So it looks like Apollo Global Management and Metropolous & Co. will be bringing back the Twinkie. And they're willing to pay almost as much for that right as Hostess said it was worth—all of it—when it filed for bankruptcy.

The private equity firms bid $410 million for most of Hostess' cakes, and certainly all of the important ones: Twinkies, Ding Dongs, CupCakes and Ho Hos, as well as some things called Donettes. (I've never heard of the latter. Were they available in the greater New York area during the late 80s and early 90s?)

That means Hostess Brands' current hedge-fund and private equity owners will get at least $850 million for the pieces of a company they said was worth only $450 million. And it probably still doesn't account for the money the new owners can skim off the top of the pension plan. Which makes us wonder whether this whole adventure was necessary at all, if Hostess and its owners had any idea how to run a business.

Hostess Chooses Apollo, Metropoulos as Lead Bidder [Bloomberg]
Apollo, Metropoulos Bid $410 Million for Most of Hostess Cake Assets [WSJ]