Udate; Who pays for ESOP termination process?

[Guest CJS]

The answers to my last post convinced me that the trustee CAN use the participants cash funds associated with the ESOP to pay for certain closing costs. These include funding for a TPA, audit, and legal costs for the plan closing.

However I just found out that the trustee has been using the cash to fund his defense against two legal claims that are against him and the other fiduciarys. Several years ago when some participants "PUT" their stock they were issued a promissary note (not secured) issued by the company. Now that the company is in chapter 11, the past participants are discovering just how much that piece of paper is worth and want to know why adequate security was not provided for.

I don't see the trustee's use of funds in his legal defense in the above mater as in my best intrests. Is there any case law to back me up? Can I ask for a full, itemized accounting of where my money is going?

Help, my last ESOP meeting is tomorrow. Thanks