TransPerfect News Thread
Here is a new thread for Transperfect case followers.
Back on the 9th El Som wrote:
TransPerfect’s Campaign Imperfect. Did any of you see that commercial sponsored by some PAC called something like Pro-Business Delaware? Basically the ad says that, thanks to the Court of Chancery’s decision in the TransPerfect case, a decision necessitated b/c the two key TransPerfect officials just couldn’t get along, Delaware will lose its pre-eminent status for incorporations? It’s part of a $500,000 (!) campaign to influence Delaware legislators. Well, so far the score is one who has been influenced (Bonini) and two who have turned thumbs down (Simpson and Lavelle). When a so-called pro-business PAC loses the R Senate leadership, it has lost Delaware. Maybe they should spend the $500 K to send the two feuding officers to counseling.
This is not being funded by the owners, it’s being funded by jobs put in jeopardy by a crooked judge. It’s the judges fault, the company is rocking and needed no court intervention. The reason was manufactured. One owner said no to everything. She shouldn’t be rewarded. She used the courts. Bob Pincus, Kevin Shannon, and the judge’s close friends have billed the company $18 million, without showing the bills, as required by law. No court appointed receivers, make more than $450 per hour. So yes, there’s lots wrong here. The owners should be left to handle the private battles in the private successful company themselves. This is an opportunity for the Chancery Court to turn into court-approved bank robbers to enrich Bouchard’s friends. It’s a complete disgrace and going to hurt 4,000 workers, and going to bring out state’s incorporation business down with it!
That argument might fly elsewhere. But the Court of Chancery is not crooked, and the state’s incorporation business isn’t in jeopardy.
You yourself have pointed out that the owners couldn’t get along, and you have determined which owner is wrong and which owner is right. Unfortunately the law takes precedence over your reading of the situation.
We in Delaware may feel that the Court of Chancery is too business-friendly, but crooked it’s not. Which is where you lose those of us who live here. Other than Colin Bonini, I don’t think you can find any Delaware decision maker who agrees with you.
But it’s your money. Spend it as you wish.
I’m so sick of all this TransPerfect shit. It’s two rich entitled assholes fighting over the ashes of their creation, one of whom has created a shell front and claims to speak for the workers they’ve traumatized with their collective breakup bullshit. As far as I’m concerned, the Chancellor can hire Dave Wilson to auction the company off piece by piece on the Green at high noon.
El Som, let’s not forget, the Chancery wouldn’t be involved if one of the parties hadn’t sued. There would be no judgment if there had been a settlement. Auction is the only equitable way to dissolve a business when the owners disagree how it should be run. It seems to all the rage to dismiss the court system unless you get the result you want.
THAT sounds familiar.
@Steve: Not funded by the asshole male in the partnership? Bullshit. You better check with the Delaware legal community before you shoot off your mouth.