Our friends at the Employee-Owned S Corporations of America (or ESCA) have reported that they've had constructive dialogue with the IRS regarding their recent press release on ESOPs
Clif Bar is being bought by Chicago-based food giant Mondelez in a transaction that will pay $580 million for the ESOP-held shares, almost double their 2020 value.
Colorado has become the most recent state to create a state employee ownership center. Governor Jared Polis has created the Employee Ownership Office as a standalone center in the Colorado Office of Economic Development and International Trade (OEDIT). The office will have its own dedicated staff. It has $1.75 million in funding over the next two years.
Governor Jared Polis of Colorado has signed HB24-1157, a bill that provides statutory authority for the Colorado Employee Ownership Office, which Governor Polis created in 2020 through an executive order.
This fall, the NCEO will be offering its first-ever communications committee training and networking program, the Communications Committee Crash Course.
Employee retirement plan holdings in company stock in banks have declined in the last two decades, but employees at Silicon Valley Bank (SVB) and several other banks saw significant losses following SVB’s implosion.
The National Defense Authorization Act signed into law by President Biden on December 27 contains the first-ever government contracting program to specifically encourage ESOPs.
In Walsh v. Bowers, No. 1:18-cv-00155-SOM-WRP (D.C. Hawaii, September 17, 2021), a district court decisively ruled in favor of the trustee and the board of directors of the ESOP company Bowers+Kubota in an ESOP valuation case.
