I have had many requests for a copy of this letter and I couldn't find it. Then my Union Sister Linda from Emporia was able to send me a copy!!!
So, here ya go!
My favorite part...
"I want to be clear that this temporary suspension of payments to the pension funds will not affect your pension benefits"
Also, I will be interviewed again on CNBC at 2:30 central time. Thanks to David Waldman and Kos Radio for interviewing me this morning. Hopefully I can keep you up to date on the situation!
The original post that started my adventures Inside the Hostess Bankery.
I am back from CNBC. Not sure what to think about format. Overall I did the only thing I could and just tried to prevent misinformation. I guess I did alright.
CNBC Wednesday video
The CEO was on after me.
CEO we will try to find home for brands.
I noticed something about his comments. He suggests the company may raise over $1 BILLION from the sale of brands. If these owners raise that much, their overall profit from their Hostess endeavor will be in the 100's of millions of dollars. Subtracting from their actual still owed debt after bankruptcy these owners have no where near that amount invested. They may have lost $341 million last year but most of that has been waived by the judge and IS NOT a part of their investment. You know, like my pension they don't have to pay.
This is an example of maximizing shareholder value successfully, just like they have always planned. Just like our Labor leaders told us would happen. Thank you Frank Hurt and Dave Durkee for following your membership but leading through the obstacle course.