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Found 2 results

  1. Spouse and I agreed to divide all assets and holdings prior to non contested divorce. I gave up everything on my side within the first 90 days. The other side dragged their feet and it took a year, The last remaining piece we were negotiating was their ESOP. I had agreed to equalize everything on my side so as to be entitles to 50% of their account balance. I tried to get the QDRO drafted and approved, with the correct language, prior to the Decree but was given the run around on the actual language of the "plan" multiple times. Spouse was able to get a "default decree" signed by the Judge without my knowledge. I was served papers and didn't have a valid QDRO in place. I was able to contest on the ground of misrepresentation, but only allowed to file a QDRO post Decree, The Plan administrator finally accepted the QDRO after a year of attempts and is giving me some harsh feedback on my ability to get any information as to distribution of any kind. What are my rights? They are setting up a sequestered account at the trustee bank. I have only the amount of shares I am entitled under the ESOP. With shares value under the equalization, it is supposed to be over 245K. No other papers have been sent to me as of Dec 24 2016. Any help would be greatly appreciated. I am 30k into legal fees and exhausted.
  2. Our Company became an ESOP several years ago. A DOJ review found that the company overvalued the shares sold to the ESOP. To satisfy the DOJ the partners of the company, who sold the shares to the ESOPS ,purchased back 80% of the shares from the ESOP. This made the DOJ satisfied. So the employees now only own 20% of the company. Something that has never been disclosed to the employees since it occurred several years ago. All our company documentation still lists us as employee owned. Though not partially employee owned Now the owners of the majority are marketing the company to third party buyers. My question is about what is owed to the employee stock owners as far as disclosure in the original stock purchase being nullified as well as when or if we must be notified that the company is being sold. We have an ESOP representative on the board. We have never met him. He has never conveyed anything to us. I was told it is his job to represent our interests. It seems informing us of all these sales and legal matter WOULD be in the employee interests? All of this information was told to be by a very close friend in accounting. The company has never acknowledged it to any of us.
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