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

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employee stock ownership plan (ESOP)

Summary

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 ...