There is a non union LTL in my area that let the owner talk these guys into,”employee owned” status. This was 10 years ago, and they still are like the lowest paid drivers around. Plus they almost were broke about 5 years ago when an accident cost them over a half million above what their primary insurance paid. But the guy who sucked them into this ownership still gets his payment out of the company weekly, as on paper he is like a lender and not the owner...Since when did the union want to let the employees they represent buy the company they negotiate with?
The one time I ever heard of this happening, the company was dead in three years because the employees and their union never really understood that they owned the place they were trying to demand more money and less work time from. Look up InterLink Freight Systems, they were the biggest LTL in Canada when they collapsed.