[Chugalug] TWINKIES!!!

Rod-Lists rod-lists at epbfi.com
Fri Nov 30 01:40:37 UTC 2012


except they are in bankruptcy all liabilities should be on the table.
Point is the meme is the union drove them into bankruptcy, but facts are far different.
And it points to a bigger problem in business in this country these days.

Can we truly remain competitive in this country if we continue with the golden parachutes for execs who drive a company into the ground? 

----- Original Message -----
> 
> That is a question of contract law.
> 
> 
> If the contract was written in such a way that the execs were
> guaranteed a bonus, then they are guaranteed a bonus. It doesn't
> matter how well or how poorly the company was run. If bonuses were
> performance based, then you would have a point. But if the contracts
> merely stated that they were to get an annual bonus of X amount or Y
> percentage of some metric or whatever, then they are legally owed
> that money. Morally? That's a different question - but contractually
> and legally - they are owed that money.
> 
> 
> Might not be "right" or fair - but it's the law.
> 
> - Chad W. Smith
> 
> 
> 
> 
> On Tue, Nov 27, 2012 at 8:09 PM, Rod-Lists < rod-lists at epbfi.com >
> wrote:
> 
> 
> 
> I've been off the net and been in a news blackout so I haven't had
> time to dig.
> But it seems to me that if a company is in bankruptcy by definition
> it has been badly run.
> So why are executives getting a bonus?
> I found this article on huffpo on the labor column.
> http://www.huffingtonpost.com/david-macaray/labor-union-hostess-twinkies_b_2161368.html
> 
> 
> ----- Original Message -----
> > 
> > It is my understanding that the union actually did not have a
> > contract, that is what they were striking about - they did not like
> > (and therefore did not sign) the contracts they were being offered.
> > 
> > - Chad W. Smith
> > 
> > 
> > 
> > 
> > On Fri, Nov 23, 2012 at 8:51 AM, Rod-Lists < rod-lists at epbfi.com >
> > wrote:
> > 
> > 
> > stephen is right. As to lynns point, I would reply that the union
> > also has a contract.
> > The question is which contracts should be honored in bankruptcy.
> > 
> > 
> > 
> > ----- Original Message -----
> > > 
> > > 
> > > 
> > > The CEO received a 300% raise shortly before filing for
> > > bankruptcy
> > > On Nov 21, 2012 12:42 PM, "Lynn Dixon" < boodaddy at gmail.com >
> > > wrote:
> > > 
> > > 
> > > Rod,
> > > in all fairness, that 1.75 million is probably contracted
> > > salaries
> > > bonuses. Salaries are always higher priorities in the payouts
> > > during
> > > bankruptcy filings. As much as it sucks, legally the C level
> > > execs
> > > have fair claim on those salaries bonuses since they were
> > > contracted
> > > before the bankruptcy filings began.
> > > 
> > > 
> > > 
> > > On Wed, Nov 21, 2012 at 12:15 PM, Rod-Lists < rod-lists at epbfi.com
> > > >
> > > wrote:
> > > 
> > > 
> > > If they know hostess wants to pay $1.75 Million in bonuses to the
> > > execs as they file for bankruptcy, they might.
> > > 
> > > ----- Original Message -----
> > > > 
> > > > Does this mean those union guys who sit across from the county
> > > > courthouse will change their sign to read: Shame on Ding Dong
> > > > 
> > > > 
> > > > ------------------------------
> > > > On Sat, Nov 17, 2012 12:39 AM EST Chad Smith wrote:
> > > > 
> > > > >That is all.
> > > > > 
> > > > >*- Chad W. Smith*
> > > > 
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