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Bankrupt Twinkie maker seeks
$1.8 million in exec bonuses

Marketwatch.com, by Staff

Original Article

Posted By:crabam, 11/29/2012 3:32:03 PM

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.

      


Post Reply  

Reply 1 - Posted by: BaseballFan, 11/29/2012 3:38:01 PM     (No. 9039874)

Chump change, averaging just under $95,000 each. Who´d want to stick around through that process without being paid for it?

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Reply 2 - Posted by: Skywise, 11/29/2012 3:39:29 PM     (No. 9039878)

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.

Don´t buy the leftist class warfare propaganda.

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Reply 3 - Posted by: curious1, 11/29/2012 3:41:07 PM     (No. 9039881)

Yeah, and after taxes a lot less than 95K for the headaches and grief they´ll put up with shutting things down.

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Reply 4 - Posted by: bobgray2, 11/29/2012 3:44:30 PM     (No. 9039890)

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.

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Reply 5 - Posted by: 4Justice, 11/29/2012 3:57:40 PM     (No. 9039912)

It shouldn´t be called a bonus. That is misleading.

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Reply 6 - Posted by: msjena, 11/29/2012 3:57:55 PM     (No. 9039913)

It doesn´t bother me. It´s the company´s money. They can do whatever they want with it.

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Reply 7 - Posted by: janylou, 11/29/2012 4:02:25 PM     (No. 9039920)

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?

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Reply 8 - Posted by: civilservant, 11/29/2012 4:10:42 PM     (No. 9039936)

Yes Janey.....the Gephart/dem VC firm that bought Hostess may have gotten bonuses; in collusion with the Bankruptcy Judge who had to approve them.


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Reply 9 - Posted by: Rama41, 11/29/2012 4:11:00 PM     (No. 9039937)

Until someone shows me that my money is involved, I couldn´t care less what they get. Pay them in $$$$, pay them in Twinkies; it´s all the same to me.

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Reply 10 - Posted by: TXknitter, 11/29/2012 4:18:25 PM     (No. 9039950)

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!

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Reply 11 - Posted by: KTWO, 11/29/2012 4:36:56 PM     (No. 9039970)

Not uncommon in such bankruptcies. The top guys insist they need incentives to hang around and reorganize or liquidate for the best results.

May be true, partly true, or plain BS.

Will the judge buy their story?

Probably.

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Reply 12 - Posted by: jackburton, 11/29/2012 4:43:50 PM     (No. 9039982)

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.

Nothing about that here. Nothing to see.

Move along. Move along.

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Reply 13 - Posted by: Howard Adams, 11/29/2012 4:51:51 PM     (No. 9039993)

Okay, I will do the job for $90K. (I´ll run an ad on Craigslist, and I can have those properties sold in a week!) There! I just saved $1.71M.

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Reply 14 - Posted by: whyyeseyec, 11/29/2012 5:00:12 PM     (No. 9040009)

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.

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Reply 15 - Posted by: Muncssister, 11/29/2012 5:21:39 PM     (No. 9040038)

I suspect the union thugs that destroyed Hostess threatened these execs families and made their lives a living hell during the strike. 90k isn´t enough.

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Reply 16 - Posted by: retiree, 11/29/2012 5:28:18 PM     (No. 9040047)

I read too where Dick Gephart´s consulting firm was one who represented Hostess and Wonderbread.
Wonder how much they were paid and how many Ks Gephardt tucked into his bank account?

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Reply 17 - Posted by: jorgecito, 11/29/2012 6:09:02 PM     (No. 9040123)

Obama is about to blow more than twice that amount - just for a funtastic Hawaii vacation for himself and the l´il family.

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Reply 18 - Posted by: ColonialAmerican1623, 11/30/2012 1:19:15 AM     (No. 9040562)

What about the creditors who put their business and employees on hold while Hostess went under ?

How about the attorneys, how much do they get off the top in any disaster ?

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