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Forum Post: something be done for Hostess? Buy it for pennies on the dollar.

Posted 1 year ago on Nov. 16, 2012, 1:44 p.m. EST by jaziclan (0) from Boise, ID
This content is user submitted and not an official statement

Since obviously the owning 1% would rather through 18000 folks out of work rather than face their own shortcomings... Since they are selling the brands on a firesale maybe pick it up and work with the union to remake it?

That would be an awesome OWS win!!!

6 Comments

6 Comments


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[-] 2 points by Shayneh (-482) 1 year ago

Hey, the 18,000 folks who were laid off can probably buy the business and run it for themselves - what you think about that? This is their opportunity to start up a company owned and operated by the people, for the people and of the people.

[-] 1 points by Zophim99 (1) 1 year ago

LOL! work with the union to remake it ? that's what the company tried to do.

The company called for an 8 percent cut to employees’ wages, a reduction in health benefits, and a freeze in pension plan payments for over two years. In return, unionized employees would get a 25 percent equity stake in the company, two seats on its board of directors, and an interest-bearing note worth $100 million. The 8 percent wage cut was part of a five-year deal that included a 3 percent wage increase in the next three years and a 1 percent raise in the final year.

That's what we call a pretty sweet deal for the employees in this day and age.

[-] 1 points by DebtNEUTRALITYpetition (580) 1 year ago

Do you have a link?

[-] -1 points by Shayneh (-482) 1 year ago

Now this is interesting - no one said one thing about the company filing for reorginization in January 2012. For those of you who don't know what chapter 11 means you are going to have to educate yourself and look it up - present company excluded.

So, a plan has been presented to keep the company afloat and people working and it was rejected. I say close the plant down - the union gets what it deserves -

You can be sure they will be losing their pension benefits for doing that - Go Hostess Execs - it's payback time.

[-] 0 points by jemmie (2) 1 year ago

Great opportunity for OWS!! This is a terrific chance to get a worker-owned company started. Is OWS going to get a fundraising effort started? Is OWS coordinating with the union to negotiate with the owners?