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    Employee Benefits, ESOPs & Executive Compensation Law

    Court Rules on Motion in New York ESOP Case March 23, 2021, 11:11 AM
    On December 20, 2013, Wilmington Trust, N.A. (“Wilmington”), in its capacity as the Trustee of the Constellis Group, Inc. ESOP (the “Constellis ESOP”), approved the Constellis ESOP’s purchase of 90% of the outstanding shares of Constellis Group, Inc. (“Constellis”), a parent company for a private security firm, for $201.5 million (the “Transaction”).
    Consent Order and Judgment Entered Into in New York ESOP Case January 12, 2021, 12:00 PM
    On November 20, 2012, the Contractors Register ESOP (the “CR ESOP”) purchased 100% of the outstanding stock of Contractors Register, Inc. (“CR”), a New York corporation “predominantly engaged in publishing The Blue Book of Building and Construction,” from James O’Malley, CR’s CEO and Chairman, for $26.7 million.
    Notice of Voluntary Dismissal Filed in Florida ESOP Case January 04, 2021, 11:57 AM
    On August 26, 2014, the HealthCare Appraisers, Inc. ESOP (the “HAI ESOP”) purchased 80% of the outstanding stock of HealthCare Appraisers, Inc. (“HAI”), a Florida business appraisal firm that specializes in healthcare firm appraisals, from the Selling Shareholders for $28 million (the “Transaction”).
    DOL Brings Complaint Against ESOP in Maine September 15, 2020, 12:02 PM
    In 2004, the Maine Oxy-Acetylene Supply Company, a Maine distributor of industrial, medical, and specialty gases, as well as welding and cutting equipment, supplies, and accessories (“Maine Oxy”), established the Maine Oxy-Acetylene Supply Company ESOP (the “Maine Oxy ESOP”).
    Former Employee Brings Complaint Against ESOP in Florida August 25, 2020, 3:31 PM
    On August 26, 2014, the HealthCare Appraisers, Inc. ESOP (the “HAI ESOP”) purchased 80% (i.e., 800,000 shares) of the stock of HealthCare Appraisers, Inc. (“HAI”), a Florida business appraisal firm that specializes in healthcare firm appraisals, from the Selling Shareholders for $28 million (the “Transaction”).
    Court Rules on Motion in Illinois ESOP Case August 21, 2020, 12:03 PM
    On August 21, 2020, the Court denied the motion of the Board of Directors (the “Board”) of Triad Manufacturing, Inc. (“Triad”) and the Co-Presidents of Triad (collectively with the Board, the “Triad Defendants”) to compel arbitration and/or dismiss filed in Smith v. GreatBanc Trust Company, a Northern District of Illinois case that relates to the December 2015 purchase of 100% of the outstanding stock of Triad by the Triad Manufacturing, Inc. ESOP (the “Triad ESOP”).
    Unopposed Motion for Preliminary Approval of Settlement Filed in California ESOP Case July 27, 2020, 3:00 PM
    On October 1, 2014, the Rainbow Disposal Co., Inc. ESOP (the “Rainbow Disposal ESOP”) sold 100% of the outstanding shares of Rainbow Disposal Co., Inc. (Rainbow Disposal), a California corporation that provided trash and rubbish pickup, transport, and disposal services for residential, commercial, and income properties, to Republic Services, Inc. for approximately $50,000,000 (the “Transaction”).
    Former Employee Brings Class Action Complaint Against ESOP in California June 01, 2020, 7:55 AM
    On August 28, 2015, the KPC Healthcare, Inc. ESOP purchased 100% (i.e., 10,000,000 shares) of the stock of KPC Healthcare Holdings, Inc., a California corporation, from Dr. Kali Pradip Chaudhuri for $227,107,262.
    Former Employee Brings Class Action Complaint Against ESOP in Illinois April 15, 2020, 7:48 AM
    On December 17, 2015, the Triad Manufacturing, Inc. ESOP (the “Triad ESOP”) purchased 100% (i.e., 1.83 million shares) of the voting common stock of Triad Manufacturing, Inc. (Triad), a Missouri corporation that “engages in custom [shelving and] fixture manufacturing” for “retail stores with physical locations,” from the Selling Shareholders, including the Co-Presidents of Triad, David Caito, Robert Hardie, and Michael McCormick (collectively, the “Co-Presidents”), for $106.2 million, or $58.05 per share (the “Transaction”); the entire purchase price was financed by loans to the Selling Shareholders.
    Employee Benefits in the Age of COVID-19 March 30, 2020, 12:15 PM
    The unprecedented upheaval caused by COVID-19 has by now affected every aspect of individual, political, and commercial life. This certainly holds true for workers and their employment-based benefits.
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