernizing its bakeries or devote necessary resources to advertising and marketing, product development and new technology. Business plan after business plan failed, leaving the company ever deeper in debt.

“When a highly-respected financial consultant, hired by Hostess, determined earlier this year that the company’s business plan to exit bankruptcy was guaranteed to fail because it left the company with unsustainable debt levels, our members knew that the massive wage and benefit concessions the company was demanding would go straight to Wall Street investors and not back into the company.

“Our members were aware that while the company was descending into bankruptcy and demanding deep concessions, the top ten executives of the company were rewarding themselves with lavish compensation increases, with the then CEO receiving a 300 percent increase.

“Our members decided they were not going to take any more abuse from a company they have given so much to for so many years. They decided that they were not going to agree to another round of outrageous wage and benefit cuts and give up their pension only to see yet another management team fail and Wall Street vulture capitalists and “restructuring specialists” walkaway with untold millions of dollars.

Greed. It will get you everytime.

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Posted by oklared on 11-17-2012 03:18 AM:

quote:
Originally posted by Wingman66
Greed. It will get you everytime.

SOUNDS LIKE THE GOVERNMENT OF THE USA

Posted by jason2579 on 11-18-2012 07:33 PM:

I'm just curious. How many of the upper management offered to take a pay cut to help save this company. I haven't seen it yet. I see where they still want their millions when the doors close. Kinda reminds me of the company i work for. Union workers make up 30,754,120.00 dollars of their expense and the upper management 53,234,786.00. Lets see 758 union workers 30 million. 12 people 53 million that's before bonuses. Guess i gotta agree put it on the working class to take a cut in pay. Heck we only carry this country on our back now why ask the rich to give up anything. Trickle down effect my back side.

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Posted by conhtr1 on 11-18-2012 07:57 PM:

quote:
Originally posted by jason2579
I'm just curious. How many of the upper management offered to take a pay cut to help save this company. I haven't seen it yet. I see where they still want their millions when the doors close. Kinda reminds me of the company i work for. Union workers make up 30,754,120.00 dollars of their expense and the upper management 53,234,786.00. Lets see 758 union workers 30 million. 12 people 53 million that's before bonuses. Guess i gotta agree put it on the working class to take a cut in pay. Heck we only carry this country on our back now why ask the rich to give up anything. Trickle down effect my back side.

Looks like your union is doing you a fantastic job for its members.

Posted by Cleo on 11-18-2012 10:36 PM:

So sad.

I hope they will do something to try to replace jobs for all thode people! Unemployment compensation is going to go belly up!

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Posted by jason2579 on 11-19-2012 03:40 AM:

Yep! Sure wouldn't want to ask a guy that's making 4 or 5 million a year to take a pay cut they sure do a whole lot to earn it. Better to ask a person making 30 to 40 thousand a year to take a pay cut hate to see them rich guys not be able to purchase 200,000 dollar car or their wife miss a nail appointment.

Posted by conhtr1 on 11-19-2012 12:22 PM:

quote:
Originally posted by jason2579
Yep! Sure wouldn't want to ask a guy that's making 4 or 5 million a year to take a pay cut they sure do a whole lot to earn it. Better to ask a person making 30 to 40 thousand a year to take a pay cut hate to see them rich guys not be able to purchase 200,000 dollar car or their wife miss a nail appointment.

I often wonder why people support (buying tickets) all those athletes making millions for playing a game but we all complain about paying a CEO several million when they are the ones making decisions that decide whether or not we have a job.
That being said....If I thought I was underpaid, I'd find a job where I made what I was worth. Of course, I negotiated my salary on present job. Last one the union did.

Posted by Wingman66 on 11-19-2012 03:38 PM:

In TN, we stop buying tickets to our athletes games when upper management fails to perform. They will see the light, sooner or later.

Posted by jason2579 on 11-19-2012 08:09 PM:

quote:
Originally posted by conhtr1
I often wonder why people support (buying tickets) all those athletes making millions for playing a game but we all complain about paying a CEO several million when they are the ones making decisions that decide whether or not we have a job.
That being said....If I thought I was underpaid, I'd find a job where I made what I was worth. Of course, I negotiated my salary on present job. Last one the union did.

