Ron Gilbert

By Ronald J. Gilbert & Corey M. Rosen In 1987, WesRay, an investment firm led by former U.S. Treasury Secretary Bill Simon, a man of considerable financial acumen, sold AVIS to the AVIS Employee Stock Ownership Plan (ESOP). In addition to being attracted by a...

ESOPs ended up under ERISA, not by design, but because the legislative father of the ESOP Senator Russell Long was able to seize upon the extraordinary legislative opportunity to add ESOPs to the much larger pension reform bill. One consequence was that the Department...