Here’s the latest in the Hostess no more Twinkies saga: The company has asked the bankruptcy judge to approve $1.8 million in bonuses for its top executives for their part in liquidating the business, the Associated Press reported.The bonuses are needed to retain 19 managers to help with the process, the report said. Headline split by staff.
Remember... You´ve got a board of about 12 execs. So you´re looking at bonus´ of $100k per member to a> stay with the sinking ship for a year or two more to get the top dollar for the properties rather than abandon ship and make more money at more lucrative companies.
If those 19 executives simply walked away and let the courts or some 3rd party liquidate the company, the share and lien holders will be out substantially more than 1.8 million. I see this as not so much as bonuses, as it is compensation for sticking around to the bitter end and trying maximize the value of liquidation.
I guess what bothers me about this is, these people have already been paid for doing a job which it looks like was a lousy one since the company is bankrupt. They got some pretty good size bonuses earlier this year. The other thing, if the company is bankrupt, where will this money come from? What creditors will be stiffed in the process?
Hmmm, we are told all the time that federal employees were "promised" things so they must receive. We are told union employees were promised stuff and no way can it be changed. Top execs have been promised certain things. No problem!
Such a short article... hard to see that the author deserved any pay for it.
Look. This company has come out of bankruptcy twice. What do you want to bet that the ´execs´ of this company are also people who got a mortgage on their home to put up equity to get additional loan guarantees on the second time out of bankruptcy court? If they do have equity participation, what do you think that will be worth in a liquidation? While there are still assets that won´t be court-allocated, are they wrong to try to recoup some of that investment?
I´ve read another analysis of this...saying that a Teamster run delivery system hampered the company from expanding their client base... in other words.. being nice to the unions was the crucial ´mismanagement´ problem. Even the Teamsters settled on the management proposal... they did not want to be the cause for a collapse. Hard to say that management was solely responsible if they had to make peace with unions.
It is none of the unions/employees business what the upper management gets. When you are a member of a union all management owes you is what is stated in the c-o-n-t-r-a-c-t. No more or less. The company has decided going `forward`, (uh, that`s Obama`s favorite word doncha` know), that long term they cannot make a sufficient enough profit to remain in business and be competitive. While we`re at it, the Solyndra management sued to get their bonuses after the company went bankrupt and they got what they wanted. The unions screwed themselves and the employees by being greedy so take your lumps and move on.
Jonathan Wajskol, an Italian graphic designer who moved to the United States about three decades ago, has a life with all the hallmarks of an immigrant success story: graduate studies at an American university; a successful international firm with partners in Milan and Beijing; and a residence in Greenwich Village that he shares with his wife and two children.One thing he does not have, however, is American citizenship - and that is a deliberate choice. "I would feel that if I get the American citizenship, I would feel a little less Italian," he explained. "I really don't feel American.
A 31-year-old West Price Hill mother is accused of viciously abusing and starving her young daughter over an extended period of time. Christina Sturgill’s 7-year-old child was found this week with new and old black eyes and old bruising over her entire body, bite marks and loss of hair due from the hair being yanked out, Cincinnati police wrote in a sworn statement filed in Hamilton County Municipal Court.
India’s Apollo Tyres Ltd. is buying Ohio’s Cooper Tire & Rubber Co. for about $2.22 billion, boosting its presence in North America and other key markets around the world. Apollo said Wednesday that the combined company will be one of the world’s largest tire makers, with a strong presence across four continents and combined 2012 sales of $6.6 billion. Their tire brands include Apollo, Cooper, Roadmaster and Vredestein. Under the terms of the deal, Cooper shareholders will receive $35 per share in cash.
Let´s talk about the mom who regrets her children. Last week, the Daily Mail published a first-person story by Isabella Dutton, a 57 year old mother of two who declared her children to be "the biggest regret of her life." Since the Daily Mail is possibly the internet´s leading purveyor of "human interest in hating other humans" stories, it goes without saying that the article incited (and was intended to incite) a monstrous tsunami of scorn.
MUMBAI — India hanged a man on Saturday who had been convicted of involvement in the 2001 attack on Parliament that killed nine people. The hanging of Afzal Guru, a 43-year-old militant with the group Jaish-e-Mohammad, came more than a decade after the Dec. 13, 2001, suicide attack on India’s Parliament in which five gunmen opened fire, killing nine people, including security officials and a journalist. The execution drew protests from human rights groups concerned about the growing use of capital punishment in such cases. Headline split, source corrected.
