Appvion Inc Retirement Savings and Employee Stock Ownership Plan v. Richards

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF WISCONSIN APPVION, INC. RETIREMENT SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN, by and through Grant Lyon in his capacity as the ESOP Administrative Committee of Appvion, Plaintiff, v. Case No. 18-C-1861 DOUGLAS P. BUTH, et al., Defendants. DECISION AND ORDER In 2001, Appleton Papers, Inc., a Wisconsin-based paper products company, which was owned at that time by a French conglomerate, Arjo Wiggins Appleton (AWA), was sold as part of an Employee Stock Ownership Plan, or ESOP, to Paperweight Development Corp. (PDC) for $810 million. The purchase…