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Fiduciary Duties in ESOP Refinancing
Chang, Ruthenberg & Long PC [Guidance Overview] Apr. 6, 2010
Excerpt: [A] refinancing, no matter what the reason, must be agreed to between the ESOP trustee and the lenders and guarantors (if any) of the ESOP debt, which may include the selling shareholder, the company or a bank. This article identifies the seldom discussed yet appropriate factors under ERISA and trust law for fiduciaries to consider when refinancing an ESOP.
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