To the editor:
It’s no surprise that the leveraged buyout specialists who took over the bakery company that made Hostess products had no intention of trying to improve the company, but would destroy it because the sum of the parts would be worth more than the whole.
They leveraged the company’s assets, taking out huge loans to allow them to take excessive management fees while saddling the company with huge debt payments. That caused them to file Chapter 11 bankruptcy, asking the workforce to give back hard-won benefits over the years to keep their jobs while paying off debts for pennies on the dollar, a modus operandi of leveraged buyout operators.
It wasn’t long before they filed Chapter 7 bankruptcy to liquidate and in the process asked the judge to allow their “hard-earned” bonuses to be paid.
While 18,000 workers are thrown out of work, many who worked there their entire lives; the judge allowed the bonuses.
The Bankruptcy Boys came out smelling like a rose. Such is the plight of America’s workforce in the age of corporate greed!
SAUL P. HELLER
Salem
VIRAL: Baby makes epic soccer goal
Olivia Munn Flaunts Her Bikini Bod
Britney Spears Under Fire Once Again For Being A Bad Mom
The Hangover Baby All Grown Up
Arias Tells Jury What She'd Do if She Gets Life
The all-new Xbox One
RAW: Massive tornado strikes Oklahoma
Nidal Hasan paid $278K while awaiting trial
VIDEO: Teacher reunites mother and son after tornado levels elementary school in Oklahoma City
Okla. tornado survivor finds dog buried alive under rubble
Jennifer Lawrence Gets Naked and Painted Blue as X-Men's Mystique
Pickler's Dance Moves Cause A Stir
Obama to tornado survivors: The country stands beside you
Reporter Cries Over Devastation
Sneak Peek: 'Modern Family' Says Good Bye
Trailer: 'The Last Stand' Available on Blu-ray Disc, DVD, Digital Download
IWitness Look at Moore, OK Tornado
RAW: Moore, OK tornado touches down near school
Robert Pattinson Moves Out
RAW: Russian dash cam catches car 20 feet in the air
