Is Twinkie the Kid trying to kill the Baker's Union?
After reading that the number one creditor to Hostess is their own pension fund (almost a billion dollars) I am getting the impression that Hostess is a viable company. They just want out from having to pay their pensions because they have been dipping into their pension funds.
Is this just another wealthy American company that has paid out all of its cash to its CEO and his executive buddies, borrowed every penny against the company that they could, paid that money in bonuses, and now are left holding an empty shell of a company? It is that or the company is simply trying to kill the Baker's Union.
Who knew Twinkie the kid went to work for Bain Capitol?
= new reply since forum marked as read
Salary Increases at Hostess
Some creditors question Hostess pay raises approved in late July.
Brian Driscoll, CEO, around $750,000 to $2,550,000
Gary Wandschneider, EVP, $500,000 to $900,000
John Stewart, EVP, $400,000 to $700,000
David Loeser, EVP, $375,000 to $656,256
Kent Magill, EVP, $375,000 to $656,256
Richard Seban, EVP, $375,000 to $656,256
John Akeson, SVP, $300,000 to $480,000
Steven Birgfeld, SVP, $240,000 to $360,000
Martha Ross, SVP, $240,000 to $360,000
Rob Kissick, SVP, $182,000 to $273,008
This flourishing, profitable company found it's way into the clutches of vulture capitalism and has been used by investors and senior management as an ATM........now they want to cash out on the backs of the workers pension plan that they never funded when they bought the company. This is theft, pure and simple.
