@Matt_Noyes
1/2 The ESOP members do get a vote on this (the article implies it hasn't happened yet). I wonder if the vote is on a per-person or a per-share basis, and if the latter, how the vote will break down. Is this something the majority of the employee owners want, or is it something that a few big shareholders are pushing through?

@Matt_Noyes
2/2
700 workers and 300 of them will get at least $100K, plus they're being told they won't lose their jobs, so I could see how ppl would take the money, especially if they don't feel like the ESOP is much differently managed than a trad. corp.

What say you @mattcropp ? What's your take on this development, being in both the brewing and ESOP games?

@GuerillaOntologist @Matt_Noyes

Bummer (to me).

This is one of the features or bugs of the ESOP model, depending on how you look at it. In the "broad-based employee ownership" space, I perceive there to be two (mostly implicit) ideologies: () and ().

The former views the profitable sale of an EO company as a triumph, since the increased value of the firm is broadly shared. 1/

@GuerillaOntologist @Matt_Noyes The latter, whose co-op model functions to de-commodify the firm, views it as a tragedy: an "island of cooperation" being swamped and reclaimed by the sea of capitalism, thus pushing back the goal of those islands merging into continents and the sea receding into lakes. 2/2

@mattcropp @GuerillaOntologist

Really succinct and nicely said. I am definitely of the latter persuasion...

@Matt_Noyes @GuerillaOntologist This article that @ntnsndr shared gets into more details. Sounds like the repurchase obligation in the face of growing valuations was diverting cash from needed scaling capital investment. In a way, almost a victim of its own success...
fastcompany.com/90433418/cheer

@mattcropp @GuerillaOntologist @ntnsndr

When capital is the organizing principle accumulation trumps mutuality. In a similar way, Fagor went bankrupt because of their aggressive acquisition strategy.

I also think we should be careful to value Kim Jordan's promises that very little will change -- B Corp status, carbon-neutral, etc. as hot air, unless there is some kind of contractual language backing them up. Is there? Otherwise it depends on the whim of the new owners.

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