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We serve ESOP
legal counsel, trustees, and
administrators with business valuation
opinions, adequate consideration opinions, and
fairness opinions. We also serve ESOP
sponsor companies and sponsor company selling
shareholders. In addition, we serve as
independent valuation advisers and expert
witnesses to the ESOP regulatory authorities.
We are active in The ESOP Association and the
National Center for Employee Ownership.
We serve ESOP legal
counsel and ESOP trustees.
We are particularly well known for our independent
financial adviser services with
respect to ESOP formations and ESOP employer
corporation stock acquisitions. As an
independent financial adviser, we opine to the
ESOP trustee as to whether the proposed
purchase or sale of sponsor company securities is
fair to the ESOP participants (from a
financial perspective). Such fairness opinion
analyses consider both the absolute
fairness and the relative fairness of the proposed
employer stock purchase or sale
transaction.
We serve ESOP plan
administrators and sponsor
companies.
We provide annual sponsor company stock fair
market valuations for ESOP administration
purposes. These fair market value valuations are
used by the sponsor company to make
periodic employer stock contributions to the plan.
And, these fair market value
valuations are used by the ESOP to allocate shares
to plan participant accounts, to
redeem retiring plan participants, and for other
administrative purposes.
We serve sponsor company
selling shareholders.
An ESOP cannot pay more than adequate
consideration to buy employer corporation
securities. And, an ESOP cannot accept less than
adequate consideration to sell employer
corporation securities. Our transaction opinions
analyze both the price and
terms of a proposed employer stock purchase or
sale transaction. Our transaction opinions provide
assurance to the selling shareholders that they
are
receiving a fair market value price for the sale
of sponsor company stock.
We serve ESOP regulatory
authorities.
We have provided independent valuation consulting
and valuation expert testimony
services to both the Internal Revenue Service and
the U.S. Department of Labor with
regard to employer corporation stock value,
transactional fairness, and ERISA compliance
disputes.
The Role of an Independent Financial Adviser in ESOP Installation Transactions
General Valuation Factors ERISA Counsel May Consider in an ESOP Litigation Case
Valuation Considerations in the Sale of Employer Corporation Stock to an ESOP and to Other Parties
"Standing at the Crossroads: An Integrated Approach to the ESOP Repurchase Obligation"
ESOP Employer Stock Purchase Transaction Fairness Opinions
Selling an ESOP-Owned Employer Corporation
Retained Shareholder/Executive Reasonableness of Compensation in the ESOP Sponsor Company