BALA CYNWYD, PA, Nov. 26, 2019 – James G. Steiker, President and CEO, Paul S. Fusco and Avery M. Chenin of SES ESOP Strategies spoke at The ESOP Association’s Employee Owned 2019 Conference on Nov. 14, 2019, in Las Vegas, NV.
Mr. Steiker moderated a discussion, “Warrants in ESOP-owned Companies.” The topics included the proper amount of warrants in an ESOP formation, when purchased warrants are used, and how warrants are valued and how they impact the company’s value over time. The discussion also focused on lessons learned from considerable recent scrutiny of warrants by the Department of Labor.
Mr. Fusco co-presented “Is an ESOP Right for You? ESOP Feasibility Studies,” which covered the items typically included in feasibility analysis. Attendees viewed elements from an actual ESOP feasibility analysis and learned about census, valuation and financing indicators.
Mr. Chenin co-presented “Second-Stage ESOP Transactions: Fiduciary Considerations.” This session showed attendees how second-stage ESOP transactions are structured. Presenters also discussed the key issues that should be considered by the board of directors, trustees, selling shareholders and ESOP participants.
Mr. Steiker is a corporate, pension and tax attorney and financial advisor with more than 30 years of experience in ESOPs and other employee ownership matters. He focuses his practice primarily on ESOP design, transactions and compliance in entrepreneurial companies. He has a J.D. from New York University School of Law and a B.A. from Wesleyan University.
Mr. Fusco advises corporations, shareholders, directors and ESOP trustees on a wide variety of ESOP-related issues, both transactional and non-transactional. His transactional experience includes representing corporations, shareholders, trustees and lenders in ESOP transactions, including stock purchases, leveraged buyouts, mergers, acquisitions and corporate reorganizations. He has a J.D., cum laude, from the State University of New York at Buffalo Law School and a B.A., summa cum laude, in Economics from the State University of New York at Albany.
For more than 25 years, Mr. Chenin has counseled businesses and their owners on how to incorporate employee ownership into their business succession plans. He represents closely held businesses and their selling shareholders, ESOP sponsors and ESOP fiduciaries in transactions involving employer securities.
Mr. Chenin works with companies and their owners in the planning, development, implementation and ongoing maintenance of ESOPs. He also helps clients with IRS and Department of Labor examinations and audits, and in the resolution of plan defects, including the submission of plan corrections under both the IRS and Department of Labor correction programs. He holds a J.D. and a B.S. in Accounting from Case Western Reserve University.