• Fat-assed union gluttons kill another American company. Goodbye

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    From: "Tom Mosler" <nobody@slug.sluggish.net>
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    Subject: Fat-assed union gluttons kill another American company. Goodbye
    Hostess Twinkies.
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    Date: Fri, 16 Nov 2012 15:49:20 -0500 (EST)
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    Nov 16 (Reuters) - If Hostess Brands wins court approval to
    liquidate next week, it is likely to encounter substantial
    demand for its portfolio of iconic snack cakes and baked goods
    like Twinkies and Wonder Bread, investors and industry experts
    said on Friday.

    Hostess said Friday morning it would seek to liquidate starting
    Tuesday after members of its bakers' union refused to end a
    strike. More than 18,000 people could ultimately lose their jobs
    as a result.

    Experts who are familiar with Hostess Brands and its bankruptcy
    said the company's plan to close was not a tactic aimed at
    ending the bakers strike, which crippled production.

    "I think it's credible and sad," said Greg Milmoe, an attorney
    with Skadden, Arps, Slate, Meagher & Flom. He said the company
    came a "hair's breadth" from liquidating during the last trip
    through Chapter 11 that began in 2004, which he oversaw.

    Liquidators have been putting together proposals to land the
    assignment of selling the company's brands, which also include
    Drake's and Dolly Madison, as well as real estate, bakeries and
    equipment.

    The brand names were likely to be more valuable once they are
    separated from inefficient factories and sold to non-union
    competitors, according to restructuring specialists.

    http://www.reuters.com/article/2012/11/16/hostess-bankruptcy- sale-idUSL1E8MGAFR20121116
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