For one i don't think any pro player is worth what they get. I played semi pro baseball for years made a extra 15,000 a year for playing a game i loved. Somewhere down the line these men forgot this or maybe it was because the upper management started offering the so called best more money to jump ship now greed has ran wild in sports. It's worked great for the yankees recently LOL. I actually have a good friend that is a CEO of local business and asked one time how hard is it to do his job. He told he gets paid for doing nothing but PR cause when things start to look bad the people under him need to fix it or he'll fire them and replace them with someone that can. Whooo that must be tuff.

Posted by dogtrader9 on 11-19-2012 11:21 PM:

It boiled down to, according to a conservative talk show host that I listened to on radio today, that the employees were going to net less than 2-3% with the change. If true, that my friends is a stubborn union and deserving of what they get. I was union once, and was ashamed of some of the folks I worked around. Not worked with, worked around.

Posted by BIG$BLUES on 11-20-2012 12:24 AM:

Seen on the local news that both side are talking and hostess was planning on selling off 29mill so they could pay MANAGMENT BOUNUSES and debt

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Posted by Oak Ridge on 11-20-2012 12:39 AM:

I have not seen the report, but do know that Hostess was a privately owned company. The "upper management" was the family that either inherited or built the family business.

Not sure that I have a problem with a company that is privately owned recognizing that they are in financial trouble and asking for concessions to the Union. They certainly could not continue to function on a day to day basis paying the wages that the Union membership demanded.

The only option at that point is to shut down the business. Since it was a family business, they chose to do so and maintain at least a portion of the family equity in the company.

I don't really have a problem with that.

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Posted by Oak Ridge on 11-20-2012 12:58 AM:

So I just read the "reason" behind the company wanting to pay the executives.

They need to have the executives of the company to stay behind, long after the union employees are drawing sub-pay and unemployment benefits, to stay behind and to sell off the company.

Now, let's see...you can continue to work at your normal wage, and your new job will be to work yourself out of a job...or you can "runn oft" and find yourself a new job.

If they don't offer them a premium, who's gonna stay behind to do the remaining work? Suppose the Union will help sell off the company and close out the books?

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Posted by oklared on 11-20-2012 01:27 AM:

YOU CAN GOOGLE THIS FELLOW FOR MUCH MORE INFO THAN IM POSTING ON HERE. I THOUGHT IT WAS INTERESTING THAT THIS FELLOW IS A DEMOCRATE, RIPPLEWOOD CONTROLS TWINKIES, LOOK IT UP.

Ripplewood is run by Tim Collins, 55, who's been at the center of other famed PE transactions. Known as a brilliant capitalist-philanthropist-networker, he's an eclectic character: a Democrat in an industry of Republicans; an Adirondack enthusiast dreaded by pheasant and fish; a board member at the Yale divinity and business schools; and someone who took a year at 31 to work at a refugee camp in the Sudan. Ripplewood orchestrated the $1.1 billion turnaround in 2000 of the Long-Term Credit Bank of Japan, which marked the first time that foreign interests controlled a Japanese bank. (Collins made the cover of Fortune Asia for it.) The bank was renamed Shinsei, and in 2004 it had a lucrative initial public stock offering. Far less fortunately, in 2007 Ripplewood acquired Reader's Digest -- and saw its $275 million investment vanish in Reader's Digest's bankruptcy filing in 2009. (Collins reportedly had visions of merging Reader's Digest with the magazine division of Time Warner (TWX), which owns Fortune.)

Posted by Cheyenne on 11-20-2012 03:35 PM:

peppridge farms i believe are in the process of purchasing the twinkie company, which they are owned by campbells soup co. which is a proctor and gamble owned company. would be a a good move if this is not just rumor.

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Posted by corky crowder on 11-29-2012 06:19 PM:

AND THEY COMPLAIN CAUSE UNION WORKERS WANT DECENT WAGE AND WORKING CONDITIONS
http://www.nbcnews.com/business/hos...msnhp&pos=5

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