The Jackson’s have had a bad couple of years , and now Joe’s in the hospital?! According to CNN , Joe’s still in the hospital recovering… Joe Jackson, the Jackson family patriarch, suffered a stroke Thursday morning and is being treated in a Las Vegas hospital, a source close to the Jackson family said. Jackson, 83,”is in very good spirits” and expects to be sent home from the hospital Friday, said the source, who asked not to be identified. The “mild” stroke is similar to two others he suffered in the past five years, another source close to Jackson said. Joe Jackson created and managed the Jackson 5, the legendary R&B and pop group made up of his sons, including Michael Jackson. Although he is still married to Jackson matriarch Katherine Jackson, they live separately. He has a home in Las Vegas, while his wife lives in Calabasas, California, with Michael Jackson’s three children. Despite his age, Jackson remains active in developing and promoting several businesses and products. Thoughts? Condolences?? Images via tumblr
WTF!!?!? They laid-off thousands of workers and still had the nerve to ask the Judge to allow close to $2 Milli in bonuses? GTFOHWTBS… According to The Huffington Post : Hostess Brands Inc. said Thursday that it’s in talks with 110 potential buyers for its iconic brands, which also include CupCakes, Ding Dongs and Ho Hos. The suitors now include at least five national retailers such as supermarkets, a financial adviser for the company said in bankruptcy court. The process has been “so fast and furious” Hostess hasn’t been able to make the calls seeking buyers it previously intended, said Joshua Scherer of Perella Weinberg Partners. “Not only are these buyers serious, but they are expecting to spend substantial sums,” he said. The judge approved Hostess’ bonus plan, according to a tweet from CNBC: CNBC @CNBC BREAKING: Judge approves Hostess bonus payout plan; 19 Hostess senior executives in line for up to $1.8M in bonuses 29 Nov 12 The update on the sale of the company’s brands comes as 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. The company’s shuttering means loss of about 18,000 jobs. Hostess said it will need about 3,200 employees as it begins the wind down process, including 237 employees at the corporate level. 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. The company’s demise came after years of management turmoil, with workers saying the company failed to invest in updating its products. In January, Hostess filed for its second Chapter 11 bankruptcy in less than a decade, citing steep costs associated with its unionized work force. These companies keep failing but their Top Execs always manage to walk away with their cushion-y bonuses intact. This isht isn’t right. Images via shutterstock
Did you know Hostess factories were closing their doors today?? While we were over here hoping the strike would come to an end, Hostess execs didn’t fold on their shady azz decision to shut things down today. According to ABC News : On Hostess Brands’ last day of shipping its iconic snacks, entrepreneurial eBay sellers have taken the opportunity to tap into buyers’ Hostess panic, selling boxes for 95 percent more than grocery stores. In one Food Emporium grocery store in New York City, Twinkies were sold out by 1:30 p.m. ET. In its place, was a box of 8 Hostess Strawberry Cupcakes, sitting next to several other Hostess products. Retailing there for $4.29 for a box of ten Twinkies, one eBay seller sold a box for $59.99. Other boxes were on sale for $100 or more. Hostess’ final shipments take place Friday, said Erik Halvorson, a spokesman for Hostess, the same day CEO Gregory F. Rayburn said it filed a motion with the U.S. Bankruptcy Court to close its business and sell its assets. Halvorson said retail prices for Hostess products vary. The company had filed for bankruptcy twice. The company filed in 2004 and then again in January of this year. “We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said CEO Gregory F. Rayburn in a statement on Friday morning. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.” The fate of the Twinkie and other Hostess products hang in the balance as Hostess winds down the company. Private equity firm Ripplewood Holdings is one of the owners. Hedge funds Silver Point Capital and Monarch Alternative Capital own Hostess’ debt. Among the 33 bakeries and 565 distribution centers Hostess said it will close is a factory in Schiller Park, Ill., which neighbors Chicago O’Hare International Airport. The bakery was the birthplace of the Twinkie, created on April 6, 1939 by Continental Baking Co.’s James Dewar. Really tho? $60 fawking dollars? For one box of Twinkies? That seems pretty ridiculous to us. Images via tumblr
