The company’s No. 1 creditor is the Bakery & Confectionery Union & Industry International Pension Fund, which lists a claim of $944.2 million. Its smallest debt is $425,000 owed to makers of donuts and mixes.
Thankfully, we can all have a happy, stress-free weekend: Hostess executives gave themselves raises up to 300 percent even as they were preparing to file for bankruptcy.
BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.
Hostess' 18,500 employees are now out of work, but the company's job creators escaped with enough cash to re-invest in the American worker. Take, Brian J. Driscoll, that CEO who had his salary bumped to $2.55 million by the board.
[QUOTE=mlfun;5527256]The union parasites killed another Hostess.[/QUOTEPeople who make ignorant remarks directed at unions never seem to be of the kind that has the balls to belong to one. I bet this clown couldn't say boo to a goose.
Vehicle: 1985 500SEC, 1991 190E 2.6, bought 07/08 with 50k original miles.
Location: Los Angeles / Hannover Germany
According to a longtime employee, concessions negotiated in 2004 brought him from $50k per year to $36k. If recent negotations would have gone through, it would have lovered his income further to $26k.
How can companies compete against others who only pay illegal immigrant wages?
Mexican Groupo Bimbo looks like a strong contender to buy the Co.
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