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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 AdamT View Post
    EDIT: your second set of links is much clearer.
    *Shrug* If you don't believe three links, what can I say?
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by Sheik Yerbuti View Post
    What I've been sayingis that Hostess' executive's greed is what got in the way of reaching a deal with the union.
    And that is why they are liquidating the company.

    It's union greed that killed Hostess, and you wonder why union membership has been decreasing over the years. All this BS that it's Hostess management's fault is just that, "BS". It's union management that is a fault and that have been shown time and time again. Which is why union shops have lost membership over the years. Their only place left is in the public sector where whey they keep their high compensation packages in exchange for their vote.
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    re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by Born Free View Post
    And that is why they are liquidating the company.

    It's union greed that killed Hostess, and you wonder why union membership has been decreasing over the years. All this BS that it's Hostess management's fault is just that, "BS". It's union management that is a fault and that have been shown time and time again. Which is why union shops have lost membership over the years. Their only place left is in the public sector where whey they keep their high compensation packages in exchange for their vote.
    Government doesn't have to make a profit or even break even. Therefore those union jobs are secure.

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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)
    I did some more research and you are correct. All the unions were offered the 25%'

    "The proposed new labor deal consists of an immediate 8% wage cut and work rules more favorable to the company. Employer contributions for health insurance would decrease 17%. Hostess contributions to multi-employer pension plans would cease until 2015, at which point the current required level of funding would plummet from $100 million to $25 million. According to Rayburn, the proposal has been endorsed by Hostess’s key secured lenders, which are led by hedge funds Silver Point Capital and Monarch Alternative Capital. One estimate put cost savings for Hostess in the neighborhood of $200 million.

    For their part, the unions would receive two seats on a restructured nine-member board of directors and 25% of equity. That would make the unions part of Hostess’ capital structure for the first time."


    Twinkies – and 18000 jobs – fall victim to union-management dispute; Update: Teamsters throw bakers union under the bus? « Hot Air

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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)
    I did some more research and you are correct. All the unions were offered the 25%'

    "The proposed new labor deal consists of an immediate 8% wage cut and work rules more favorable to the company. Employer contributions for health insurance would decrease 17%. Hostess contributions to multi-employer pension plans would cease until 2015, at which point the current required level of funding would plummet from $100 million to $25 million. According to Rayburn, the proposal has been endorsed by Hostess’s key secured lenders, which are led by hedge funds Silver Point Capital and Monarch Alternative Capital. One estimate put cost savings for Hostess in the neighborhood of $200 million.

    For their part, the unions would receive two seats on a restructured nine-member board of directors and 25% of equity. That would make the unions part of Hostess’ capital structure for the first time."


    Twinkies – and 18000 jobs – fall victim to union-management dispute; Update: Teamsters throw bakers union under the bus? « Hot Air

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

    Quote Originally Posted by Born Free View Post
    And that is why they are liquidating the company.

    It's union greed that killed Hostess, and you wonder why union membership has been decreasing over the years. All this BS that it's Hostess management's fault is just that, "BS". It's union management that is a fault and that have been shown time and time again. Which is why union shops have lost membership over the years. Their only place left is in the public sector where whey they keep their high compensation packages in exchange for their vote.
    I agree with you. Since the union just took a voice vote, I'm not sure the employees were even fully aware of the terms. One of the posts above shows an employee not understanding that, while he'd get an 8% pay cut for one year, in the 2nd, third and fourth years he'd get a raise. What's with that huge misunderstanding?

    I think the union may have misled the employees about just what was offered....didn't give them time to really digest it....and jumped to scorched earth. I can't imagine what their motive was, but that's how it appears to me.

    If Hostess is even successful in getting a company to take over their plants, these employees will most definitely lose their pension/healthcare/hourly rate. Unions like members. 6,000 union members losing their jobs over their recommendation just doesn't sound right. Yet. There it is.
    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]

    Big Money details. Always good to know.

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

    "The company was going to pieces -- again -- and Hostess filed for Chapter 11 protection -- again -- in January of this year. This time, though, the moneymen were no longer on the same page. As the majority equity holder, Ripplewood badly wanted to keep Hostess out of bankruptcy. It pleaded with the lenders to show flexibility, but they were not so inclined. They lenders held superior fiscal hands and had less downside if Hostess failed. In the event of a bankruptcy, given all the assets Hostess owned, the lenders would still walk away with millions."

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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 did some more research and you are correct. All the unions were offered the 25%'

    "The proposed new labor deal consists of an immediate 8% wage cut and work rules more favorable to the company. Employer contributions for health insurance would decrease 17%. Hostess contributions to multi-employer pension plans would cease until 2015, at which point the current required level of funding would plummet from $100 million to $25 million. According to Rayburn, the proposal has been endorsed by Hostess’s key secured lenders, which are led by hedge funds Silver Point Capital and Monarch Alternative Capital. One estimate put cost savings for Hostess in the neighborhood of $200 million.

    For their part, the unions would receive two seats on a restructured nine-member board of directors and 25% of equity. That would make the unions part of Hostess’ capital structure for the first time."


    Twinkies – and 18000 jobs – fall victim to union-management dispute; Update: Teamsters throw bakers union under the bus? « Hot Air

    Why would any one want 25% of that?

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

    Quote Originally Posted by winston53660 View Post
    Why would any one want 25% of that?
    If they could save the company, it would be profitable, long term. When all is said and done, the secured lenders will profit handsomely from the forced sale. As bankruptcies are planned events by lawyers one should always see who profits from the bankruptcy. There were large money interests that profitted most from bankruptcy and their behind the scenes activities might be investigated. As Maggie D noted, the union employee's story did not note the 25% equity in his bio. I'm curious about that because everything else was exactly correct and timely. If I had been Monarch or Silver Point, I would have paid a bribe to a union leader to make sure there was a strike to guarantee my profits. Conjecture, but good business conjecture.

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

    Apparently a Mexican bread company may buy twinkies

    So they may now become a foreign import

    lol

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