On Tue, 04 Dec 2012 13:14:17 -0600, Califbill
wrote:

jps wrote:
$125,000 a month.

The acting CEO of Hostess Brands, the failed Twinkies-maker, will not
take part in a company-wide pay cut.

Though he imposed an 8 percent pay cut for all Hostess workers,
Gregory Rayburn's monthly $125,000 pay -- or $1.5 million a year --
will remain unchanged, a company spokesman told The Huffington Post on
Monday. Rayburn is not on the Hostess payroll and therefore isn't
subject to the imposed pay cut, the spokesman explained.

Hostess appointed Rayburn, founder and owner of Kobi Partners, a
restructuring advisory firm, as acting CEO in March, two months after
the company filed for bankruptcy a second time.

Hostess' liquidation plan was approved last month, as were $1.8
million in bonuses for executives. Rayburn is "not eligible to receive
any bonuses, success fees, or severance," according to the spokesman.

The company's shutdown will cause about 18,000 people to lose their
jobs.

He was hired at that fee to restructure the company. So he earns the
money. Hostess main problem was a very expensive distribution network.
The drivers could not load a truck among other items of overhead.

He's part of the vulture capital firm that took over. Not enough that
these guys will reap large rewards for parting out a viable business
(save for their stupid decisions), they need to take exhorbitant fees
too.

That's how Bain Capital made their money too. Scum.