"They will occupy the entire building with separate offices if the offer is approved," Hill says.

The money would likely go toward paying the mortgages, about $6 million owed to Life Investors Insurance Co. of Iowa and to Bank One Corp. of Chicago. The bankruptcy court will decide whether to accept the sale on April 17, Hill says.

SES is a professional employer organization, a company that contractually assumes and manages human resources, personnel responsibilities and employer risks for small to mid-size businesses by establishing and maintaining an employer relationship with worksite employees.

The reorganization plan calls for the payment of more than $30 million to creditors with major payments to the government for taxes. The reorganization plan also calls for employee stock ownership. When the plan is approved, it will create the first professionalemployer organization in the nation with partial ownership by the employees, company officials say.

Unsecured creditors, who are often left out of reorganization plans, will also benefit asfuture stockholders of the company along with the employees. Joseph J. Whall, CEO of the company, says he believes the plan is fair to all parties involved in the dramatic turnaround at SES. Whall says the company is a solid business.