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Thread: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by Zyphlin View Post
    How many years is it going to take the idiots now?

    How many years is it going to take the large amount of individuals willing to accept the court suggested, to my understanding, cut thanks to the idiots who caused them to lose their jobs due to their stubbornness to take any cut?

    Somehow, I think it'll take longer than it would've with the pay cut.
    Here is the answer from the horse's mouth, eloquently.
    Daily Kos: Inside the Hostess Bankery

    "What was this last/best/final offer? You'd never know by watching the main stream media tell the story. So here you go...
    1) 8% hourly pay cut in year 1 with additional cuts totaling 27% over 5 years. Currently, I make $16.12 an hour at TOP rate of pay in the bakery. I would drop to $11.26 in 5 years.
    2) They get to keep our $3+ an hour forever.
    3) Doubling of weekly insurance premium.
    4) Lowering of overall quality of insurance plan.
    5) TOTAL withdrawal from ALL pensions. If you don't have it now then you never will.

    Remember how I said I made $48,000 in 2005 and $34,000 last year? I would make $25,000 in 5 years if I took their offer.
    It will be hard to replace the job I had, but it will be easy to replace the job they were trying to give me.
    That $3+ per hour they steal totaled $50 million last year that they never paid us. They sold $2.5 BILLION in product last year. If they can't make this profitable without stealing my money then good riddance."

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    The Hostess Liquidation: A Curious Cast Of Characters As The Twinkie Tumbles | ZeroHedge

    A long but good read on how Hostess got to where it is today

    Those fortuities aggravated Hostess's two root problems -- a highly leveraged capital structure that had little margin of safety, and high labor costs. Neither problem was adequately addressed in the first bankruptcy, and neither existed to the same degree in major competitors like Bimbo and Flowers Food (owner of such brands as Nature's Own and Tastykake). On exiting the first bankruptcy, Hostess's total debt load was nearly $670 million. That was well above what it went into bankruptcy with in the first place -- an unusual circumstance that the company justified on expectations of "growing" into its capital structure
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by Lord Tammerlain View Post
    The Hostess Liquidation: A Curious Cast Of Characters As The Twinkie Tumbles | ZeroHedge

    A long but good read on how Hostess got to where it is today
    Yeah, they came out of bankruptcy more than a hundred million dollars further into debt. They also paid more than a hundred million dollars in "consulting fees" during bankruptcy.
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by DaveFagan View Post
    Here is the answer from the horse's mouth, eloquently.
    Daily Kos: Inside the Hostess Bankery

    "What was this last/best/final offer? You'd never know by watching the main stream media tell the story. So here you go...
    1) 8% hourly pay cut in year 1 with additional cuts totaling 27% over 5 years. Currently, I make $16.12 an hour at TOP rate of pay in the bakery. I would drop to $11.26 in 5 years.
    2) They get to keep our $3+ an hour forever.
    3) Doubling of weekly insurance premium.
    4) Lowering of overall quality of insurance plan.
    5) TOTAL withdrawal from ALL pensions. If you don't have it now then you never will.

    Remember how I said I made $48,000 in 2005 and $34,000 last year? I would make $25,000 in 5 years if I took their offer.
    It will be hard to replace the job I had, but it will be easy to replace the job they were trying to give me.
    That $3+ per hour they steal totaled $50 million last year that they never paid us. They sold $2.5 BILLION in product last year. If they can't make this profitable without stealing my money then good riddance."
    Interesting that this guy didn't mention that they were also going to get a 25% stake in the company...just like the Teamster's got and two union representatives on the eight-member board of Directors.

    Now, who's right here because this link says this employee's understanding of the wage agreement is totally incorrect:

    The new contract cut salaries across the company by 8% in the first year of the five-year agreement. Salaries were then scheduled to bump up 3% in the next three years and 1% in the final year.
    I suspect the link is correct, and the employee is wrong.

    Hostess Brands closing for good due to bakers strike - Nov. 16, 2012

    Edit: Combine this information with the fact that the Teamsters negotiated their own contract down and recommended the bakers union accept the concessions, and I suspect the workers were poorly informed. Who is more supportive of unions than Teamsters?

    Teamsters: Bakery Workers Should Hold Secret Ballot Vote at Hostess | International Brotherhood of Teamsters (IBT)
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by MaggieD View Post
    Interesting that this guy didn't mention that they were also going to get a 25% stake in the company...just like the Teamster's got and two union representatives on the eight-member board of Directors.

    Now, who's right here because this link says this employee's understanding of the wage agreement is totally incorrect:



    I suspect the link is correct, and the employee is wrong.

    Hostess Brands closing for good due to bakers strike - Nov. 16, 2012

    Edit: Combine this information with the fact that the Teamsters negotiated their own contract down and recommended the bakers union accept the concessions, and I suspect the workers were poorly informed. Who is more supportive of unions than Teamsters?

    Teamsters: Bakery Workers Should Hold Secret Ballot Vote at Hostess | International Brotherhood of Teamsters (IBT)
    Nowhere have I actually seen where the Bakers Union was offered the 25% stake that Teamsters received.

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    So unions aren't always this democratic utopia? They can and do act tyrannically?

    Well I'll be damned. Maybe there should be better oversight of unions. There is obviously not enough regulations on unions if they are allowed to put a company out of business and affect the layoff of 18,500 people.
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by DaveFagan View Post
    Nowhere have I actually seen where the Bakers Union was offered the 25% stake that Teamsters received.
    Well, if you opened my link you would.
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by MaggieD View Post
    Well, if you opened my link you would.
    I opened both links and read both thoroughly. The reference to the 25% stake is ambiguous and I know from previous stories relating to this matter that the Baker's Union was not offered the 25%. I read the last paragraph of the pertinent link more than once. It infers that the 25% was offered to all, but does not state so specifically.

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by DaveFagan View Post
    I opened both links and read both thoroughly. The reference to the 25% stake is ambiguous and I know from previous stories relating to this matter that the Baker's Union was not offered the 25%. I read the last paragraph of the pertinent link more than once. It infers that the 25% was offered to all, but does not state so specifically.
    Hostess also reduced its pension obligations and its contribution to the employees' health care plan. In exchange, the company offered concessions, including a 25% equity stake for workers and the inclusion of two union representatives on an eight-member board of directors.
    Hostess Brands closing for good due to bakers strike - Nov. 16, 2012

    The bakers union, which represents about 5,000 of the bankrupt company's 18,000 workers, is on strike to protest a new contract imposed by the bankruptcy court that calls for an immediate 8% salary cut, along with reductions in pension obligations and company contributions to employee health-care plans. In exchange, the Wonder Bread maker would begin to bump up salaries after one year and give workers a 25% equity stake in the company. Hostess filed for bankruptcy protection in January.
    Hostess: Company toast if bakers strike continues - MarketWatch

    Hostess also reduced its pension obligations and its contribution to the employees' health care plan. In exchange, the company offered concessions, including a 25% equity stake for workers and the inclusion of two union representatives on an eight-member board of directors
    Hostess Brands closing for good due to bakers strike - Yahoo! Finance

    What's ambiguous?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by MaggieD View Post
    Well, if you opened my link you would.
    EDIT: your second set of links is much clearer.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

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