Kelso created the ESOP in 1956 to enable the employees of a closely held newspaper chain to buy out its retiring owners.

Two years later Kelso and his co-author, the philosopher Mortimer J. Adler, explained the macro-economic theory on which the ESOP is based in The Capitalist Manifesto ( Random House, 1958 ).

These ideas were further elaborated and refined in Two-Factor Theory: The Economics of Reality ( Random House, 1967 ) and Democracy and Economic Power: Extending the ESOP Revolution Through Binary Economics ( 1986, Ballinger Publishing Company, Cambridge, Massachusetts ; reprinted 1991, University Press of America, Lanham, Maryland ), both co-authored by Patricia Hetter Kelso, his collaborator since 1963.

Kelso regarded the ESOP and CSOP as pragmatic proof that his revolutionary revision of classical economic theory, and the financial techniques he derived from this new perspective, were sound and workable in the economic and business world.

* Democracy and Economic Power: Extending the ESOP Revolution Through Binary Economics, by Louis O. Kelso and Patricia Hetter Kelso, Ballinger Publishing Co., Cambridge, Massachusetts: 1986 ; reprinted by University Press of America, Lanham, Maryland: 1991.

* Employee Stock Ownership Plans: ESOP Planning, Financing, Implementation, Law and Taxation by Robert W. Smiley Jr., Ronald J. Gilbert, David M. Binns, Ronald L. Ludwig, and Corey M. Rosen, ( Afterword by Louis O. Kelso and Patricia Hetter Kelso ) The Beyer Institute at the Rady School of Management University of California, San Diego, Vol.

In 1956, Louis Kelso, invented the first ESOP, which allowed the employees of Peninsula Newspapers to buy out the company founders.

* Kelso, Louis & Kelso, Patricia Hetter ( 1986 & 1991 ), Democracy and Economic Power-Extending the ESOP Revolution through Binary Economics.

The pre-money valuation would be $ 9, 133, 336 — calculated by taking the post-money valuation of $ 18, 933, 336 and subtracting the $ 8, 000, 000 of new investment, as well as $ 1, 000, 000 for the loan conversion and $ 800, 000 from the exercise of the rights under the ESOP.

In the early 1980s it was purchased from National Steel by the employees, thus at that time, making it the worlds largest Employee Stock Ownership Plan ( ESOP ).

In 2001, the United States Congress enacted Internal Revenue Code section 409 ( p ), which effectively requires that S ESOP benefits be shared equitably by investors and workers.

Sellers to an ESOP in a closely held company can defer taxation on the proceeds by reinvesting in other securities.

In an ESOP, a company sets up an employee benefit trust, which it funds by contributing cash to buy company stock, contributing shares directly, or having the trust borrow money to buy stock, with the company making contributions to the plan to enable it to repay the loan.

A study conducted by the National Center for Employee Ownership found that S ESOP account balances were three to five times higher on average than 401 ( k ) plans.

It is owned by K-VA-T Food Stores, a privately held family and employee-owned corporation ( only 15 % via ESOP ) headquartered in Abingdon, Virginia.

* The company has been completely owned by its employee stock ownership plan ( ESOP ) since 1988.

* Why I Invented the ESOP LBO, Leaders, October / November / December, 1989.

Lay seizes funds from the employee stock ownership program to buy back Jacobs stock giving Jacobs a huge profit and then freezes the ESOP for seven years denying employees access to their stock.

Under an ESOP, the employees owned a 45 % stake in the new company, although it has since been sold.

During the early 1980s the employees of Weirton Steel endeavored to purchase the mill from National Steel Corporation as the largest ESOP ( Employee Stock Ownership Program ) in the nation, saving the mill from bankruptcy.

Lay then froze the ESOP for seven years except for retirement or death benefits.

Publix offers stock to its associates through 3 programs: Profit plan ( ESOP ), Purchase plan, and 401 ( k ) plan.

He was also a corporate and financial lawyer, author, lecturer and merchant banker who is chiefly remembered today as the inventor and pioneer of the Employee Stock Ownership Plan ( ESOP ), the prototype of the leveraged buyout invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield.

Could ESOP Save General Motors ?, The Financial Planner, November, 1981.

The company was among the first restaurant companies to offer its employees stock options and an ESOP program.

