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Litigation looms in MGT Construction’s $28M debt, $50K assets bankruptcy

June 20, 2018

The alleged financial improprieties at MGT, according to Richmond BizSense, resulted in a 2016 overpayment of cash distributions to participants in the company stock plan. They were ordered to return the money, but Thalimer made repayments on behalf of the employees instead.

These employee stock ownership plans, also known as ESOPs, are popular employer-sponsored savings and retirement programs, allowing those who work hard for their companies a chance to reap the rewards of those efforts beyond a paycheck.

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