Bankrupt Hostess to Give Execs Bonuses
Submitted by meekandmild on Sat, 12/01/2012 - 12:47A federal bankruptcy judge has approved bonuses for executives of Hostess, the maker of Twinkies, who stay on as the company is broken up and sold off.
On Thursday, as part of a plan to liquidate the company and lay off 18,000 workers, a federal judge in White Plains, N.Y., approved paying 19 Hostess executives bonuses totaling $1.8 million. Hostess has said it has interest from at least 110 firms who want to buy pieces of the operation.
The decision comes as the company, known for its iconic snack cakes like Ho Hos and Ding Dongs, says it doesn't have enough cash on hand to pay retirement benefits to some former employees.
http://news.yahoo.com/bankrupt-hostess-execs-bonuses-0947186...
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"Legal Tender" Twinkie, Ho Ho & Ding Dong paid in lieu of cash.
Honorable Judge Drain, presiding over Hostess vs Creditors
Before Judge Drain rules on giving creditors their due, he gives bonuses to those that are not due. The Hostess bordello executives get bonuses; hostess workers are cast adrift.
Twinkie ®, Ho Ho ®, & Ding Dongs ® will be monetizes as "legal tender" and given in lieu of cash settlement.
Leftovers will go down the drain.
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Here are links to court documents:
Welcome to the Hostess Brands, Inc., et al. Chapter 11 Official Creditors Committee Information Website
Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul ☑