Lets view this objectively shall we, instead of the socialist viewpoint I see a lot of people spouting here. This is a business that has been in bankruptcy court TWICE in the past decade...thats enough to show that it is a struggling company. In an attempt to avoid bankruptcy for a third time(who knows what all these bankruptcies do for their borrowing ability but I am sure its not good) they decide they have to cut wages and/or benefits....they sit down with the union leaders and lay out the numbers....after refusal to meet the terms the unions strike. Hostess, now seeing no way to make a profit decides to file for a third time, and this time fed up with the union crap they decide to just liquidate. That is what happened. As for the 1.75 million in bonuses, that is money owed to those executives...or at least promised. Companies use the bonus method because doing so allows them to get out of a constant high dollar salary for poor performing executives...maybe the executives only make 30k a year without hitting their sales mark...we just dont know.(besides who knows how many execs that is divided between,if there are say 20 of them...thats only about 75k or so apiece)..but in short the bonus money is already promised for services rendered, unlike the pension money....I am a union member myself...voluntary unions are fine....but the biggest thing that annoys me is the benefits package....its a significant cut in pay for a worthless(or almost worthless) package. Like all ponzi schemes the pension package depends on a higher ratio of working members than drawing members and just like social security is unsustainable because the birth rate in the nation is barely able to keep up with the death rate...and population decline will start soon. Once the current generation starts working and the baby boomers all retire you will see a collapse of both social security and pension plans.