See more of ISCO Industries on Facebook. Log In. The various trust defendants all are structured for the benefit of the Kirchdorfer family and were among the purchasers of ISCO stock in the buyback transaction described further below. James made no inquiry of any ISCO sales executives concerning the company’s forecasts or valuation, and to plaintiffs’ knowledge, did not solicit the opinion of any participants, much less conduct even an informal survey of participants concerning the proposed transaction or its terms,” the complaint states. (Jimmy) Kirchdorfer, Jr., is the chair and CEO of ISCO, a company his father, James J. Kirchdorfer Sr., formed in 1962. He helped us find the proper side hose for our irrigation traveler and helped us get it installed. Indeed, publicly available information indicates that they have been ISCO’s only or majority directors at all relevant times.”The complaint further alleges that Jimmy and Mark Kirchdorfer were “the sole or controlling directors of ISCO” enjoying “full authority to dictate membership of the committee charged with administering the ESOP.”With those facts laid out, the complaint notes that ISCO formed the ISCO ESOP in 2012, with the Kirchdorfers and their trusts agreeing to sell the outstanding shares of ISCO stock to the ESOP for $98 million, or approximately $24.50 per share. He was a joy to work with. Their interests in the ISCO ESOP were vested on or before February 14, 2018, according to the complaint.The complaint details its list of defendants as follows: “Defendant Stephen C. James is a Louisville-based consultant. Thank you for the years of support and we look forward to continuing to offer you the customer service you have come to associate with ISCO Industries. The now-settled lawsuit that targeted Wilmington Trust directly alleged that the firm had violated its ERISA duties in agreeing to “a dramatically inflated valuation and price for the shares of ISCO stock as of 2012.”“By summer 2016, with ISCO experiencing financial doldrums, the Kirchdorfer defendants saw an opportunity to buy back the ISCO stock they had sold to the ESOP four years earlier and began plotting to do so,” the complaint states. They kept estimates ongoing and updated. 532 people like this. Everyday life would be much more enjoyable if there were more people like him. At the time, Mr. James had very limited experience serving as an independent trustee for an ESOP and instead was the full-time CFO [chief financial officer] of a large chain of dental practices.”The complaint continues: “Defendant James J. Please contact the PLANSPONSOR Reprint Manager, The allegations and claims made by these plaintiffs have absolutely no merit in law or fact, and ISCO intends to vigorously defend itself in the matter.” “Fully anticipating that the true forecasts would come to fruition, the Kirchdorfer defendants became the owners of ISCO’s stock on February 14, 2018, so that they, and not the plan participants, could enjoy those record-breaking financial results.”The complaint concludes its technical fiduciary breach and prohibited transaction allegations by calling on the court to issue various remedies including re-establishment of the ESOP, monetary compensation and the installment of an independent trustee.In response to a request for comment about the litigation, David Haick, ISCO general counsel, provided the following: “ISCO is aware of this complaint which was filed by three former employees of the company.