I HATE VALIN. I HATE VALIN. I HATE VALIN. I HATE VALIN. I HATE VALIN. and that is saying it mildly.

I would of made more money had I invested it in Government Bonds!

I am now 100% against ESOPs. They are a cheap way for management to screw the average worker. Look at Bear Sterns. Their stock was $159 in Feb 2007, $89 in Dec 2007 and now worth only $10. The firm was 1/3 employee owned. Yet a senior manager had options to buy $15 mill worth of stock for $0 in Dec and he sold it! Just before the crash.

If you have your retirement riding on Valin I would liquidate into a diversified account. If you still work for them since they are now 100% employee owned I would make sure Valin’s upper management doesn’t give out huge bonuses to themselves from the profits that are really owned by the employees. I would sue to have voting rights on Valin Senior management pay packages. They already had one accounting swindle a few years back don’t think another couldn’t happen.

Valin used to be a model company now Valin is just a model at screwing ex employees.

Update I got half of my retirement payout 5 months after it was promised to me. If your a Valin Employee I apologize but I am suing Valin for every penny I can get.
Wheres the rest of my money!???

Its mid September and the ESOP certificate they promised after july still has not arrived. I was told another 3 weeks by the Principal Financial Group. My concerns is maybe they have more fincial hanky panky going on. Fire the CEO!!!! He sucks!

It’s Oct 5 and Valin was supposed to send out ESOP certificates in July 2008. I am very concerned about the money of mine that they have. The Principal Financial Group has no answers for me. I am going to sue the out of Valin. I already have contacted my lawyer and he seems to think all Valin Employees could possibly sue upper management over this in a class action. I think the CEO should have all his ets seized and forfeited. If I was a customer of Valin’s I would be very worried about committing to buying their products because they might have cash flow problems and you could get stuck without parts.

Update Dec 17, 2008.
Its amazing that an ISO9001 company with focuses on on time delivery can not tell people when they will get distributions of money. It is a black hole and ridiculous. It takes them over 9 months just to value the business and send out ESOP letters. 9 Months!!!!!! Then it is another 2+ months to distribute money when requested. As you can see once again with the Tribune Corp that ESOPs are ways for owners to slime their employees. Sam Zell used the Tribune ESOP to borrow billions and now declares bankruptcy. All those employees just lost all their retirement savings and Sam walks away still rich.

ESOPs are bad for employees. Don’t accept them. Ask for straight stock that is liquid so you can sell when you wish. Overall I would of made much more had all my ESOP contributions gone into my 401k and I could of cashed out at anytime vs being held hostage like I am today.

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