Hostess to seek approval for executive bonuses

[LynneSin]

http://www.philly.com/philly/business/20121129_ap_hostesstoseekapprovalforexecutivebonuses.html

Hostess to seek approval for executive bonuses


NEW YORK - Hostess Brands Inc. plans to ask for a judge's approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.

The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.

Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.



Read more: http://www.philly.com/philly/business/20121129_ap_hostesstoseekapprovalforexecutivebonuses.html#ixzz2DcNvaGFe
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What better way to reward the loss of 18,000 jobs and the destruction of a very well-loved brand than to give those who caused it a bonus.

I hope the judge denies them. If there is $1.8million spare dollars then that money should be given to the working class out of a job.

[Proud Liberal Dem]

1. Nice little scheme

execs get bonuses, workers/unions asked for multiple concessions to keep business afloat, workers/unions finally put their foot down and refuse any additional concessions and get blamed for bankruptcy of company, execs ask BANKRUPTCY COURT to keep bonuses

[Enrique]

2. the judge should ban them from ever saying the word bonus again

until they understand what it means.

[lonestarnot]

3. Should be an incarceratable offense!

[Gidney N Cloyd]

4. This is on top of the 300% raises they already got?

[GoldenOldie]

6. Just when did reward for failure become the norm?

What are the actual goals of these corporations who end up in bankruptcy and throwing thousands of people out of work and losing their retirements. In the Corporate world, it appears that failure equal success for the executives.
One only has to look at Romney and his friends.....buy, bankrupt, outsource.

[Jeff In Milwaukee]

5. If they're bankrupt...

Doesn't that sort of imply that they owe people money that they can't repay? And so if they give these guys bonuses, aren't they stiffing vendors and creditors (who might well be small businesses) to further enrich themselves.

I'd like to see the judge sentence them to 24 hours for contempt. Contempt of court. Contempt of workers. Contempt of basic decency. Whatever your honor wants.

[PATXgirl]

7. If the execs failed to do their job of making the business successful and profitable, why should

They be rewarded with a bonus?

[Buns_of_Fire]

8. Give 'em each a box of Twinkies.

And if they do a REAL GOOD job, toss in a box of Ding Dongs.

[CrispyQ]

9. +1

I'd laugh if I weren't so fucking pissed off that they are attempting this.

[Buns_of_Fire]

10. Believe me, I'm pissed too -- but thus is the way of contemporary American bidness.

Sometimes it helps to know that there are a few "good guys" left:

http://www.democraticunderground.com/10021899510

People like this stick out even more because there are so damned few of them these days. Sad.

[CrispyQ]

11. Awesome story!

I didn't know that about Bob's Red Mill. I buy their products all the time.

[MineralMan]

12. Judge: 'No, but you can give each of those 18,000 workers $1000.'

"In fact I insist."