$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
