Hostess has short shelf life
unlike it's ubiquitous product, Twinkies. Hedge Fund owned Hostess filed for bankruptcy earlier...and now it says it will shutter it's factories.
Hostess Brands says it is going out of business, closing plants that make Twinkies and Wonder Bread and laying off all of its 18,500 workers - Salt Lake Tribune
So...while workers are struggling to survive as their livelihood is shuttered, the Silver Point Hedge Fund CEO, Edward A. Mulé, is basking in luxury in his 15,045-square-foot Connecticut residence (pdf) and the CEO of Hostess itself is sucking some financial juiciness out of the company while the workers are paid crumbs.
Rayburn announced that the pay of the four top executives would go down to $1 for the year, but that their full salaries would be reinstated no later than Jan. 1. Hostess pays Rayburn $125,000 a month, according to court filings. At the same time Rayburn became CEO, Gephardt's son Matthew, 41, the COO of the Gephardt Group, was put on the Hostess board as a $100,000-a-year independent director. - CNN Money
Labels: bankruptcy, Hostess, snack foods, Twinkies
