Posted by wisbaker on November 16, 2012 at 15:37:26 from (207.118.181.192):
In Reply to: O/T No more Twinkies posted by 37Chief on November 16, 2012 at 08:23:25:
Hostess won't be sold it's being liquidated, just like Saab Autos, if it was sold as a business the new owners would have to deal with the unions, in liquidation the business will cease to exist. The assets of the business will be sold this would include trademarks, recipes and plants. Any money raised from the sale of the assets will go to debtors in a manner determined by law. It is based on the security or position of the debt. If assets were pledged as collateral against the debt those obligations will be paid first. The debt holders may get less than a dollar for each dollar owed. The stockholders actually lost the company several years ago, holders of secured debt seized the company to satisfy the liens on assets they had. Since then the equity firm has invested more money in the company. More than likely this new debt is of a higher position than the previous debt. So if you own something and borrow against it and don't pay the money back the people that loaned you the money can seize some or all of the owned assets to satisfy the debt.
For all you union fans consider this one. My wife is a Unionized worker (AFSCME) and works at the local hospital. She pays dues, she is a clerical worker, but earns less than custodians or clerical workers for the county, also AFSCME employees. As a mater of fact she earns less per hour than any unionized county employee. She works second shift and is required to take her one allowed break 1 1/2 hours into her shift, because that's the only time they have someone to cover her station. Requiring a break that early in an 8 hour shift is against both state and federal law, if she complains she will be fired, the union will do nothing about it. So tell me how wonderful Unions are! Might better pay tributes to the Mob, you'll get a better return on you investment, seems all we got for those dues was another 4 years of Barry.
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