Twinkies, Ding Dongs Maker Hostess Liquidates Following Failure To Labor Pension Obligations

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Michael Black wrote:

Buying up stock for eventual resale is not "hording."
It's "investment."
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I think the "CEO tripled his salary" story is bogus. I've seen actual retractions on it. It's not one CEO. I think the essence of it is the union is deliberately muddling it up by using two CEOs among other things. One while the company was entering bankruptcy. The other when that CEO left, the company emerged from bankruptcy and they hired a new turn-around CEO. That salary and plan was approved by a bankruptcy judge.
Here is an example:
"CORRECTION: An earlier version of this story incorrectly conflated the former Hostess CEO, Brian Driscoll, whose salary was reportedly tripled, with the current CEO, Greg Rayburn. For a detailed look at who did what, heres Fortune/CNN:
Even as it played the numbers game, Hostess had to face chaos in the corner office at the worst possible time. Driscoll, the CEO, departed suddenly and without explanation in March. It may have been that the Teamsters no longer felt it could trust him. In early February, Hostess had asked the bankruptcy judge to approve a sweet new employment deal for Driscoll. Its terms guaranteed him a base annual salary of $1.5 million, plus cash incentives and long-term incentive compensation of up to $2 million. If Hostess liquidated or Driscoll were fired without cause, hed still get severance pay of $1.95 million as long as he honored a noncompete agreement."
From the above, it sure doesn't look out of line for compensation of a CEO that's running a $2bil company.
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