ARSENAL (4-2-3-1)OSPINA,BELLERIN, KOSCIELNY, GABRIEL, MONREAL,ELNENEY, COQUELIN,IWOBI, OZIL, SANCHEZ,WELBECKDEENEY, IGHALO,BEHRAMI, CAPOUE, SUAREZ, JURADO,AKE, BRITOS, CATHCART, NYOM,GOMESWATFORD (4-4-2)Since beating Barclays League leaders Leicester City in mid-February, Arsenal have won just once in the league in four games, the 2-0 victory at Everton last time out.That poor run leaves the Gunners 11 points behind Leicester and six behind Tottenham Hotspur, who are second.Watford have kept only two clean sheets in their last 13 Premier League games but on March 13 they won 2-1 at the Emirates in the FA Cup quarter-finals to set up a Wembley semi-final against Crystal Palace.That was Watford’s first win at Arsenal since 1988, when they won 1-0 at Highbury in the old First Division.Since then, Arsenal have won five out of five in the league against the Hornets, most recently the 3-0 victory at Vicarage Road in October, with goals from Alexis Sanchez, Olivier Giroud and Aaron Ramsey.Watford arrive on the back of three straight defeats, a run which has seen them drop to 14th in the Premier League and just 11 points clear of the relegation zone. One more victory should assure Watford of their Premier League place but they have won only five times away from home in the league, most recently at Crystal Palace in February.Arsenal are still without Santi Cazorla, Ramsey, Tomas Rosicky and Jack Wilshere. There is a chance that goalkeeper Petr Cech can return after a five-match absence caused by a calf injury. Mathieu Flamini is another to have to go undergo a test.Watford, meanwhile, are still missing Joel Ekstrand, Rene Gilmartin and Tommy Hoban.
In order for the ESOP to be created, an independent trustee must vet the transaction and make sure it’s fair to the employees relative to what Zell is getting, and also whether the price being paid by the ESOP is justifiable given the expected future profits of the company. Tribune said in a statement that there would be no change in the pension benefits previously earned by employees as a result of the transaction. The new ESOP will be funded solely through company contributions. It all may sound quite appealing, but there are several cases of ESOPs that went wrong, some spectacularly so. UAL Corp.’s United Airlines adopted an ESOP structure in 1994, but employees suffered steep losses after the company declared bankruptcy in 2002. Corey Rosen, an expert on ESOPs and the founder and executive director of the National Center for Employee Ownership, an Oakland-based nonprofit organization, says several missteps were made in the United case. Rosen pointed to several examples of successful ESOPs, including Publix Super Markets Inc., a fast-growing and highly regarded grocery chain based in Lakeland, Fla., as well as W.L. Gore & Associates Inc., the Newark, Del.-based maker of waterproof fabric Gore-Tex.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The new ESOP-owned Tribune will have roughly $13.4 billion in debt after the deal, Bear Stearns analyst Alexia Quadrani said, up from about $5 billion now. Real estate investor Sam Zell is contributing $315 million to the transaction and will wind up with the right to buy 40 percent of the company later. Since ESOPs act as a kind of retirement benefit plan, company contributions to ESOP plans are essentially tax-free. This allows the company to pay down the debt more quickly. As the debt is paid down, employees will gradually receive shares in the company as a benefit, and they won’t owe tax on those shares until they leave the company or retire and cash them out. What’s more, to the extent a company is owned by an ESOP program, profits aren’t taxed, either. NEW YORK – The deal announced Monday to take the Chicago-based media company private will result in Tribune being owned by an employee stock ownership plan, or ESOP. These plans have many advantages including significant tax breaks, but they also carry certain risks. An ESOP is a kind of benefit plan for employees in which the company contributes money, as it would to a pension or similar kind of retirement savings account. But instead of investing in stocks or bonds, as most pension plans might, an ESOP plan will use those contributions to pay down debt and buy stock in the company, which is then distributed to employees as a benefit.