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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Bonefish who wrote (80087)11/29/2012 6:30:34 PM
From: BWAC12 Recommendations  Read Replies (4) of 119360
 
Some more for the "I'm entitled, you not so much" file:

<<<In court Thursday, an attorney for Hostess noted that the company is no longer able to pay retiree benefits, which come to about $1.1 million a month. Hostess stopped contributing to its union pension plans more than a year ago.>>>

Followed by:

<<<Hostess seeks approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.

Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation. The bonuses would be in addition to their regular pay. A spokesman for Hostess noted executives will need to meet certain goals to get the bonuses.

The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. Rayburn is being paid $125,000 a month.>>>>

Just more looting by the 1%er pieces of shit. The bonus amounts would pay 19 months more, at a minimum, of already worked for and bargained for and contracted for retirement benefits. B ut nah lets just bonus it out to these total pieces of shit.
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