1) Hostess was currently owned by a number of Venture Capitalist firms and their internal missmanagement by those firms was very well known and a example of what was wrong with firms like Bain Capital.
2) The concessions they were forcing were for their bakers to take a 9% pay cut and 30% benefit reduction while their executives got a 80% RAISE.
3) Its come out that the liquidation process had been planned well in advance of them even presenting the contract to the union. They used the union as a scapegoat when they knew over a year ago they were going under. Some of the plants they blamed were being closed by the unions demands turned up in Chapter 11 filings well before the dispute, meaning they had planned to close them all along and only blamed it on the Union to make them a villan.
4) They completely gutted their distribution network a year ago to seek short term profits at the cost of long term losses they never would have recovered from. MEaning the firms running Hostess set the company up to fail purposely.
Amazing when you DONT read the company PR bs and actually look at FCC filing that a completely different picture of purposeful missmanagement and company rape by executives comes out instead.