Eircom ESOP: when's our next windfall?

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Hi. First post so go easy. Current employee (22 years). Rumours are one of the few constants in work. Every week seems to bring a new one. So, this weeks edition has the new owners looking to invest 100 million in the network to provide fibre to the curb and looking for the ESOP to provide 35% of this investment. It is seen as part of the long term solution, to compete with other service providers bringing t.v., broadband and phone in one cable.
 
well johnny i would suggest that if that is the case , some of us will be pushing up daisies before we see another payout
 
Indeed. Not good news, but then again, next week may bring completely different news.
 
johnny cash said:
Hi. First post so go easy. Current employee (22 years). Rumours are one of the few constants in work. Every week seems to bring a new one. So, this weeks edition has the new owners looking to invest 100 million in the network to provide fibre to the curb and looking for the ESOP to provide 35% of this investment. It is seen as part of the long term solution, to compete with other service providers bringing t.v., broadband and phone in one cable.
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Wouldn't another ballot be required if they were going to invest funds into the company??
 
grover up to now they have done everything they have wanted to without holding a ballot . indeed their arrogance was such , that in most issues they did not even CONSULT us . they redeemed shares in our name in june , but did not give us a payout , also a payout was expected at christmas by the vast majority , this was also not forthcoming , they would like us to believe that this is prudent management of our money , my believe is that this is their way way of ensuring continuity of secure employment for their former union coharts of whom so many are now employed by esop . ps then they tell us that the esop and union are seperate entities
 
The percentage of esop board are ex eircom union people, who received redundancy payments and are now looking to secure their employment.
 
paul o b said:
grover up to now they have done everything they have wanted to without holding a ballot . indeed their arrogance was such , that in most issues they did not even CONSULT us . they redeemed shares in our name in june , but did not give us a payout , also a payout was expected at christmas by the vast majority , this was also not forthcoming , they would like us to believe that this is prudent management of our money , my believe is that this is their way way of ensuring continuity of secure employment for their former union coharts of whom so many are now employed by esop . ps then they tell us that the esop and union are seperate entities
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I'm not disagreeing with you but surely to invest funds they have to have a ballot. In the same way that we had to agree to a possible reinvestment due to the STT buyout. They did not have to do a ballot to stop allocations (so they could keep esop and their jobs longer) but to invest funds they would have to get a majority vote which I do not belive they will get this time
 
i just feel that the whole thing was a con job from start to finish . if you cast your mind back to the inception of esop , we were givin the distinct impression that we were going to make a once off killing , people were talking of figures in the region of 150k per man , now while i accept they did not say anything of the sort , they did absolutly nothing to quell the roumers . they knew people were on a high with the expectation of a life changing amount it was only after we signed up to esop that they drew our attention to the fact we could not exceed 12,700 in any one year, in fact one particular manager talked about how he was going to upgrade his boat on the strenght of this money . in addition to that there was a perception that the esop board were to be ELECTED to office on an anual basis , the same people have been there since it all began with the exception of those who were replaced through ether having left , or retired from esop or whatever other reason . in any event we were NOT asked who we wanted to replace those who had left [ again a clear breech of the domocratic principles they advocate support for ] and an obvious route to secure employment for their former c w u colleagues . finally it is my recolection that regular meetings would take place between esop members, and the esop board , this has not happened in fact i cannot remember the last time such a meeting took place if at all . are they afraid awkward questions may be asked ?
 
Paul .o b The esop board never had a meeting with the members, the whole setup is so undemocratic it stinks.
 
if the esop board want to invest more money in eircom ex workers should be given the option to opt out
 
paul o b said:
if you cast your mind back to the inception of esop , we were givin the distinct impression that we were going to make a once off killing , people were talking of figures in the region of 150k per man
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Obviously, mr. o b, you are suffering from selective memory syndrome or selective memory loss, possibly to put some ridiculous negative construct on what has happened with ESOP since it's inception.

It is my recollection, and this is borne out by the extensive documentation which was distributed to prospective participants and road shows prior to ESOP, that share allocations were to be handled in a particular way for tax efficiency, in line with legislation. There was, and is, a limit of £10,000 which could be distributed in any tax year. This equates to the €12,700 figure you quote.

I have provided links below so as to allow you to refresh your faulty memory in regard to what actually happened.









paul o b said:
now while i accept they did not say anything of the sort , they did absolutly nothing to quell the roumers .
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So you accept that there is no factual basis whatsoever in what you have published above, that it is totally based on rumour? Yet you see fit to repeat the rumour, and do everything possible to ensure that they are publicised.

So you start or repeat rumours which have no basis in fact, then you accuse the subject of those rumours of not doing anything to quell those rumours.

What kind of warped thinking is that?



paul o b said:
they knew people were on a high with the expectation of a life changing amount it was only after we signed up to esop that they drew our attention to the fact we could not exceed 12,700 in any one year
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Where is your evidence to show that the ESOP Board knew that people were expecting a single life-changing amount? You know that that was not possible without incurring massive tax liabilities for participants.

You are again accusing the ESOP of withholding relevant information from Participants and acting in a totally reprehensible fashion in regard to the annual allocations, and you also know that this is completely false and untrue.



paul o b said:
in addition to that there was a perception that the esop board were to be ELECTED to office on an anual basis ,
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Source for this perception please?


paul o b said:
finally it is my recolection that regular meetings would take place between esop members, and the esop board , this has not happened in fact i cannot remember the last time such a meeting took place if at all . are they afraid awkward questions may be asked ?
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Again, name or show documentary evidence for this.

Can I say finally, it appears that you were involved in some way as a Union Rep prior to leaving eircom. Just got that from previous posts.

I am very glad that you did not represent me, if the foregoing is any example as to how you handled the business of representing the members.
 
Here we go again. More bitching and backbiting. I really couldn't care less what happens to eircom at this stage but am tied to this bumbling dinosaur because of the esop. I want my money and I want out. In fact, I need my money. Can someone offer a ray of hope in this regard?
 
I need the money too and I also want out. When will this Happen?
 
Here here guys i too want my money NOW and i also want OUT of this will we or wont we charade i am sick and tired of it all at this stage
 
yeah would be nice, I was planning on using my next payment to clear debts, so I could start looking at buying my own place

Guess that plan is on hold until esop make an announcement - whenever that might happen
 
I heard yesterday we are getting a cheque the end of Feb, ppl are saying its 10k for full allocations.


The person who mentioned this always gets good info, but as per usual we will have to wait and see .
 
jimmerjam said:
I heard yesterday we are getting a cheque the end of Feb, ppl are saying its 10k for full allocations.


The person who mentioned this always gets good info, but as per usual we will have to wait and see .
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unfortunately some here have made similiar claims about their sources getting good info and this has proved not to be the case.

However as you said in closing - wait and see - although this seems to be the only option left to some of us ex-eircoms
 
I heard the same as jimmerjam. This same person who said this to me also told me much earlier on that there was definitely no payout at Xmas. I just chose not to believe him at the time.
 
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