Buzzards, Sno Balls and ‘American Pie’

The New Year has gotten off to an inauspicious start, though I remain optimistic. The Hostess company, maker of Twinkies, Ding Dongs and Sno Balls, is about to enter Chapter 11 bankruptcy for the second time in the past 10 years. (To steal a line, I guess that makes it Chapter 22.) Hostess products have been staples of vending machines in newspaper breakrooms in which I’ve toiled over the last 30 years. They appear to remain popular, with 36 million packages of Twinkies consumed in 2010. The fancy-pant equity investors who own — and owe — for Hostess are trying to shed debt to hold on, all the while...

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