I love it! I think it's fucking awesome. 20,000 jackasses put out of work because of union stupidity. A better outcome couldn't have come. Hopefully, the next time a group of thugs tries this, they'll think twice when the know the company could simply liquidate. Oh, and this little tidbit: "As to the future of the iconic brands, fear not: Hostess' numerous brands will be bought in a stalking horse auction by willing private buyers, however completely free and clear of all legacy labor and pension agreements which ultimately led to the company's liquidation." LOL. Brand survives, union doesn't. Fantastic!
More... from WSJ http://online.wsj.com/article/SB10001424127887324556304578122632560842670.html Twinkie Maker Hostess to Close "We deeply regret the necessity of today's decision, but we don't have the financial resources to weather an extended nationwide strike," Mr. Rayburn said in a statement Friday morning. He said the company will "promptly" lay off most of its 18,500 employees and focus on "selling its assets to the highest bidders." ---------------------- The unions will probably call this a great victory.
teamsters not on board with the bakers union. they basically said, ' hey guys, you're fucking up ' (WASHINGTON) â Today, the Teamsters Union announced its recommendation to the Bakery, Confectionary, Tobacco and Grain Millers International Union (BCTGM) that a vote of its Hostess members by secret ballot should be held to determine if the workers want to continue their strike of the company and force it into liquidation. On Wednesday, Nov. 14, Hostess Brands indicated that if it couldnât resume normal operations by 5 p.m. EST on Thursday, Nov. 15 that it would have to begin the liquidation process. Teamster Hostess members and all Hostess employees should know this is not an empty threat or a negotiating tactic, but the certain outcome if members of the BCTGM continue to strike. This is based on conversations with our financial experts, who, because the Teamsters were involved in the legal process, had access to financial information about the company. The BCTGM leaders are putting Teamster members in a horrible position â asking them to support a strike that will put them out of a job when they havenât even asked all their members to go on strike http://www.teamster.org/content/teamsters-bakery-workers-should-hold-secret-ballot-vote-hostess
Greg Rayburn CEO for Hostess is on CNBC, a devastating interview, The Bakers Union, one of several unions involved was the loan holdout, Teamsters and others, including all management and non-union labor had all agreed to the same wage cuts.
These guys are in for another surprise. They think that the Pension Benefit Guarantee Corp (PBGC), will pick up their entire pension. Ain't gonna' happen for most of them. Unless they're really close to retirement age, they'll only get a fraction of what they would have received. I been through this too when I worked in the steel industry. Go ask some guys that worked for American Bridge, LTV, Wisconsin Steel and others. If you have any real kind of time left to work you get virtually nothing of your pension. You would think this guy's would learn. This ain't anything new. It's been going on since the 80's.
I love this. The Teamsters want to have a secret ballot vote on whether to strike. these are the same union goons who are pushing a democrat bill to bar secret votes in union organizing campaigns. They want to be able to send thugs to workers houses and coerce them into signing up for the union. When the shoe is on the other foot, whne a dumb decision by another union will hurt them, then they want a secret ballot.
In other words, exactly what romney wanted for the car companies. Instead, taxpayers got to bail out the unions and subsidize their above-market compensation.