Nov 19, 2012|
Bloomberg News' Phil Milford on Hostess
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Our guest is Bloomberg News legal reporter Phil Milford good morning Phil welcome to the show. Good Phil I I wanted to talk to about this post a story -- -- you've been trapped traveling -- which union specifically. Was it that his brought hostess to its knees. Also bakers union basically. It's non Muslim bakery confectionery tobacco workers and grain millers international. -- strike remember nine. And and how many union workers are losing their jobs as a result. Altogether including -- unions. About 181500. Workers. Now. Retain some of them in on the makers to help -- -- -- all in the existing camps. But not very mentally ultimately in -- roll music -- -- at about 3000. What was the company asking for -- the company wanted them to take a pay cut how much was the pay cut. And how much for these guys making before the potential pay cut. It's it's unclear how much the company want to trim I don't have a salary figures. That the Teamsters which -- -- and -- Game that they and they. They have -- the contract with a company. They gave back about 8% and wages. I agree to a 17%. Cut in benefits. And it's essentially I think went to bakers. Were gonna get to you from the company just couldn't -- They wouldn't do it they wouldn't do it so what what ends up happening to hostess I've read -- it could be private equity firms that by the company. I've I've read that it's gonna move to Mexico. And be purchased by bimbo or what what is the future for hostess were -- gonna get my twinkies. -- in court right now. It's possible to come all probably would be sold. The group. Home. Possibly some analysts like it is cold in parts. But it's -- to the judge to decide what to do. Four sale the company. They could sell brand since they could sell just between people at brands some. Baker. And they can make as exclusively to -- we just don't know right now having their first hearing this afternoon in court. In bankruptcy court in White Plains, New York. What are the prospects for the union workers and and all these old plants Kazaa it. From what I can gather they they they might get shut these things down altogether and hire nonunion workers. They have I understand shut animate three points. Probably what's gonna happen -- that but he can sell the plants individually. Or together. -- reopened. All the ones that are liable to supplier you know. And they might Carla people -- but you know whether they don't accept people were union members not to include her. People who. Who are hired. I'm not union members when they might have their chance this. We don't we know how the union feels about it because we didn't and reading the press releases and what they're saying how -- the actual workers feel -- have a sense as to what the worker's perspective this on this. You know the worker a mixed feelings. We've had people on the street at these different baker -- Distribution centers in the incident on the orders or Greece and it's going to stick with their union. Affiliation. Hollers. Thing I think that the company or the union itself should have done more to keep jobs. Especially on eve of Thanksgiving hazardous. Yes. You know it's very sad it's a sad story are well Phil thank you very much for your time appreciate it. -- Film know first he's a Bloomberg News legal reporter joining us today trying to give us an unbiased perspective on this storage and it continues to evolve. Yeah and you know what I just talking about twinkies not just talking about one particular thing we're talking about Wonder Bread -- they're talking about nature's pride and maybe we bought some of those products. And also -- Dolly Madison. And that name will be excellent products and yeah and things like I think Susie Q isn't and. Ding bong. I think the twinkie brand of south pars -- -- lose a little bit away. That's the other problem thinking with products likeness is that people are being more health conscious auto they are not mean he's not gonna. Well I don't know when you when you're out about do you think people are fatter or thinner than they were ten years ago. It depends depends -- great golf if you if you accrue some viewers. Yeah a little heavy there I'm on it got everybody and a large percentage of the population. It was the cruising populations who have been on the -- said yeah do you mean twinkie I must raise cupcake in its it's been -- while it'll apply just because you wanna be seen. As delightful by the shall bring in the house. Only the only way -- -- -- -- to BJ's yesterday about a bunch of stuff there pitching. Yeah I have to hide. -- If it's just to show -- Its cash to -- -- -- -- tell the kids and I'm hiding from two entities my wife and my children are at odds right that's just stupid you know put under the tools -- they won't go anywhere near there you know what it's looking. 68680. Is our text number if you have a question for if we actually have an open segment yours that we can take some text questions. 68680 is their text number if you have a question. My email address is -- Armstrong at wrko.com. You're listening to the financial extra.