Fascinating! I just have a few questions for clarification:

  1. This proposal makes the buyback essentially a liquidation event, so the shareholders and managers can just leave and let the workers deal with the company on their own, right?
  2. Would banks be forced to extend credit for daily operations to the cooperative or can they decline to once the buyback process takes place?
  3. Can the board reject the buyback if the offer is below their valuation? Actually, how does the valuation take place exactly without a stock market consensus?
  4. Would the government be automatically forced to give out these loans if the vote succeeds? You mentioned a 0% interest rate, so what would the mechanism to adjust for the risk difference between Snap Inc. and Google becoming a cooperative be?
  5. How does the vote play out with a global company? Do the workers who vote against the cooperative have the option of spinning off or do they just leave?

Thanks in advance for the clarification

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    Lorenzo Barberis Canonico

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