关于选择其中一个策略的写作题，答案中需要分别分析为什么不选另外几个策略么？

问题如下：

Tom is a very successful entrepreneur. After six years of entrepreneurship, the technology company he founded is now worth $500 million. It is a private company. He is the controlling shareholder and owns 60% of the shares.

Since most of Tom's personal net assets are concentrated in his software company, he is rich in assets but scarce in cash. Tom met with Johnson, his private wealth adviser, for help. He indicated to Johnson that he wanted to avoid immediate taxable event for him or his company, and to maintain his ownership and control of his company. In this regard, Johnson proposed three possible strategies that Tom can use to generate liquidity from technology companies:

Strategy 1: Personal loan secured by Tom’s company’s shares without a put arrangement

Strategy 2: Leveraged recapitalization

Strategy 3: Leveraged ESOP (employee stock ownership plan)

Determine the most appropriate strategy that can generate liquidity and fulfill Tom’s wishes. Justify your response.

选项：

解释：

A personal loan secured by Tom’s company’s shares (Strategy 1) can generate liquidity and still fulfill Tom’s wishes.

The loan would allow Tom to maintain his ownership and control of the company, and since Strategy 1 does not contain the put arrangement，it has the advantage that it should not cause an immediate taxable event for the company or Tom.

Although at some point the debt will need to be repaid, Tom will have access to cash to diversify his concentration risk and will avoid triggering a taxable event. In most jurisdictions, the interest expense paid on the loan proceeds should be deductible for tax purposes.