Employee Ownership Blog

Timothy Garbinsky

June 15, 2020

Employee-Owned CA Bus Company Goes Electric

Vallejo, California-based Michael's Transportation Service, Inc., which has been employee-owned since 2009, announced that it will be adding all-electric Blue Bird school buses to its fleet, making it the first in the state to do so. Though the emissions-free buses won't hit the streets just yet due to the COVID-19 restrictions, the fact that Michael's has already received the delivery suggests that they are well ahead of the curve when it comes to environment-friendly transportation.

Corey Rosen

June 15, 2020

NCEO and ASA File Amicus Briefs in Choate ESOP Case

Update on July 16, 2020: Pursuant to a motion by the plaintiff-appellant, the Fourth Circuit has today dismissed the plaintiff's appeal of the district court's judgment.

Loren Rodgers

June 01, 2020

Thank You, from the NCEO

Thank you.

Dallan Guzinski

June 01, 2020

Employee Survey Project: Asking Employee-Owners About the COVID Work Experience

With remote work, socially distanced production, new shift schedules, and virtual meetings, companies are beginning to head toward a new normal in their operations. The NCEO is developing a survey that will help gather your employee-owners' assessment of how well the new way of working is going and what their ideas are for improvements. It will also give you a chance to check in with how they're managing during these times of crisis.

Loren Rodgers

May 15, 2020

Mark Cuban: "Give Employees Stock"

LinkedIn's Daniel Roth interviewed billionaire investor Mark Cuban and posted the online interview. In it, Cuban makes it clear that he is not talking just about a sense of ownership—he’s been quoted for decades as a supporter of employee ownership: “When we sold Broadcast.com to Yahoo, 20 years ago give or take, out of 330 employees, 300 became millionaires. And those 30 weren't only because they started too late. But they got paid as well." (Also see our June 17, 2019, blog post.)

Nancy Wiefek

May 14, 2020

ESOP Companies: Take the ESOP Topics Survey!

Corey Rosen

May 13, 2020

SBA Updates Guidance on Payroll Protection Program Compliance

On May 13, 2020, the SBA, in consultation with the Department of the Treasury, updated its Frequently Asked Questions to include a new Question 46 that provides additional guidance about the certification needed to prove that the funds were necessary in order to maintain payroll and thus eligible for forgiveness.

Timothy Garbinsky

May 08, 2020

Minnesota Center for Employee Ownership Officially Opens

The Employee Ownership Expansion Network (EOX) has announced the formation of the Minnesota Center for Employee Ownership (MNCEO). The center was officially incorporated in January of this year and is currently being lead by interim executive director Sue Crockett. The EOX, beyond coordinating the people and financial support to get the center started, will provide resources to the MNCEO going forward to make it a compelling location for Minnesotans to learn about employee ownership. This includes statements for legislators, website and social media templates, and more.

Loren Rodgers

May 01, 2020

Wilmington Trust and DOL Reach $88M Settlement

In a press release issued on April 30, the Department of Labor (DOL) announced that it had reached an agreement with Wilmington Trust "to pay a combined $80 million to 21 employee stock ownership plans (ESOPs) for which it served as trustee and $8 million to the government, and to reimburse plan sponsors of ESOPs for legal costs and expenses advanced in connection with the Secretary’s investigations and litigation."

Page 44 of 47