This is the latest installment in the lengthy saga of Howard v. Shay , a case of ESOP participants suing for undervaluation on termination of the ESOP and sale of its 38.6% stock interest to a trust controlled by the controlling stockholder.
At issue is the valuation of ESOP shares at the time of a stock transaction.
This case involves the sale of the controlling block of stock of Aetna Plywood Inc. held by the company's employee stock ownership plan (ESOP) to the company in a leveraged buyout.
At issue is breach of ESOP fiduciary duties.
Pacific Architect and Engineers Inc. (PA&E ) ESOP sold its 40% stock interest to a family trust established by the stockholder, Edward Shay, who owned the other 60%.
At issue is the valuation of a real estate holding company.