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Employee Stock Ownership Plans

BUSINESS
April 29, 1998 | JUAN HOVEY
Picture this: * You work as a senior manager for a thriving family-owned widget-manufacturing business founded 25 years ago. * Your bosses, a husband-and-wife team, have no children waiting in the wings to take over, and they don't want to make widgets anymore. They want to play golf in Hawaii--full time. * You and a handful of other senior managers run the business, by and large, and would love to own it, too. * You aren't exactly flush with cash. What to do?
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BUSINESS
December 10, 1997 | Bloomberg News
Boeing Co. will provide funding of $550 million to cover McDonnell Douglas workers who participate in Boeing's employee stock ownership plan. The $550 million is expected to be charged against Boeing's income in the fourth quarter and will come on top of another expected charge of $500 million to $1 billion to write down the value of McDonnell Douglas assets. The total charges of $1 billion to $1.5 billion are expected to leave Seattle-based Boeing with a loss in the fourth quarter.
BUSINESS
September 5, 1997 | From Associated Press
Struggling independent film company Cinergi Pictures Entertainment Inc. said Thursday it has agreed to a management buyout offer of $2.30 per share, or about $31 million. Under the deal, Cinergi would be merged with CPEI Acquisition Inc., a company formed for the buyout by Andrew Vajna, Cinergi's president and chief executive, and Valdina Corp. In August, Cinergi reported a second-quarter loss of $7 million on revenue of $17 million.
BUSINESS
July 25, 1997 | Associated Press
Hundreds of Microsoft Corp. workers improperly classified as independent contractors may have a right to participate in two of the company's benefit programs, a federal appeals court said. The 11-judge panel of the U.S. 9th Circuit Court of Appeals reaffirmed part of a decision made in October by three of its members. The workers had been hired as independent contractors or freelancers by Microsoft's international division between 1987 and 1990 and not paid overtime.
BUSINESS
April 20, 1997 | JAMES FLANIGAN
Once again, the season of revealing executive paychecks at major U.S. corporations has brought outcries about wretched excess. Thanks to generous stock options and the bull market, top executives won compensation increases of 54% on average in 1996 while ordinary workers averaged raises of 3%. The compensation of chief executives was 209 times that of the front line worker, an industrial world record for pay separation between the lordly and the lowly.
BUSINESS
July 20, 1996 | JOHN O'DELL, TIMES STAFF WRITER
Employees of Meade Instruments Corp. have teamed with an investment bank to acquire a 50% interest in their company, which claims to be the world's largest maker of telescopes for the retail and academic markets.
BUSINESS
July 3, 1996 | From Bloomberg Business News
Avis Inc.'s 13,500 employee-owners will double the worth of their shares in the company by selling out to HFS Inc., a real estate sales and hotel licenser. And the $800-million cash-and-debt offer announced Monday does almost as much for the theory that says companies do better when the workers have a stake. "It's very positive. You can see that it actually worked," said Ed Carberry, a worker at the nonprofit National Center for Employee Ownership in Oakland.
NEWS
June 15, 1996 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
Employees of major companies have complained in recent years that they have been working harder while getting a shrinking share of the expanding pie of corporate wealth. That now appears to be changing. Many management experts say that this week's announcement by Levi Strauss & Co. that it will reward its entire work force for meeting specific growth targets through 2001 reflects a new corporate mind-set that business success means giving the worker a tangible stake in corporate profits.
BUSINESS
May 30, 1996
MAI Systems Corp.'s board approved a proposal to increase the number of authorized common shares to 25 million from 10 million. MAI said the board also increased the number of shares in the company's employee stock option plan by 182,500 to an aggregate of 1 million. MAI installs and supports information systems solutions primarily in the hospitality, gaming, manufacturing and distribution industries.
BUSINESS
February 10, 1996 | From Times Wire Services
Levi Strauss & Co., the world's largest brand-name apparel maker, is moving ahead with a stock buyback program that would value the company at $14 billion and ensure that it would remain in family hands. After months of planning and negotiations, the jeans and clothing maker is offering $265 per share to employees and some members of the family that owns the maker of Levi's jeans, Dockers brand clothing and Brittania Sportswear, company spokesman Sean Fitzgerald said Friday.
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