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July 7, 2014
21:36 // 3 weeks ago
November 18, 2013
15:30 // 8 months ago
July 18, 2013
16:58 // 1 year ago
November 29, 2012

Likely brand sales won’t keep Hostess from screwing employees out of millions

  • $1.1M in monthly retiree benefits will not be paid by Hostess during the company’s liquidation process according to an attorney for the company.
  • $1.5M was collected by Hostess CEO Gregory Rayburn during fiscal 2012 — an average monthly salary of $125,000 — before bonuses or other incentives.
  • $1.8M has been set aside for the incentive bonuses of 19 Hostess executives, bonuses which the company argues are needed to retain the corporate officers and other high-level managers. Maybe it’s just us, but does this sound like, “Let us pay ourselves another $2 million, or we’ll quit too!” to anybody else?source
17:27 // 1 year ago
November 21, 2012

Twinkie deals: Hostess liquidation gets tons of interest

  • 50+ companies have signed non-disclosure agreements in order to open discussions with Hostess about the possibility of purchasing one or more of the snack maker’s most famous brands. While the company’s chances are looking increasingly grim, it doesn’t look like the closing of Hostess will be the end of many people’s favorite snacks. The company has also reportedly received several buy-out offers, though none were actionable according to Hostess. source
15:25 // 1 year ago
November 15, 2012
Could these Twinkies outlast their parent company? Apparently, Hostess set a 5pm EST Thursday deadline for their striking employees to return to their jobs — or the company would liquidate, resulting in a loss of 18,000 jobs. “We simply do not have the financial resources to survive an ongoing national strike,” the company’s CEO, Gregory F. Rayburn, said Wednesday. The company won’t make a final decision until Friday, but now seems like a good time to stock up on some HoHos. (photo by Christian Cable/Flickr)

Could these Twinkies outlast their parent company? Apparently, Hostess set a 5pm EST Thursday deadline for their striking employees to return to their jobs — or the company would liquidate, resulting in a loss of 18,000 jobs. “We simply do not have the financial resources to survive an ongoing national strike,” the company’s CEO, Gregory F. Rayburn, said Wednesday. The company won’t make a final decision until Friday, but now seems like a good time to stock up on some HoHos. (photo by Christian Cable/Flickr)

18:45 // 1 year ago
July 11, 2012

It’s a trend: San Bernardino the third California city to seek bankruptcy

  • $46 million budget shortfall puts city in a tough spot source

» And they have company, too: San Bernardino, population 202,000, is not a small city. Nor is Stockton, population 291,000, which announced its intention to declare bankruptcy last month. Both fell on hard times after a boom-and-bust period. The much-smaller Mammoth Lakes also filed for bankruptcy protection recently, but unlike the recession-related reasons for the other two cities, their reason was lawsuit-related. (That city owes $43 million in a breach-of-contract lawsuit to a developer, which is far more than their yearly operating budget.) Anyone want to take bets on which California city falls prey to bankruptcy protection next, if any? (Edit: Spelling)

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12:10 // 2 years ago
May 6, 2012

Bankrupt American Airlines suddenly regrets selling unlimited passes

  • then Back in the early 1980s, American Airlines offered some its frequent flier customers the ultimate deal, if they could afford it — for $250,000 or more, they could fly first class on unlimited flights for the rest of their lives. The deal, intended for businesses, ended up getting taken up by wealthy individuals — including celebrities like Willie Mays and entrepreneurs like Michael Dell — who used it full-hilt, some flying dozens of times each month.
  • now With American Airlines suffering from bankruptcy, the company appears to have handed out a check they can’t cash, with some fliers costing the airline millions. Now the airline is cracking down, investigating those who sold use of the passes or overburdened the system, breaking the rules as a result. The company stopped selling the unlimited passes in 1994, but briefly revived them at a much higher price in 2004. source

» Quick thought on the matter: Anyone see shades of AT&T and Verizon in this whole mess, in that (like AA) both companies sold unlimited service for something — in this case, mobile data access — only to change their minds after they decided it was costing too much, in the process treating their customers like jerks? The lesson: Unlimited has limits, apparently.

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20:21 // 2 years ago
March 15, 2012
Michael Vick is $400k away from closing a dark chapter in his life
Michael Vick is nearing the end of bankruptcy, according to a new article over at Forbes. The former Atlanta Falcon has spent the last 3 years digging himself out of a $20 million hole created when he was indicted on federal charges related to dog-fighting. Advertisers soon pulled their endorsements, Vick was dropped by the Falcons, and found himself in the middle of a costly legal battle that left him penniless. Now, thanks to a $100 million dollar extension signed last year with the Philadelphia Eagles, Vick finds himself less than half a million dollars from being debt-free. (Photo by Talk Radio News Service) source
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Michael Vick is nearing the end of bankruptcy, according to a new article over at Forbes. The former Atlanta Falcon has spent the last 3 years digging himself out of a $20 million hole created when he was indicted on federal charges related to dog-fighting. Advertisers soon pulled their endorsements, Vick was dropped by the Falcons, and found himself in the middle of a costly legal battle that left him penniless. Now, thanks to a $100 million dollar extension signed last year with the Philadelphia Eagles, Vick finds himself less than half a million dollars from being debt-free. (Photo by Talk Radio News Service) source

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16:46 // 2 years ago
January 19, 2012

131 years in the making: As we mentioned a couple weeks ago, the former film titan, whose  business put cameras in the hands of millions of people, now enters a new phase in its long history, bankruptcy proceedings. New York Governor Andrew Cuomo called it “difficult and disappointing news,” which is understandable; their company was headquartered in Rochester, NY. Since 2003, Kodak has laid off about 47,000 employees, and now in bankruptcy protection their already weak stock price has plummeted to 34 cents per share. If you want to get really depressed about this story, read Alexis Madrigal’s great piece on the company’s historysource

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13:56 // 2 years ago