DATE RELEASED: 05/11/18

Robotics Integrator Becomes Part of OwnersEdge

Greenville, Wis. – QComp Technologies, a robotic systems integrator headquartered in Greenville, Wis., has become part of OwnersEdge Inc., an ESOP holding company based in metropolitan Milwaukee. As of May 1, all QComp employees are now 100% employee owners through the OwnersEdge ESOP. QComp was founded in 1990 by Tom Doyle and provides robotic packaging...

DATE RELEASED: 05/10/18

HIGHLIGHTS:

The U.S. Department of Labor has entered into a fifth settlement agreement with the trustee of an employee stock ownership plan (ESOP). The agreement was entered into in connection with a recently settled case relating to the 2010 purchase of Cactus Feeders Inc. stock by the Cactus Feeders Inc. Employee Stock Ownership Plan.
The agreement with Lubbock National Bank (the LNB Agreement), announced on May 4, 2018, is identical to the first process agreement that the DOL...

DATE RELEASED: 05/08/18

Pro-ESOP bill seeking to direct the SBA to help ESOPs passes the House by a voice vote.

On May 8, the House passed H.R. 5236—the Main Street Employee Ownership Act—by a voice vote. The bill was introduced in March by Rep. Nydia Velazquez (D-NY), who collaborated with the office of Sen. Kirsten Gillibrand (D-NY) on the measure.

Sen. Gillibrand introduced a companion piece of legislation—S. 2786—on April 26.

Speaking on the House floor prior to the vote, Rep. Velazquez said...

DATE RELEASED: 05/07/18

WASHINGTON, May 7, 2018 /PRNewswire-USNewswire/ -- The ESOP Association applauds Senator Kirsten Gillibrand (D-NY) for introducing S. 2786, the Main Street Employee Ownership Act of 2018.

The legislation is the companion bill to H.R. 5236, which was introduced by Rep. Nydia Velazquez (D-NY) and passed unanimously by the House Small Business Committee in March. Sen. Gillibrand and Rep. Velazquez collaborated on the two pieces of legislation.

S. 2786 would provide $500 million in...

DATE RELEASED: 05/03/18

KI, a global office furniture manufacturer based in Green Bay, has been sold to its more than 2,000 employees worldwide, turning it into one of the largest companies in the U.S. operating under an employee stock ownership plan.

KI said in a press release Wednesday that it completed the transition to an ESOP on April 27, which shifts the ownership stake of CEO Dick Resch and his family to employees, who will also receive the additional stock as part of...

DATE RELEASED: 05/03/18

In September 2015, Doug Schukar, president and CEO of USA Mortgage, paid a visit to one of the company's largest branches, located in Jefferson County. Schukar regularly checks in with branch managers and loan officers, treating them as if they're family. But, this particular trip was different.

"I typically go out there and do my normal calls, but the branch manager asked if we could speak in private this time," recalls Schukar. After the...

DATE RELEASED: 05/02/18

North Syracuse, NY – U.S. Senator Kirsten Gillibrand visited Syracuse Label & Surround Printing, which supports worker-owned co-ops, to announce her bipartisan legislation the Main Street Employee Ownership Act, which would support small businesses that invest in and reward their workers and communities by transitioning to an Employee Stock Ownership Plan (ESOP) or a cooperative (co-op).

ESOPs and co-...

DATE RELEASED: 05/01/18

A California law firm and a Hawaii architectural firm are in the crosshairs of a lawsuit by the Labor Department over the alleged mishandling of a $40 million employee stock ownership plan transaction.

Nicholas L. Saakvitne of Nicholas Saakvitne, a Law Corporation-a law firm that specializes in ESOP fiduciary services-allegedly relied on a flawed, inflated valuation of the Bowers Kubota Consulting Inc. stock to approve a transaction that allegedly caused Bowers Kubota employees to...

DATE RELEASED: 04/30/18

Summit, NJ:  Pilot Hill Advisors is pleased to annouce their client, founder and sole owner of a precision machining company, recently completed the sale of a large, minority interest block of stock to the company's newly formed Employee Stock Ownership Plan.

Many factors went in to choosing the ESOP for this transition including the goal of diversifying the owner's stake in the business and tax savings, but also to share the value of the business his employees helped create.  Though...

DATE RELEASED: 04/28/18

Associate-owner shareholders in the...

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