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View Diary: The Successful Hostess Business Plan Included Bankruptcy/updated w/wages language (106 comments)

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  •  I read that 8 of the largest 10 creditors (7+ / 0-)

    were employee, health, and retirement related (I looked for my source to no avail).  From your prior posts this is plausible.

    There should be no equity in the company.  

    Therefore it is all up to the bankruptcy court (picking the bones of the company for brand value).

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Sat Nov 24, 2012 at 02:24:57 PM PST

    •  you are right (0+ / 0-)

      I looked at the creditor list in the bankruptcy filings, its close to 40 of the largest 50 creditors are worker pension and benefit funds.

      In addition to the almost $1 billion to the Bakers pension, there is another $1+ billion owed to the Teamsters and other workers' union benefit funds.

      I do not see any of the hedge funds listed as a creditor.  GE Capital is in it for $50 million and several law firms are listed for $1-20 million.

      The commodity supplier debts were not huge, the $1 million for chocolate was the largest obvious commodity listed.

      On the face of it, it looks like pension and benefit looting.  Those debts dwarf everything else by massive factors.

      •  I take it back (0+ / 0-)

        I finally found Silver Point listed as a creditor with an "Unliquidated" (unknown) amount of secured debt.  There are other creditors with unliquidated debts that may be substantial.

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