HOWARD V. SHAY REDUX, Rabe, James G., CFA, ASA, and David Ackerman, Esq.Willamette Management Associates Insights, Spring 1999.

Business Valuation Update
Data and Publications Update
April 16, 2001
employee stock ownership plan (ESOP)


The Pacific Architects and Engineers (PA&E) ESOP, created in 1972, had no put option, as required in ESOPs established since 1986. The company's earnings were marginal, and the stock had never pai ...