esop

[semmett]

What is the name of your state?indiana
My husband left his job for a better one. He put in to withdrawl his esop. We had to wait 1 year to get this which we did. Then had to wait for the distribution time to get it which we also did. About a month before it was time to get the money we got a notice that the company was filing chapter 11 bankruptcy. We kept in contact trying to get our money and the company kept saying they had to refigure the numbers. The other day we got a letter in the mail saying that the price of the stocks was ALOT lower but we wanted to go ahead and get the money out. So we called the investment company and they said that now the stocks are worth nothing. Is there anything we can do about this. Any info would be appreciated.

 

[seniorjudge]

What is the name of your state?indiana
My husband left his job for a better one. He put in to withdrawl his esop. We had to wait 1 year to get this which we did. Then had to wait for the distribution time to get it which we also did. About a month before it was time to get the money we got a notice that the company was filing chapter 11 bankruptcy. We kept in contact trying to get our money and the company kept saying they had to refigure the numbers. The other day we got a letter in the mail saying that the price of the stocks was ALOT lower but we wanted to go ahead and get the money out. So we called the investment company and they said that now the stocks are worth nothing. Is there anything we can do about this. Any info would be appreciated.

Did you file a claim when you got the bankruptcy notice?

 

[semmett]

Yes we filed a claim. But we didnt know about filing a claim until we talked to the companies lawyer who told us to fill one out.

 

[semmett]

Ok so does anyone have any ideas about my problem? Thanks

 

[weenor]

Well if you filed a claim it was considered in whatever was discharged....I would follow the BK and hope that the chapter 11 works and that the stocks go back up...Once the co is out of BK and the stock doesn't go up there may be the possibility of a shareholders' derrivative suit, but those are pretty hard to win...you'd need evidence of almost criminal activity by the officers...

 

[cbg]

If anyone else had an answer, they would have posted it.