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Using Promissory Notes to Repurchase ESOP Stock Becomes More Difficult
National Center for Employee Ownership [NCEO] 
Apr. 29, 2002
Many ESOP-owned companies pay for the repurchase of company stock from departing employees by issuing promissory notes in payment for the shares of stock. These companies have often purchased surety bonds to serve as collateral for the promissory notes. Recently, the principal issuer of surety bonds in this market has indicated it will no longer issue the surety bonds, leaving many ESOP companies in a precarious situation.
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