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Avon Radio Control Flyers Discussion Area >> General Board >> Oh-Oh
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Message started by Steve Mosher on Jan 10th, 2018 at 9:54pm

Title: Oh-Oh
Post by Steve Mosher on Jan 10th, 2018 at 9:54pm
Anyone else see this:

http://www.news-gazette.com/news/local/2018-01-10/hobbico-files-bankruptcy-layoffs-next.html

Title: Re: Oh-Oh
Post by Fingers on Jan 10th, 2018 at 11:31pm
Unfortunately, I doubt they'll find a buyer..

Title: Re: Oh-Oh
Post by Bill F (retiredVTT) on Jan 11th, 2018 at 1:03pm
Wow....gotta feel sick for the employees when you read the following...

...The U.S. Department of Labor is investigating Hobbico's employee stock-ownership plan after the company deferred payments.

After deferring those payments at the end of 2016, then-CEO Wayne Hemming wrote to employees that, "It is expected that 2017 will also be a challenging year for the business."

The share value of employee stocks recently declined by more than 80 percent, with one former employee saying the value of her ESOP account dropped from just over $27,000 to less than $5,000



Title: Re: Oh-Oh
Post by Fingers on Jan 11th, 2018 at 2:54pm
Stock purchase plans are great, but you have to keep track of what's happening....

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