The whole Hostess debacle made me think of this TV show:
http://en.wikipedia.org/wiki/Baker_Boys_(2011_TV_series)
I stumbled upon it by accident right after it started last year, and fell in love both with the show and the underlying concept.
The programme follows the workers of Valley Bara bakery which is the economic centre of Trefynydd, a small fictional village in South Wales. Generations of people had earned a living and formed a life at the bakery but this is thrown into jeopordy when recession bites and the bakery workers find themselves unemployed overnight. Writer Helen Raynor describes it as "a blue collar drama", explaining "we wanted to tell the story of a community, with a workplace at the centre of it, who suddenly fall on hard times".[1]
So what do the workers do when they find themselves out of work? They pool their redundancy (severance) pay and buy the bakery themselves, operating as a workers' co-op. The show ran for two seasons of three episodes each before being cancelled.
I would love to see the Hostess employees pool together and buy the Hostess brands and facilities during the vulture parent company's liquidation. Of course, in America this is impossible since a worker's co-op would never be able to get that kind of financing.