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Employee Stock Ownership Plans: An Analysis Of Current Reform Proposals, Luis L. Granados
Employee Stock Ownership Plans: An Analysis Of Current Reform Proposals, Luis L. Granados
University of Michigan Journal of Law Reform
This article surveys the battle between the critics and advocates of the ESOP, and scrutinizes various proposals currently being considered in the legislative arena. Part I examines the philosophy and history of the ESOP, particularly focusing upon the conceptual foundations provided by the writings of Louis Kelso. Part II explicates the various functions performed by the ESOP: as a tool of corporate finance, as an "in-house" market for the sale of stock held by a company's shareholders, and as a means of obtaining additional investment tax credit. Part III analyzes critically six proposed improvements of the ESOP system from both …
Employee Stock Ownership Plans, Voting Rights, And Plant Closings, Jonathan Barry Forman
Employee Stock Ownership Plans, Voting Rights, And Plant Closings, Jonathan Barry Forman
University of Michigan Journal of Law Reform
After examining the structure and tax consequences of ESOPs, this note will argue that ESOPs should guarantee employees full voting rights over securities transferred to them under such plans. This note will also propose that ESOPs can be used in employee takeovers of corporations as part of a plan to help prevent plant closings.