Olson Groban Deborah

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(313) 331-7821Call Visit WebsiteVisit Website Map & DirectionsDirections1021 Nottingham RdGrosse Pointe Park, MI 48230 Write a ReviewWrite Review

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Olson Groban Deborah

Business and Corporate Law

Corporate Law
Attorney Deborah Groban Olson said, “We worked with Arbor Assays’ founders and employees to explore various means for accomplishing employee ownership that would include robust employee participation in the corporate governance, avoid unnecessary regulation and costs, and keep the business independent and rooted in Ann Arbor. After reviewing a number of options, including Employee Stock Ownership Plan (ESOP), a worker cooperative and the perpetual trust methods, Arbor Assays choose the perpetual trust as the most efficient and effective option. Our firm assisted the employees and the sellers to arrive at a mutually agreed fair price, and will continue to work with Arbor Assays as it builds its employee ownership culture and systems.

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Groban Deborah Olson Attorney

Attorney Deborah Groban Olson, PLLC

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http://www.esoplaw.com

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Phone: (313) 331-7821

Address: 1021 Nottingham Rd, Grosse Pointe Park, MI 48230

Website: http://www.esoplaw.com

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Olson Groban Deborah

Business and Corporate Law

Corporate Law
Attorney Deborah Groban Olson said, “We worked with Arbor Assays’ founders and employees to explore various means for accomplishing employee ownership that would include robust employee participation in the corporate governance, avoid unnecessary regulation and costs, and keep the business independent and rooted in Ann Arbor. After reviewing a number of options, including Employee Stock Ownership Plan (ESOP), a worker cooperative and the perpetual trust methods, Arbor Assays choose the perpetual trust as the most efficient and effective option. Our firm assisted the employees and the sellers to arrive at a mutually agreed fair price, and will continue to work with Arbor Assays as it builds its employee ownership culture and systems.
Business Disputes
Limited Liability Companies
Cooperatives are defined by their principles not their legal form. The IRS defines a “cooperative” as an entity operating on a “cooperative basis.” Cooperatives can be formed under state cooperative statutes or they can be formed inside other types of corporations or limited liability companies (LLCs). A “cooperative basis” generally means: 1) vote per person; 2) profits allocated based on member patronage not financial investment; and 3) limited return on financial investment (such as preferred stock) usually to no more than 8% per year.

Foreclosure
In July 1990 several unions and management at Rosauers Supermarkets, a regional grocery chain of 15 stores headquartered in Spokane, Washington, entered into an ESOP buyout to save 1,250 jobs. The union buyout team was led by Sean Harrigan, then president of the UFCW local union. They developed some interesting procedures to ensure proper protection and representation of unionized employees interests in an employee owned company where high level management employees own a portion of the company outside the ESOP. The ESOP trust is designed as a Taft-Hartley Trust with labor and management exercising block votes and the provision for a neutral third party to solve potential disputes within the ESOP Committee. They designated a number of shareholder and board of director issues as supermajority issues. They also provided for a termination of their wage set-aside agreement in the event of any foreclosure, liquidation or sale of the company without union approval.

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