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re: Should I diversify from ESOP?
Posted on 12/11/24 at 2:35 pm to omarlittle
Posted on 12/11/24 at 2:35 pm to omarlittle
just remember that until you have taken your winnings and cashed out, you dont have any winnings.
0
Posted on 12/11/24 at 5:24 pm to geauxnc0308
quote:
The company is worth whatever they (majority stock owner) want it to be worth. In your example of paying you out over 5 years, and they don't have to start until 5 years from now, they could decide that the shares are worth $0.00001/share when its time to pay you. No way in hell I'm investing money in a private company where I have no control over valuation or decision making. Even worse if you no longer work for the company and have 0 insight into how the business is doing. Roll that ESOP into 401K funds bf you leave then roll that old 401 into your new 401.
That is complete bullshite! An ESOP is an ERISA Plan subject to the Department of Labor regulations, an annual independent valuation and oversight of a Trustee.
Posted on 12/12/24 at 5:28 am to The General
quote:
An ESOP is an ERISA Plan subject to the Department of Labor regulations, an annual independent valuation and oversight of a Trustee.
Yet there can still be shenanigans. I recall a class action lawsuit in NE LA years ago where the company touted an ESOP, and many employees bought stock. The insiders then slowly but surely drained all the value out of the company to the benefit of themselves and other companies they owned.
The employees had a heckuva ERISA lawsuit, but it took years to resolve, and I'm sure they got nowhere near the amount they should have without the crooks in charge.
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