just when you thought it was safe to feel good about the courts, big money wins thought we had put the message out there "we are no longer for sale"?Hostess Brands, Inc. — maker of beloved carb and sugar-laden treats like Twinkies, Donettes, CupCakes, Ding Dongs, and Wonder Bread — received final approval today from the bankruptcy court in White Plains, NY to move forward with plans for wrapping up operations and selling the company.These plans include paying 19 executives $1.8 million in bonuses — and two of these higher-ups additional incentives — for meeting specified goals during the liquidation process, which will take up to a year.Candice Choi’s article in Boston.Com reports, “The company says the incentive pay is needed to retain the 19 corporate officers and ‘high-level managers’ for the wind down process,” and adds that “restructuring expert” Gregory Rayburn — Hostess’ sixth CEO in as many years — won’t be participating in this bonus plan.The poor guy will have to make do on his meager salary of $125,000 per month. Apparently, Judge Robert Drain (seriously, that’s his name) never bothered to ask why anyone would want to retain this gang of incompetents; nor did he see the necessity of appointing an independent trustee, as requested by Hostesses Bakers Union, even though it seems like a total no-brainer to anyone with any common sense whatsoever.
my questions was he republican and what was his cut?
The sheer audaciousness of these swaggering Leeches of the Universe has raised many eyebrows, including those of Susan Adams from Forbes Magazine — a conservative, pro-business publication (!) — who bluntly writes:
"It's tough to see why managers should get bonuses for driving a company into the ground and sacrificing some 18,000 jobs. Hostess had become horribly insolvent, with a net loss of $1.1 billion in fiscal 2012 on revenues of $2.5 billion. The company also reportedly has $111 million in unfunded pension obligations."
Ms. Adams did you miss the press releases over the last 4 years? the republican hopeful did it for years and now since he only got into the WH was through invitation he has gone back to what he knows best ravage and pillage AMERICANS. nothing new under the sun.
