Tag: bankruptcy

End of the Twinkie

~ Pharmer

Twinkies Maker Hostess Going Out of Business, CEO Blames Union Strike | NBC 5 Dallas-Fort Worth.

Gregory Rayburn CEO of Hostess has announced closure of the entire corporation, and intent to sell off the assets to the highest bidder.
The decision to close came after insufficient numbers of workers heeded the deadline to return to work on Thursday.
Rayburn said that if he could not get production close to normal levels he would have to shut down.
This means that 18000 more workers across the U.S. are entering Obamaville, and dependency on the government.

Congrat’s to the Unions who thought that no job was better than a job with reduced pay and benefits, for a company that was struggling to survive.

E-Mails Suggest Solyndra Pushed Layoff Notices Past Elections – Amy Harder – NationalJournal.com

~ Pharmer

E-Mails Suggest Solyndra Pushed Layoff Notices Past Elections – Amy Harder – NationalJournal.com.

You remember Solyndra, the solar energy company which got a half billion dollar loan from the government, then filed bankruptcy?

While they were in their death throes, the folks at Solyndra were wanting to lay off some of the work force but were advised to delay such notices until after the 2010 election day.

In addition their government loan was restructured to allow private investors ahead of taxpayers in order of priority for repayment. Inquiring minds at the   House Energy and Commerce Committee wonder if this was legal.  It’s of particular curiosity as taxpayers are now stuck for most of that $535 million dollar loan.

Solyndra filed Chapter 11 bankruptcy in Sept of this year.

From the National Journal:  ““They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3—oddly, they didn’t give us a reason for that date,” states an October 2010 e-mail exchange between advisers for Argonaut Private Equity, the top investor in Solyndra that was founded by George Kaiser, an Oklahoma oil billionaire who bundled campaign donations for presidential candidate Barack Obama in 2008.”