What Gerard Depardieu is to France, Tina Turner may be to the United States. The Nutbush, Tenn. native is giving up her US passport, in favor of a Swiss one. "I´m very happy in Switzerland and I feel at home here. ... I cannot imagine a better place to live," Turner told the German newspaper Blick. Turner has lived in the Zurich suburb of Kuesnacht since the mid-1990s. The local Zuerichsee-Zeitung newspaper said on its website the local council announced its decision to grant the 73-year-old Turner citizenship in an official notice published in Friday's edition.The decision still requires formal approval from state and federal authorities.Turner's rep told Zuerichsee-Zeitung the singer wanted to "clarify her situation." Content added by staff.
COIMBATORE - The investigation wing of the Income Tax (I-T) department in Coimbatore has seized US treasury bonds worth about Rs 27,500 crore from a 45-year- old man claiming to be a financial broker-cum-business consultant in Dharapuram in Tirupur district. I-T sleuths here said the bonds were seized in a raid on December 31 at the residence of T M Ramalingam on Dharapuram-Palani Road near Upputhurai, about 80 kms from Coimbatore, in Tirupur district. The bonds are worth $5 billion. Staff split headline.
Last summer on his $100 million family tour of Africa, Barack Obama hoped for a priceless photo op with Nelson Mandela, the ailing freedom pioneer who went from prison cell to the presidency of South Africa. Mandela´s family suggested that wouldn’t happen. So, the Obamas did a photo op in Mandela´s former prison cell. Which Obama’s White House quickly tweeted upon word of the icon´s passing at 95. [Skip] But Obama was also caught staring at television coverage of Mandela’s passing, which became Obama’s Photo of the Day.
More young men in California rise in pitch at the end of their sentences when talking, new research shows. This process is known as "uptalk" or "valleygirl speak" and has in the past been associated with young females, typically from California or Australia.But now a team says that this way of speaking is becoming more frequent among men.The findings were presented at the Meeting of the Acoustical Society of America in California. "We found use of uptalk in all of our speakers, despite their diverse backgrounds in socioeconomic status, ethnicity, bilingualism and gender," said Amanda Ritchart, a linguist at the University of
DAVID CORN: I saw a president who remains frustrated with the political-media culture that he has to work within, and that he´s looking to rally people, students here, and supporters, and people within the media. CHRIS MATTHEWS: But David Corn, you skeptic. He came to us today. He came amongst us. CORN: He´s trying to rally people behind this vision that he´s been promoting for a couple years. FINEMAN: By the way, he did it the end here, today, Chris, not by defending specifics, but by explaining why he´s in the game to begin with. And I don´t know about you, he´s
The most curious thing of all about the November jobs report released on Friday was the huge drop in the unemployment rate — and the fact that the Labor Department chose not to disclose that the data going into that figure are under investigation for falsification. On Nov. 19, I broke the news in my column that the Census Bureau, which collects data that goes into the jobless rate on behalf of Labor, had caught one of its enumerators fabricating interviews in 2010. The culprit said back then (and to me during an interview) that he was told to do so by
Denver - A baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs or face fines, a judge said Friday. The order from administrative law judge Robert N. Spencer said Masterpiece Cakeshop in suburban Denver discriminated against a couple "because of their sexual orientation by refusing to sell them a wedding cake for their same-sex marriage." The order says the cake-maker must "cease and desist from discriminating" against gay couples. Although the judge did not impose fines in this case, the business will face penalties if it continues to turn away gay
7. On the U.S. war with Iraq: “If there is a country that has committed unspeakable atrocities in the world, it is the United States of America. They don’t care for human beings.” Via cbsnews.com 6. On Israel: “Israel should withdraw from all the areas which it won from the Arabs in 1967, and in particular Israel should withdraw completely from the Golan Heights, from south Lebanon and from the West Bank.” Via jweekly.com 5. On the U.S. war with Iraq: “All that (Mr. Bush) wants is Iraqi oil.” Via cbsnews.com 4. Mandela on Castro and the Cuban revolution: “From its earliest days, the Cuban Revolution has also been a
In February, the Bush family’s personal emails were hacked by Guccifer, a hacker who uncovered photographs of former President George H. W. Bush in a hospital bed and George W. Bush’s oil paintings in the process. It seems Guccifer has struck again, this time targeting former President Bill Clinton and the Clinton Library. The hacker has reportedly uncovered doodles of Clinton drawing on what were, at the time, classified documents. Among the doodles is apparently a picture of a penis. The document uncovered is a briefing of the strategic measures the United States could take prior Clinton’s decision to intervene in