employee stock ownership plan-manipulation

[rob3438]

i am a retired employee of a pennsylvania company. i believe
my company has been manipulating our esop for many years. their aim was to see that as little money went into older workers esop accounts as possible. The resason for this is that they were closest to retirement and it would be that much less they would have to pay. all very legal i am sure
and i might add this was in years when business was good. about three years ago in an exceptionally good year we wondered how they would get around the esop that year. what they did was quite ingenius but my question is, was it legal? the ceo and the v.p both sold their company stock at the same time. need i say what that did to the esop stock price when our company was appraised. this company is not on the exchange. any information i recieve will be greatly appreciated.

 

[rob3438]

A very Taboo subject

It seems that the subject of Esop, where an employee is concerned, has a tendency to make attorneys run and hide. It seems you can't find one with an opinion, where a working stiff is concerned, but just let one employer say boo and like Lemmings they appear to give advice and guidance. Believe me I ought to know, our company had a couple of them on the board. Guess what their sole purpose was?. Employee stock ownership . Thats a laugh. Our company was somehow allowed to move leaving 80 so called owners out of work, and any benifits they had accrued were put on hold for 6 years. Sorry I didnt mean to be disrespectful, I just needed to vent.