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View Diary: Hostess took workers' pension money to fund itself (158 comments)

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  •  well...... (4+ / 0-)
    Recommended by:
    lgmcp, mrkvica, Sparhawk, nextstep

    remember, they're creditors of the company, so the more the company gets from the sale the more the pension fund recoups.

    •  Where in line are they though? n/t (0+ / 0-)

      The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

      by AoT on Mon Dec 10, 2012 at 04:06:39 PM PST

      [ Parent ]

      •  with all the others. (1+ / 0-)
        Recommended by:
        Sparhawk

        they'll all split the remaining assets after administrative costs and expenses during bankruptcy (lawyers, etc), and secured creditors.

        its been awhile since bankruptcy law in school, but I believe that's the order, and all the unsecured creditors will just split up whatever is left.

        •  And administrative costs include bonuses (1+ / 0-)
          Recommended by:
          happymisanthropy

          sign, they get money coming and going.  It's absurd.

          The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

          by AoT on Mon Dec 10, 2012 at 04:35:38 PM PST

          [ Parent ]

          •  How much in bonuses? (1+ / 0-)
            Recommended by:
            nextstep

            1.7 million dollars?

            We could probably scrounge that up by sifting through the sock drawer considering that the pension fund is owed $1 billion dollars and other creditors are probably owed similar amounts.

            Frankly, paying those bonuses is probably a good deal for the pension fund considering the people involved (the only people knowledgeable about the business) can just quit. At that point, the pension fund's overall recovery will be sharply reduced, by a lot more than $1.7 million.

            (-5.50,-6.67): Left Libertarian
            Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

            by Sparhawk on Mon Dec 10, 2012 at 07:54:02 PM PST

            [ Parent ]

            •  Bull. TheCeo said he knew nothing about it (0+ / 0-)

              the ones that knew took their cash and ran.  No the bonuses were not a good deal.

              I'm asking you to believe. Not in my ability to bring about real change in Washington ... *I'm asking you to believe in yours.* Barack Obama

              by samddobermann on Tue Dec 11, 2012 at 03:35:04 AM PST

              [ Parent ]

            •  Yep, another case of economic blackmail (0+ / 0-)

              The rich hold the money of the workers hostage, again and again.

              The revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

              by AoT on Tue Dec 11, 2012 at 09:17:11 AM PST

              [ Parent ]

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