With Twinkies Set To Return, Ebay "Collectible" Buyers Get Harsh Lesson In US Bankruptcy Law
Remember when greed-stricken Capitalist eBay'ers bid a single-Twinkie up to $8000.00? It appears our rather prescient note that they may regret not comprehending the US bankruptcy process was spot on as NBC News reports that the new owners of the Hostess Brand "look forward to having America's favorite snacks back on the shelf by this summer." The buying group, led by private equity shop Apollo Global, got news of their $410 million winning bid late last night. We suspect the re-establishment of these brands on store-shelves may cut the price a little from $8000 (or perhaps the all-knowing 'market' price signals that demand is there at that price?) - the question is - does eBay have a CFTC-equivalent that the winning Twinkie bidder can cry fat-finger to? Meanwhile, we wonder how long will it be before CNBC gets a visit from the friendly local bakers' union once again?
The new owner of Hostess Brands snack cakes hopes to have Twinkies back on U.S. store shelves by this summer, according to a member of the purchasing group.
"Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment," Daren Metropoulos, a principal at his family's private equity firm, told Reuters in an email on Tuesday.
"We look forward to having America's favorite snacks back on the shelf by this summer."
Daren's father, Dean Metropoulos, teamed up with Apollo Global Management to offer $410 million for Twinkies and other snack cakes. Their offer was to serve as the minimum offer for the business but no other bidders emerged.
News of their winning offer was revealed late on Monday in a court filing.
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