Consider a company with 1, 000, 000 shares, a convertible loan note for $ 1, 000, 000 converting at 75 % of the next round price, warrants for 200, 000 shares at $ 10 a share, and a granted ESOP of 200, 000 shares at $ 4 per share.

* The World According to Kelso, by Steven Hayward, Inland Business, April, 1987.

According to many, it did not work ; Kelso was never a well-mannered horse.

According to William Ringler's study, Stephen Gosson, the theater business in London had become a thriving enterprise by 1577, and, in the opinion of many, a thoroughly bad business.

According to the official interpretation of the Charter, a member cannot be penalized by not having the right to vote in the General Assembly for nonpayment of financial obligations to the `` special '' United Nations' budgets, and of course cannot be expelled from the Organization ( which you suggested in your editorial ), due to the fact that there is no provision in the Charter for expulsion.

According to Friends, the unit was organized by John Snook, a former World War 2, commando who is vice president and general manager of the telephone company.

According to the myth, Old Order then vanishes at stage left and reappears at extreme stage right, but Director Shuz skillfully sidesteps the rather gooshey problem of stage effects by simply having Miss Arapacis walk across the stage.

According to Philippoff, the recoverable shear S is given by Af where **yc is the angle of extinction.

According to this doctrine, the universe was ruled by Heaven, T'ien -- as a natural force, or in the personification of a Supreme Sky-god -- governing all things by means of a process called the Tao, which can be roughly interpreted as `` the Order of the Universe '' or `` the Universal Way ''.

According to the definition by IUPAC, the former two are alkanes, whereas the third group is called cycloalkanes.

According to the Catholic Encyclopedia, an Allocution is a solemn form of address or speech from the throne employed by the Pope on certain occasions.

According to M. Forrest, the French knights were so encumbered by their armour that they were exhausted even before the start of the battle.

According to a research report by the Centers for Disease Control and Prevention, Oran was decimated by the plague in 1556 and 1678, but outbreaks after European colonization, in 1921 ( 185 cases ), 1931 ( 76 cases ), and 1944 ( 95 cases ), were very far from the scale of the epidemic described in the novel.

( Despite common belief, he did not take a day from February ; see the debunked theory on month lengths ) According to a Senatus consultum quoted by Macrobius, he chose this month because it was the time of several of his great triumphs, including the conquest of Egypt.

According to Vahram Nercissiantz, President Serzh Sargsyan's chief economic adviser, " Businessmen holding state positions have turned into oligarchs who have avoided paying sufficient taxes by abusing their state positions, distorted markets with unequal conditions, breached the rules of competition, impeded or prevented small and medium-sized business ’ entry into manufacturing and thereby sharply deepened social polarization in the republic.

According to the estimate of a former prime minister, Hrant Bagratian, 55 percent of Armenia's GDP is controlled by 44 families.

According to official figures, Armenia ’ s economy grew by 13. 8 percent in 2007.

According to research funded by the USAID CAPS project, Armenia's exceptionally high rate of economic growth during the last decade has been largely dependent on external factors ( e. g., remittances, assistance from international financial and donor organization ).

According to the Central Bank of Armenia, during the first half of 2008, cash remittances sent back to Armenia by Armenians working abroad rose by 57. 5 percent and totaled $ 668. 6 million USD, equivalent to 15 percent of the country's first-half Gross Domestic Product.

According to the National Statistical Service, during the January – August 2007 period, Armenia's industrial sector was the single largest contributor to the country's GDP, but remained largely stagnant with industrial output increasing only by 1. 7 percent per year.

According to official Armenian statistics, it rose by 11 percent to $ 91. 6 million in January – November 2010.

According to research commissioned by the Yerevan office of the Organization for Security and Co-operation in Europe ( OSCE ), at least one in three working-age Armenians was unemployed as of February 2005 despite several consecutive years of double-digit economic growth.

According to estimates by the National Statistical Survey, the rate of labor emigration was twice as higher in 2001 and 2002.

According to the teaching of Arius, the preexistent Logos and thus the incarnate Jesus Christ was a created being ; that only the Son was directly created and begotten by God the Father, before ages, but was of a distinct, though similar, essence or substance from the Creator ; his opponents argued that this would make Jesus less than God, and that this was heretical.

According to Arminius, " God regards no one in Christ unless they are engrafted in him by faith.