interesting anecdotes... apparently management also stole the unions' self-funded pension contributions.
From your link
Remember how I said I made $48,000 in 2005 and $34,000 last year? I would make $25,000 in 5 years if I took their offer.
It will be hard to replace the job I had, but it will be easy to replace the job they were trying to give me.
If its easy to replace, then take their offer, and start looking for something else, so that in the short time you are looking for a job (since its easy to replace) you will actually have some money coming in. Because some is better than 0.
Maybe they think Obama will bail them out like he did the Auto workers? Doubt it will happen, not enough voters and they are not all in Ohio and other battleground states.
But the unions might be rescued from their own stupidity by one of Romney's fellow evil 1 percenters
FORTUNE -- Private equity firm Sun Capital Partners wants to buy bankrupt bakery Hostess Brands Inc., Fortune has learned.
The proposal would be to operate Hostess as a going concern, including reopening the shuttered factories and continuing union representation of Hostess workers.
"I think that we could offer a slightly better, more labor-friendly deal than what was on the table last week," says Sun co-CEO Marc Leder, in an interview with Fortune. "We also think that one point the unions have made is that there hasn't been a great amount of reinvestment in the business. We've found that investing new capital into companies like this can be very positive for brand, people and profitability... We would look to invest in newer, more modern, manufacturing assets that would enable the company to become more productive and to innovate."
Leder ran several Romney fundraisers. Of course, by stepping in to save a dying company, he will likely be accused of Vulture capitilism.