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Employee Ownership Legal Digest
Tabitha Croscut

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Tabitha is a Shareholder at Devine Millimet & Branch in Manchester, NH, where she counsels clients on Employee Stock Ownership Plans (ESOPs) as an ownership succession and employee incentive strategy. She advises business owners, companies, individual selling shareholders, banks, and ESOP trustees on ESOP transactions ranging from under $1 million to over $400 million, as well as ongoing ESOP compliance, fiduciary matters, and US Department of Labor and IRS audits. She frequently speaks at ESOP conferences nationwide and serves on the Board of Trustees for the Employee Ownership Foundation and as a Director of the Vermont Ownership Center.

Tabitha Croscut

Court Rejects ESOP Claims Against Auditor in Appvion Bankruptcy Fallout

Appvion, Inc. Retirement Savings and Employee Stock Ownership Plan v. PriceWaterhouseCoopers LLC, No. 2023AP1709 (Wis. Ct. App. Jan. 27, 2026)

The Appvion, Inc. Retirement Savings and Employee Stock Ownership Plan (ESOP) owned 100% of Paperweight Development Corporation's stock. In 2017, Paperweight Development Corporation (PDC) and its subsidiary Appvion, Inc. filed for bankruptcy, leaving the PDC stock worthless.