[George Soros owned-]Bakery workers feeling burned

Pittsburgh TRIBUNE-REVIEW ^ | Wednesday, January 14, 2004 | Michael Yeomans

[pittsburgh gop guy]

Bake-Line Group confirmed the worst fears for the former Nabisco plant in East Liberty, filing for liquidation in a Delaware bankruptcy court.

Oakbrook Terrace, Ill.-based Bake-Line shuttered all seven of its bakeries and will sell off its assets, it said in a statement. The company blamed its inability to secure sufficient funding as the reason for its Chapter 7 bankruptcy filing. The company said in a statement issued late Monday that it had been in negotiations to reorganize its cookie and cracker business, but was unable to secure financing from its principal lender.

[pittsburgh gop guy]

Guess Soros is too busy trying to defeat Bush to care about these workers he is putting out on the street.

"Frank Coleman of Penn Hills is waiting to learn when he will be allowed back in the plant to clean out his locker and whether he will be paid for his last week of work."

[LibertarianInExile]

What makes you think A isn't related to B? Soros may be trying to kill two birds with one stone.

"I only closed the company because Bush's economy simply doesn't make it feasible to continue pay these workers a living wage north of the border. Curse Bush, not me, for firing you, because his policies make it more sensible to make crackers in Puerto Vallarta than Pittsburgh."

[okie01]

Bad business. There is no more than a razor thin margin to be had in the cracker business to start with. Focussing on private label shaves the margin into air.

I can't imagine why a smart businessman would invest in the business to start with, then buy other plants to expand its presence. In the watermelon business, it would be called "buying a bigger truck".

I thought Soros was supposed to be smart. But he threw dumb money after bad.

[fuquadukie]

This particular plant has been a loser in every sense of the word for quite some time. For those outside of Pittsburgh -- This plant has been resurrected and put on life support with at least partial public $$ financing at least twice before the latest private deal. A Pittsburgh City councilman, Jer Ferlo (a real horse's ass) always made a big stink about saving these jobs.

While the latest shutdown really is a shame (absolutely no notice), sometimes that does happen... especially if financing falls through at the last minute. Financing or a deal is never done until $$ is deposited in the bank.

This plant and business should have died years ago and should be left for dead.

[q_an_a]

I thought Soros was supposed to be smart.

I have a feeling that someone that has been doing international business with "success "is someone that is good at insider deals, that is why Soros had to pay one fine for this illegal action and was on trial in Paris for another. Selling and illegal trading are two different things. He is rich, so he is not stupid, but that does not mean he is ethical.

[Domestic Church]

"This plant and business should have died years ago and should be left for dead."

I'm sure he knew that but wanted to use the demise for his own political interest...he wants Pres. Bush out of office and a Clintonista elected. I wonder how many other plants in similar death pangs have been temporarily salvaged by Soros amd are waiting for the bell of the grim reaper to toll.

[shaggy eel]

This plant and business should have died years ago and should be left for dead.

,,, but it's probably served as a winning loss for tax offsets.

[LittleJoe]

The state chipped in another $3 million in grants and loans for the project, and trade unions through the Erect Fund, contributed another $2.4 million. PNC Bank provided $14 million in working capital and the Urban Redevelopment Authority extended a $500,000 loan

Typical Soros rip off of the taxpayers. This is how the guy makes his money all over the world. He cost US taxpayers billions when he broke the pound in England and we had to bail them out. He made billions, British and American taxpayers took it in the shorts. The guy is a criminal who should be in prison. Why isn't he?

[fuquadukie]

,,, but it's probably served as a winning loss for tax offsets.

You may be correct, but after a longer period, net cash outflow could occur.

The sudden closing does suck, however.

I should talk, though. In March 2003, I shut down a money losing operation of my Company to save the profitable operation. Immediate salaried layoffs (4 employees), 5-day notice to plant employees (15 employees) per Union Agreement. Sucked, but we lost $250,000 CASH in 5 months. No improvement in sight. Had to resort to permanent closure. Still bothers me a little today, because there were some damn good workers in the bunch. Now... there were some bad apples... plant and salaried.

[shaggy eel]

net cash outflow could occur.

,,, hardly a concern for someone who's putting up $US15m + to make things difficult for Bush. Terrorism meets financial engineering.

[fuquadukie]

I was referring to the bakery operation. If I could surmise, the Soros link for this particular business is real, but is more of an investment by a fund or similar funding mechanism... ergo, the business stands/dies on its own. Soros doesn't know and couldn't give a s***. Completely unrelated to the other ($15M).

[shaggy eel]

,,, right.

[SunkenCiv]

thanks go to whomever pointed out the Citizens United website:

George Soros exposed
by David N. Bossie
November 24, 2003

While Mr. Soros seeks to portray himself as a mainstream philanthropist who cares deeply about people, the record reveals him as an arch-typical limousine liberal who lives according to standards far different than those he seeks to impose on others... Now that he's a billionaire, he says: "I consider the threat from the laissez-faire side more potent today than the threat from totalitarian ideologies."

When it comes to military intervention, Mr. Soros has been far from consistent. He praises Bill Clinton's decision to use military force to topple the regime of Slobodan Milosevic despite the absence of United Nations backing. But when it comes to the Bush presidency, he declares himself profoundly opposed to the Bush administration's policies, not only in Iraq but altogether...

But nowhere is Mr. Soros' hypocrisy more transparent than his recent double take on campaign finance reform. Beginning in the mid-1990s and continuing through the enactment of the so-called Bipartisan Campaign Reform Act of 2002, Mr. Soros was one of the leading proponents of the campaign finance reform. According to a report published by the American Conservative Union Foundation, he funneled millions in contributions to the reform movement. In 1998, for example, Mr. Soros funneled more than $600,000 to an outfit called Arizonans for Clean Elections, which was the main organization behind a drive to create public financing for Arizona state candidates. Mr. Soros support accounted for more than 70 percent of the group's funding.

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[SunkenCiv]

Just a bump -- Soros is funding the Kerry shadow campaign to the tune (so far) of $11 million, perhaps more.

George W. Bush will be reelected by a margin of at least ten per cent

posted to: Domestic Church; fuquadukie; LibertarianInExile; LittleJoe ; okie01; pittsburgh gop guy; q_an_a ; shaggy eel; ValerieUSA