On April 6, Tom Fawkes was quoted in Good Beer Hunting on the impending receivership of Modern Times, the 48th largest craft brewery in the United States by production volume. If the bank’s appointed receiver cannot sell the company as an operating business and instead liquidates it and sells its assets piecemeal, there could be unfortunate consequences for members of the company’s Employee Stock Ownership Program (ESOP), who own 30% of the brewery.

“The members of the ESOP are at real serious risk of losing their investment,” Tom said. “The only way that they’re going to recover anything is if the receiver is able to sell the business at a sufficient sum to pay back secured creditors and trade creditors. They’re at the bottom of the stack.”

Read the article and more of Tom’s commentary here.