Pioneer Centres Holding Co. Employee Stock Ownership Plan & Trust v. Alerus Financial, N.A.

This case involves a proposal to transfer control of three dealerships that sold Land Rover vehicles. The dealerships were owned by a company called “Pioneer Cen-tres Holding Company.” Pioneer was owned by Mr. Matthew Brewer.

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Mr. Brewer wanted to sell his entire interest in Pioneer to its employee stock ownership plan.

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The sale was to be negotiated with an independent fiduciary for the plan (Ale-ras), but the transfer of the dealerships was conditioned on approval of the company that manufactured the vehicles (Land Rover).

Aleras and Mr. Brewer reached an impasse, so…