A timeline of the Market Basket supermarket family feud

November 2007: $12.5m of Marketplace Basket’s profit-sharing plan is invested in Federal Property Loan Mortgage Corporation, also recognized as Freddie Mac.May well 2008: $33.75m of Marketplace Basket’s profit-sharing strategy is invested in Federal National...

A timeline of the Market Basket supermarket family feud

November 2007: $12.5m of Marketplace Basket’s profit-sharing plan is invested in Federal Property Loan Mortgage Corporation, also recognized as Freddie Mac.

May well 2008: $33.75m of Marketplace Basket’s profit-sharing strategy is invested in Federal National Mortgage Association, also known as Fannie Mae.

five August 2008: Trustees report the above-talked about investments to the board of directors.

January 2009: Immediately after the board of directors votes five-to-two to make restorative payments to the program, Demoulas Super Markets Inc pays $46m into the profit-sharing program to replace the cash lost on the Fannie and Freddie investments.

April 2009: Arthur S Demoulas’ side of the family members files a lawsuit about the Fannie and Freddie investments, alleging that Arthur T Demoulas, current Industry Basket CEO, and the two trustees of the plan, William Marsden and D Harold Sullivan, “knowingly triggered the plan to be in violation of the plan’s investment policy”. The family also files a lawsuit against the board of directors for not taking action against the trustees “despite ample proof that the trustees knowingly violated” the guidelines.

3 June 2013: Just after years of back and forth, Judge Rya W Zobel authorizes Arthur S’s side of the family to “seek complete recovery of the plan for its $46m loss”. The judge dismisses the element of lawsuit filed against the board of the directors.

June 2013: Rafaela Evans, who owns just over four percent of Market place Basket shares, switches her allegiance from Arthur T to Arthur S.

July 2013: Save the Marketplace Basket Facebook web page is made.

September 2013: Judge Judith Fabricant permits Marketplace Basket to proceed with a $300m distribution to shareholders regardless of objections from Arthur T. In an interview with PBS, a extended-term employee Tom Trainor describes it as a dividend bonus.

4 September 2013: The “We are Marketplace Basket” web-site is designed. The 1st post is a pdf of a deposition offered by a Market place Basket employee, Joe Rockwell, about a July 2013 pay a visit to from Arthur S, throughout which Arthur S mentions future plans to fire and replace Arthur T.

25 November 2013: The board of directors begins a selection process for new investment advisors for the profit-sharing program.

April 2014: William Marsden, former trustee of the profit-sharing plan, pens a letter to the board asking for clarification as to why he was removed as the trustee of the profit-sharing plan.

23 June 2014: Arthur T, William Marsden and Joe Rockwell are fired by the board.

25 June 2014: Inside days, seven executives quit their jobs with Industry Basket to protest Arthur T’s firing.

13 July 2014: Employees at the Burlington Market Basket hand out “We are Marketplace Basket and we need your help” pamphlets to shoppers

15 July 2014: Employees at the Tewkesbury Industry Basket demand that Arthur T be rehired.

18 July 2014: We are Market Basket organizes its initial rally to bring back Arthur T. In a post to their consumers, the organizers write: “We would love for any and all of you to be at our side.”

20 July 2014: The board of directors confirms that it has let go of some workers, such as Paulenka, Trainor, Gordon and Lacourse. “Their actions continued to harm the corporation, negatively impacted shoppers, and inhibited associates’ capacity to execute their jobs,’’ was the official line.

21 July 2014: Arthur T releases 1st statement since getting let go asking that Market Basket reinstate the fired personnel.

23 July 2014: Arthur T’s side of the family announces that they are prepared to invest in the other half of the business from the Arthur S faction of the Demoulas loved ones.

25 July 2014: While the board of directors meets to take into consideration Arthur T’s bid, protesters hold a third rally in Tewkesbury. The board of directors announces it’s taking into consideration all bids for the corporation, including that from Arthur T.

30 July 2014: Market place Basket’s new CEOs, Felicia Thornton and James Gooch, tell boycotting Market Basket workers that they will need to return to operate by Monday four August.

1 August 2014: The eight terminated personnel announce that they will be suing Marketplace Basket. “We feel like we had been wrongfully terminated for speaking out with our proper to organize,” says Tom Trainor, 1 of the fired workers.

3 August 2014: Arthur T issues a statement that he is prepared to return to operate instantly “in advance of the completion of the stock purchase” if his bid were to be accepted. In order to stabilize and begin to restore the company, he would bring back his full group, according to his spokesperson.

4 August 2014: Marketplace Basket holds a job fair. Concerned with the safety of potential job applicants, the firm sets up an e-mail address exactly where these interested can send their resumes.

5 August 2014: The day soon after the previously announced deadline for workers to return to perform, Industry Basket personnel and protesters hold a fourth rally in Tewkesbury.

7 August 2014: Massachusetts attorney general Martha Coakley creates a hotline for Market Basket personnel.

8 August 2014: The board of directors says that they have invited Arthur T to rejoin the organization, but not as a CEO. Arthur T declines the offer you.

8 August 2014: Massachusetts Governor Deval Patrick pens a letter to Market Basket board of directors urging them to find a prompt resolution. “[Y]our failure to resolve this matter is not only hurting the company’s brand and company, but also several innocent and fairly powerless workers whose livelihoods rely on you.”

9 August 2014: Arthur S challenges a statement noting that he is prepared to sell to Arthur T – and deliver a loan on his personal terms. He adds, nonetheless, that Arthur T’s “conduct to date” undermines Marketplace Basket.

10-11 August 2014: Arthur T difficulties a statement that he doesnot think that a war of press releases and statements is valuable to this incredibly serious situation” and that he doesn’t want to negotiate in the press. The 3 independent members of the Market place Basket board of directors concern a statement asking workers and consumers to come back. “It is time to get every person back to perform. We need to end this zero sum game and act in the greatest interest of our associates, prospects – and in the finish, our organization,” they create.

14 August 2014: Governor Deval Patrick says he has spoken to each the board of directors and Arthur T Demoulas and that a deal is in the operates. He calls on the Industry Basket workers to go back to their shops.

Read More: Theguardian

14 August 2014 Thursday 09:51
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