EFES NEWSLETTER - JANUARY 2009
the present crisis so different from others? No future,
the end of the world, the end of the free enterprise economy,
the end of (employee) ownership? As usual, the biggest crisis
we've ever seen. As usual doomsayers and happiness mongers
as well. As usual most were surprised while many had predicted.
As usual bankruptcies, scandals, even surprising frauds,
some billionaires suicides. Gesticulations as usual and
reflection. As usual some cry for freedom while others for
more regulation. As usual, many look backwards while some
look forwards. Get
here a long-term vision of financial crisises 1929-2008
and rescuing distressed companies
Bailout plans are multiplying, involving employee ownership.
However, all companies cannot be saved. Last month, Tribune
Company went bankruptcy in the USA. One year ago, it was
acquired through an ESOP (employee stock ownership plan)
for 8.4 billion dollars. Tribune employees won't be losing
anything from the company's employee ownership stock plan.
However a bad story for ESOPs. What about the automotive
crisis? Is employee ownership the future of automotive companies?
Which future for employee ownership? This is a new big debate
in the US. After the ESOP Foundation launched its "Employee
Ownership Blog" some months ago, it is now turn for
the US National Center for Employee Ownership. Both blogs
give the opportunity to some of the most experienced experts
to discuss the point: Michael Keeling, Corey Rosen, John
Logue and John Hoffmire
pas at the European Commission
The recent call for proposals concerning employee ownership
was corrupted. A double complaint was addressed to the European
Much new information about employee ownership in December
2008, with 1.130 articles in this press review (on which
313 involving stock options and 214 about workers' cooperatives).
We made a selection of 47 remarkable articles in 15 countries:
Austria, Belgium, Canada, China, France, Germany, India,
Ireland, Italy, Netherlands, Russia, Spain, UK, USA, Zambia.
Austria: The new government seems giving lower attention
to employee ownership compared to its predecessor.
Germany: IG Metall union calls for employee ownership
in the context of the automotive crisis.
France: 67% of all large French groups are already
preparing new employee share plans for 2009. No crisis for
employee savings which increased strongly in October. A
first benchmark for employee savings accounts. Success for
new employee share plans in large groups: Vallourec, Vinci;
however Rexel postpones. New workers cooperatives for bailouts:
Cepam, Couture Venise Verte.
Ireland: Ryanair looks for employee owners' support
for its takeover bid on Aer Lingus.
Spain: The legislation on employee-owned companies
should be corrected.
UK: What now for stock options under water? Going
to a repricing wave?
USA: Three main topics in the US, while the National
Center for Employee Ownership is launching its new "employee
ownership blog": Tribune bankruptcy, employee ownership
to face the Auto crisis, and a repricing wave for stock
options. Following Corey Rosen, at least Tribune employees
won't be losing anything from the company's employee ownership
The press review is available
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