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CNBC is reporting that the bankruptcy judge has cleared Hostess for liquidation. Here's CNBC's scoop: 

The Wall Street Journal is also confirming the decision. As our Adam Clark Estes reported last night, this decision essentially means (for real!) that the show's over for Hostess and this is just the final legal proceeding in that. We thought there might be some hope in when both Hostess and the bakery workers union announced mediation earlier this week. Unfortunately, today's clearing means it's time to kiss those 18,500 jobs goodbye, be left puzzled (and possibly angry) at the fat bonuses executives are giving themselves (the bonuses, some of which ran up to 75 percent of their pay,  are contingent on liquidation), and, most of all, get ready for a new round of speculation of whether or not your precious Twinkie will become a Mexican pastry treat.

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