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Shareholder payout has Market Basket workers worried

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Post  fshnski Thu Sep 26, 2013 4:33 pm

A Suffolk County Superior Court judge has cleared the way for a $300 million payout to Market Basket shareholders, a move that depletes 60 percent of the grocery chain’s available cash and will forever change how the company operates, according to President and CEO Arthur T. Demoulas.

He was unsuccessful in convincing Judge Judith Fabricant that his cousin, Arthur S. Demoulas, has stacked the company’s board of directors in violation of a previous court order requiring that three directors on the seven-member board be independent of the Demoulas family.

Ken Ficek, a 32-year employee who is an assistant manager at the Storrs Street Market Basket in Concord, said employees expected the Boston, Mass., court decision would not go Arthur T.’s way.

“We kind of figured it was going to happen,” he said. “Most of us are worried about our profit-sharing. It’s kind of up in the air right now.”

Joe Lessard, a 20-year employee who is a full-time aisle clerk at the Fort Eddy Road store in Concord, said he can’t understand why board members of a profitable, debt-free company want to reverse course.

“It’s kind of nerve-wracking,” he said. “This is a company that has no debt and they want to go into debt. It’s kind of alarming, you know?”

http://www.unionleader.com/article/20130926/NEWS02/130929467

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Post  Amy B Tue Oct 01, 2013 1:19 pm

Is it  Arthur S. or Arthur T. who has a house somewhere in the lake? Do you know where?
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Post  fshnski Tue Oct 01, 2013 1:27 pm

I don't know ... WHL might.

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Post  WHL Tue Oct 01, 2013 6:10 pm

Both. One is just above the Libby Museum and the other is on Tuftonboro Neck. It used to be Pick Point Lodges.
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