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View Diary: Hostess took workers' pension money to fund itself (158 comments)

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  •  What is needed is an advanced boycott (1+ / 0-)
    Recommended by:
    AoT

    of all Hostess products should they sell them off. Future buyers may think twice before buying this troubled asset if consumers boycott Twinkie II howsoever they are rebranded.

    We all stand submissively before the global ATM machine network like trained chickens pecking the correct colored buttons to release our grains of corn. Joe Bageant

    by Zwoof on Mon Dec 10, 2012 at 03:39:01 PM PST

    •  well...... (4+ / 0-)
      Recommended by:
      lgmcp, mrkvica, Sparhawk, nextstep

      remember, they're creditors of the company, so the more the company gets from the sale the more the pension fund recoups.

      •  Where in line are they though? n/t (0+ / 0-)

        The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

        by AoT on Mon Dec 10, 2012 at 04:06:39 PM PST

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        •  with all the others. (1+ / 0-)
          Recommended by:
          Sparhawk

          they'll all split the remaining assets after administrative costs and expenses during bankruptcy (lawyers, etc), and secured creditors.

          its been awhile since bankruptcy law in school, but I believe that's the order, and all the unsecured creditors will just split up whatever is left.

          •  And administrative costs include bonuses (1+ / 0-)
            Recommended by:
            happymisanthropy

            sign, they get money coming and going.  It's absurd.

            The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

            by AoT on Mon Dec 10, 2012 at 04:35:38 PM PST

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            •  How much in bonuses? (1+ / 0-)
              Recommended by:
              nextstep

              1.7 million dollars?

              We could probably scrounge that up by sifting through the sock drawer considering that the pension fund is owed $1 billion dollars and other creditors are probably owed similar amounts.

              Frankly, paying those bonuses is probably a good deal for the pension fund considering the people involved (the only people knowledgeable about the business) can just quit. At that point, the pension fund's overall recovery will be sharply reduced, by a lot more than $1.7 million.

              (-5.50,-6.67): Left Libertarian
              Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

              by Sparhawk on Mon Dec 10, 2012 at 07:54:02 PM PST

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              •  Bull. TheCeo said he knew nothing about it (0+ / 0-)

                the ones that knew took their cash and ran.  No the bonuses were not a good deal.

                I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

                by samddobermann on Tue Dec 11, 2012 at 03:35:04 AM PST

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              •  Yep, another case of economic blackmail (0+ / 0-)

                The rich hold the money of the workers hostage, again and again.

                The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

                by AoT on Tue Dec 11, 2012 at 09:17:11 AM PST

                [ Parent ]

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