ESOP Gone?

So, how does that work? The company was sold to the employees a few years ago. We all then received "stock" in the company. Now the company has been sold back to Doc. What happened to our "stock"? I really don't understand and no one wants to talk about it.

I really can't understand how he sold it to us for a lump of cash, we receive worthless stock, and then he buys us back for pennies on the dollar.

?

 

I would like to know too! Been gone over a year and want my two dollars!

 

Amen to that-I have a certificate saying they owe me X amount. I'm fine with "selling back" my shares when I left but I'm not okay with not getting the money they owe me. Anyone think filing a small claims suit would do any good? I still have the ESOP plan/guidelines but it's a bunch of jargon. Doesn't help that you can't talk to anyone about it and EX isn't there anymore.

 

Have they alerted all current employees to this happening? I didn't know this occurred. Interesting.

 

Gone baby, Gone. And Evans keeps getting richer.

 

When was the last time we got an ESOP statement? Doc, good luck on getting that med school named after you

 

With the company worthless, and the ESOP worthless, you "shareholders" get nothing. Wiped out! Now however, Dr. Evans forgave the $70 million and so now the company again has again a positive valuation. Be happy, because 10% of something is better that 100% of nothing! Merry Christmas!

 

I finally received a statement and apparently over the course of the year the entire amount I had vested even after I left was pretty much a loss this year according to AIT they will be sending me a check for practically two dollars! What a waste off time so many lies coming to surface

 

Um. Did you actually lose any out of pocket money on the ESOP itself? Before and after the company tanked, the ESOP should have been l viewed as strictly a long term supplemental retirement plan.

 

No...I (we) didnt lose any out of pocket money. Mr.(s) Poster are you saying or implying you havent told the employees that the ESOP is worthless?

 

Pretty obvious the ESOP was a scam right from the start.

 

When did ESOP start, 2009

 

Yes, mid-year 2009 to beginning 2010...

 

As an ESOP company, AIT should have notified all employees, current and past, about any changes in ESOP program. Goes to show lack of ability and experience in upper management.

 

Yeah, kept salaries down.

 

Thanks Doc! The whopping ESOP payout check was awesome. I think i'll be ble to take my Lover to Rick's on friday night. Do bring Mrs. Doc and I'll buy ya both a round of PBR!

 

So who owns AIT now? All Doc, or DOC and bank ? Do employees have any ESOP benefits any longer?

 

If I understood the corp update right, ESOP now owns 10%.

The real scam wasn't the ESOP per se, it was Bioscience. Millions that AIT invested into starting it, then it was basically given away in exchange for forgiving some of the debt that was overinflated in the first place because the company's value was inflated at the time of the ESOP sale.

 

90% investment loss! sorry! have a nice day!

 

Who actually owned Bioscience after AIT Labs invested so much money to start it? And, to whom was Bioscience given? Who now owns Bioscience? And, who "owns" AIT now? This sounds as if it was nothing more than a cheap shell game.