Hostess execs are granted their Twinkies.

[Skidmore]

This should indeed be the term applied to such bonuses granted to those in charge of receiving largesse while part of a leveraged bankruptcy or overseeing a poorly managed company...they received their Twinkie.


http://teamsternation.blogspot.com/2012/11/judge-approves-hostess-exec-bonuses.html

Thursday, November 29, 2012
Judge approves Hostess exec bonuses, Teamsters object

Whoa. This is disgraceful. From Twitter:
@CNBC: BREAKING: Judge approves Hostess bonus payout plan; 19 Hostess senior executives in line for up to $1.8M in bonuses
The Teamsters stridently objected. From the court filing:
...there is no basis under any possible standard of review, including business judgment or “justification by the facts and circumstances of the case,” 11 U.S.C.§ 503 (c)(3), for the Court to conclude that the requested payments should be approved. This is particularly true in these tragic circumstances where so many thousands of employees have lost their jobs and benefits, and where remaining non-senior management employees will receive an incentive payment of no more than 25% of their compensation during the wind down period.
Our attorneys argued that the bonuses are against the law:
The Debtors, however, have failed to demonstrate that the proposed bonuses are true incentive bonuses and not disguised retention payments in violation of section 503(c)(1) of the Bankruptcy Code.
Just disgusting.

[Taverner]

1. WHAT???????

Fucking "leaders"

Always doing this shit.

Always!

[atreides1]

5. It happened with Border's Books

The workers got fired and the executives got paid...

Personally, I think this judge had already made up his mind about letting the suits have the money!

[Turbineguy]

2. This is good news

It would be a terrible thing not to be obscenely well-paid to run your company into the ground. It would be the end of the world as we know it.

[madrchsod]

3. nothing new..it`s been going on since the 80`s

[AlexSatan]

4. Didn't they

even come out and say the "bonuses" were to retain the execs during the sale/transition/breakup? I know several of the news articles said it.

[Sherman A1]

6. I think a nice Federal Facility

would be more in line for these fine gentlemen, however that is just my opinion.

[burnsei sensei]

7. These execs are unworthy of Twinkies!

Support the workers!
Vindicate the Twinkies!
Vindicate Wonder Bread, Snow Balls, Ding Dongs and Cupcakes!
Let these familiar American brands reflect American progress, not American intransigence toward labor.

[Initech]

8. This is fucking disgusting!!! And if we don't stop it it's just going to keep happening.

"Executive" is just another word for crook anymore.

[derby378]

9. A golden parachute with cream filling

And how many proposed buyers of Hostess' assets do you think will do everything to keep the unions from getting a foothold once the copyright for the Twinkie changes hands?

[Matariki]

10. Awesome. Run a company into the ground. Get rewarded with a couple million.