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A group of P&C employees has been developing an employee stock ownership plan which would allow workers to take ownership of Penn Traffic. The company filed for bankruptcy in November.

The owner of OK2CASH.com said he has an international company willing to invest enough money in an employee stock ownership plan to be able to compete with other companies that have entered bids for Penn Traffic's assets.

"Everything's done on our part. The proof of funds are with the court, the intention letter and the informal sort of bid because the bid has to be put together formally, I feel this is going to go through," said Robert Nash, owner of OK2CASH.com.

There are many examples of successful employee stock ownership plans, according to Syracuse University professor Larry Bennett. But he says it can be difficult to get the plan off the ground.

"Is the potential there, certainly. People need food, it's not something that's going to go away on a pure economic whim. Yet, I think that it's safe to say that there's been a pretty consistent track record of some challenges in Penn Traffic," said Bennett, an Entrepreneurial Practice Professor.

There are already bids on the table from other grocery store chains.

Tops said it wants to buy all of the P&C stores, while Price Chopper said it would like to buy 22 of them.