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Kelso had long believed that the company''s own employees should be the logical buyers and the ultimate owners; they were the ones who made the business success-ful in the first place, and

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1994 – With United Airlines on the brink of financial crisis, a large ESOP is founded as a bold new experiment in airline company governance. Over 50% of the company is distributed to

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The Origins and Growth of Employee Stock Ownership in the

Kelso believed employee ownership could democratize capitalism by allowing workers to share in the wealth they helped create. His groundbreaking idea was to use leveraged financing,

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