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Hostess Brands Moves to Wind Down Operations, Sell Assets

Discussion in 'The OT' started by fluffybear, Nov 16, 2012.

  1. SayWhat?

    SayWhat? Know Nothing

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    I kind of like the notion of stripping the Suits of their golden egg and turning operations over to the workers. Employee/Owner operated companies generally work out better.
     
  2. Laxguy

    Laxguy Honi Soit Qui Mal Y Pense.

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    Winters,...
    Can you site a half dozen or so instances? That is, companies with sales over $500 Million? Or $100 Mil.?
    I am sure there are some sterling examples where that is true, but hardly the rule.
     
  3. klang

    klang Hall Of Fame

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    Here is a lengthy article from earlier this year going through the financial issues at Hostess Brands. They probably should have sold out to Grupo Bimbo in 2007. I don't think any of the players are going to make any money on this. They are trying to reduce their losses.

    2 Billion in unfunded pension liabilities. :eek2:
     
  4. scooper

    scooper Hall Of Fame

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    Obviously - that is where the money should go first - then if there is anything left over - give the suits their "bonus".
     
  5. runner861

    runner861 Icon

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    "proclaimed, "You get a big delight in every bite" (plus, of course, a dosage of dextrose, calcium caseinate, sodium stearoyl lactylate, and sodium acid pyrophosphate). There was also the notorious (and unsuccessful) "Twinkie defense" -- the idea that eating too much sugar might cause sufficient "diminished capacity" to get an accused murderer off."

    I read the article. I note that it said that the "twinkie defense" of diminished capacity was unsuccessful. The opposite is true--the defense succeeded. That single, glaring error makes me wonder about the veracity of the rest of the story. It may be otherwise well-researched and accurate, but, if the author can't get that one basic fact right, it makes me doubt the accuracy of the rest of the story. Probably the only person who really knows the truth about the Hostess situation is the bankruptcy judge himself.
     
  6. klang

    klang Hall Of Fame

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    White was convicted of voluntary manslaughter. Was that a successful or unsuccessful defense? Debatable I think.
     
  7. runner861

    runner861 Icon

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    Absolutely not debatable. The "diminished capacity" goes to the intent for murder. He lacked the ability to form the required mental state of "malice" required for murder. (At least that is what the jury felt.) That is why he was acquitted of murder and did only five years for killing two people. He was convicted of the lesser crime of voluntary manslaughter, which does not require the mental state of "malice."
     
  8. Laxguy

    Laxguy Honi Soit Qui Mal Y Pense.

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    Winters,...
    Well, yes, but defense attorneys have been using diminished capacity for decades to try to get manslaughter in place of murder, have they not?

    No doubt they introduced a bunch of other "facts" to show White was operating with diminished capacity.

    I guess that the real test of the "Twinkie defense" is if it were used notably in some other cases.
     
  9. lwilli201

    lwilli201 Hall Of Fame

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    In the same situation, how many of you would turn down a bonus knowing you were going to out of a job?
     
  10. Hoosier205

    Hoosier205 New Member

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    The unions declined to save their own jobs and those of the 70% of their coworkers who were were non-union.
     
  11. lwilli201

    lwilli201 Hall Of Fame

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    Not true. A large number of the other employees were Teamsters that had already agreed to concessions. The Bakers Union kicked the Teamsters in the Nu$$s. I could be wrong but I think all Hostess hourly employees were union.
     
  12. runner861

    runner861 Icon

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    It was a defense of diminished capacity based on a claim of a diet consisting exclusively of junk food in the weeks leading up to the homicides. The janitor at city hall testified that he emptied Dan White's trash can in his office every night and that it contained large quantities of empty Coke cans and twinkie wrappers. His attorneys claimed that was living on a diet of nothing but Coke and twinkies for several weeks prior to the murders.

    It became known as the "twinkie defense," but, you are right, it was a defense of "diminished capacity" and it is used, sometimes successfully, sometimes not, every day in murder cases across this country. Whether twinkies have ever figured into any other case in this way, I wouldn't know.
     
  13. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Indian...
  14. runner861

    runner861 Icon

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    An excellent article. I think that we as Americans are really getting tired of business tactics like those described in the article. Not to get too political, or I may end up with this comment getting deleted by a moderator, but I will say that I think that Americans indicated they were fed up with these tactics on November 6.
     
  15. Laxguy

    Laxguy Honi Soit Qui Mal Y Pense.

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    Winters,...
    Well, it's the latter point I wonder about. Not specifically Twinkies®, but a sugar diet.
    And it's not a certainty that the defense mounted relied much on the ingestion of junk food, though it certainly was the most famous portion.
     
  16. djlong

    djlong Hall Of Fame

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    Hoosier - read the article that Runner861 posted a link to and tell me how you'd feel if you were in the writer's shoes.

    How would you like your pay cut in half? YOUR pension contributions stolen by the company while THEIR compensation went UP 300%?

    I've NEVER been a union man - never joined a union and didn't join the one that was offered at my current job. But THIS is CRIMINAL.
     
  17. Hoosier205

    Hoosier205 New Member

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    The union members decided they didn't want a job and now they don't have one. They got what they asked for. I only hope more unions meet the same fate.
     
  18. runner861

    runner861 Icon

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    Why would you wish for your fellow Americans to become unemployed? That is one of the most unpatriotic statements I have heard--ever. No exaggeration. A simple statement like that really tells a lot.
     
  19. Davenlr

    Davenlr Geek til I die

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    Like those employers who hire everyone "part time" so they dont have to pay any benefits...greedy.
    Like the WalMart shoppers fighting over discounted cell phones...greedy.
    Like what is going to be the downfall of the country....greed.

    http://www.youtube.com/embed/F5qRs2dBoK0
     
  20. Lord Vader

    Lord Vader Supreme Member

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    But what about those companies who literally have no other choice but to cut hours or reduce staff in order to pay for the additional costs of burdensome government regulations like Obamacare? I think there's a difference between a company reducing hours to avoid paying benefits and reducing hours in order to survive, the latter being necessary in order to stay in business and not incur massive cost increases.
     

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