Employee Benefits, ESOPs & Executive Compensation Law
Game Changer: 100% ESOP-Owned Government Contractors Eligible for Sole Source Awards on Follow-On Contracts January 07, 2022, 9:00 AM
ESOP-owned government contractors received a holiday gift last week when President Biden signed the National Defense Authorization Act.
Consent Order and Judgment Entered Into in Minnesota ESOP Case January 05, 2022, 9:00 AM
On October 5, 2011, the Kurt Manufacturing Company ESOP (the “Kurt ESOP”) purchased 457,623 shares of stock of the Kurt Manufacturing Company (“Kurt”), a Minnesota corporation that offers CNC precision machining and other services, for $39 million.
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.