Handling the Repurchase Obligation

Presenters

Jeffrey S. Buettner is a manager in the Valuation & Financial Opinions Group at Stout Risius Ross, Inc. His concentration is in ESOP and ERISA advisory services. Jeffrey has more than seven years of experience performing valuations and financial advisory services for a variety of purposes, including ESOP transactions and annual ESOP updates, fairness opinions, solvency opinions, mergers and acquisitions, corporate planning, business and security interest valuations, and financial restructuring. He has significant experience in performing analyses for a broad array of industries. Jeffrey is a member of the NCEO, the ESOP Association and the Business Valuation Association of Chicago.

Robert Conroy is a consultant with The Principal Financial Group, located in Glendale, California. Bob is a specialist in the preparation of repurchase liability studies. He holds a Bachelor of Science in Business Arts in Accounting and a Masters of Business Administration from the University of Southern California.

Brian Hector is a partner in the Employee Benefits and Executive Compensation Practice of Morgan, Lewis & Bockius. Brian focuses his practice on ERISA and employee benefits law including the areas of ESOPs, qualified plans, all types of executive compensation, fiduciary liability, and related securities law issues. He has served as counsel to companies and shareholders regarding the use of ESOPs in numerous transactions, including equity repurchases, ownership succession transactions, and corporate reorganizations. He has also represented lenders and trustees in ESOP transactions.

Rachel Markun is a partner at Johanson Berenson LLP. The firm focuses on employee ownership and benefit matters, with an emphasis on ESOPs, ESOP transactions, mergers and acquisitions, general corporate and business matters, executive compensation (i.e., stock option and other equity and non-equity incentives), business succession and estate planning, labor matters and dispute resolution. The firm represents companies, fiduciaries, employee groups, selling shareholders, lenders and institutional trustees in ESOP and conventional mergers and acquisition transactions. The firm's offices are maintained in Washington, D.C., California (Pasadena and Napa), Virginia (Arlington and Great Falls) and North Carolina.

Judith L. Kornfeld is the founder and president of ESOP Economics. She works with clients on all aspects of ESOP repurchase obligation planning, focusing on helping companies develop strategies for managing and funding their ESOP obligations. Judy has been working with ESOP companies for 20 years. In 1993, she founded ESOP Economics to create a resource to which companies could turn for advice and services related to their repurchase obligations, which were just beginning to emerge as an important issue. Over the years, she has authored many articles about ESOP repurchase obligations and is a popular speaker at regional and national ESOP conferences. Judy chairs the Interdisciplinary Advisory Committee on Fiduciary Issues of The ESOP Association (TEA). She also serves on TEA's Advisory Committee on Finance and is a past chair of that committee.

Corey Rosen is the executive director of the National Center for Employee Ownership (NCEO), a non-profit membership and information organization. He co-founded the NCEO in 1981 and has been its director ever since. Corey has spoken on various subjects related to employee ownership all over the world-with government, business, and union leaders-and he is regularly quoted in leading magazines and newspapers. He has appeared on national television and radio programs, and has authored four books on employee ownership, and more than 100 articles for various business, academic, and professional publications. He has authored or co-authored several of the NCEO's practical and research publications.