Paranoia reigns in the mind of the Delaware Chancery Court-appointed Custodian, Robert Pincus. He is seeking — through a Court order — to find out who is leaking information that shows just how insidious his administration of TransPerfect Global actually is!
In my opinion, Custodian Pincus is using a false premise to go after employees because he’s embarrassed by Skadden Arps’ outrageous fees being made public, and things being said about him in the news. He’s a court-appointed receiver folks — his bills should be public. The way Bouchard is letting Pincus hide his bills in darkness is similar to what he did for his old friend, Elting’s attorney Kevin Shannon at Potter Anderson — making TransPerfect and/or Philip Shawe pay legal bills with no ability to challenge the reasonableness of the fees. His fees should be public. Instead, Pincus is conducting a witch-hunt for employees, which is exactly what he promised employees he wouldn’t do.
Plus, Pincus has not made good on his promise to let employees bid for their company. And, my sources say the custodian could stymie the quarterly press release, which has been a stellar publication, quarter over quarter, for years now. Folks, there is only one way I see this, Pincus is dirty, and he’s trying to mask the truth by silencing employees and sealing everything possible under a court order, with the nefarious help from his former business partner and crony of the Delaware Chancery Court, Chancellor Andre Bouchard (who adjudicated the most heinous and inequitable decision in U.S. business history). Pincus’ rate of $1,425 per hour is three times the rate of most court-appointed receivers. Bouchard has managed to let his buddy fleece TransPerfect out of millions of dollars.
It is the opinion of this writer that Pincus has illegitimately taken advantage of his position. Why should this Custodian be allowed to get rich off the back of this prosperous company and its employees who have helped build the company to what it is? And then not allow them to bid on ownership of the company in order to save their jobs? I’m hearing speculation from employees that Lionbridge (a competitor) could very well buy the company and possibly outsource many American jobs. Employees should not be silenced by the courts in stating the truth. This is America! And, as disappointing as it may be to Bouchard and Pincus, Free Speech is guaranteed by the Constitution.
Please read the article below from “Delaware Business Now” about this sensational saga, that is now before a New York Court where hopefully some real justice might transpire in contrast to the Kangaroo Chancery Court in Delaware!
I am going to beat this drum until justice is served and these wrongs are righted. Read below folks.
JUDSON Bennett-Coastal Network
The battle over the sale of translation service TransPerfect now extends to the public relations effort from an employee group.
Tusk Strategies and Chris Coffey of Citizens for a Pro-Business Delaware have asked a New York court to quash the nonparty subpoenas and for a protective order.
The custodian working to effect a sale of the company claims leaks from employees are hampering the process of selling the company.
“The Subpoenas that Petitioners challenge are designed to chill civil discourse on a matter of public importance,” Chris Coffey stated. “This court-ordered sale is unprecedented. It is the first time a Delaware court has forced the sale of an ongoing and profitable Delaware company without stockholders’ consent. The forced sale has potentially significant implications for the future of TransPerfect’s employees’ jobs.”
Coffey continued, “Throughout the sale process, Citizens has tried to draw attention to its members’ concerns about the sale process and its implications. To that end, in late July 2017, Citizens ran (1) a press release referencing concerns that one potential bidder might move their jobs offshore, and (2) another press release and advertisement that listed the fees charged by the Custodian and the many advisors he has hired to assist him in selling the company, collectively totaling more than $20 million over an 18-month period. In response to these two press releases and advertisement by Citizens, the Custodian claims he needs to identify any TransPerfect employees who allegedly disclosed this information – notwithstanding that much of this information was already public.”
Coffey concluded, “The Subpoenas are vastly overbroad and duplicative, and they are nothing more than an attempt to cause ‘unreasonable annoyance, expense, embarrassment, disadvantage, or other prejudice’ to Tusk and Coffey – and, by association, Citizens — as a consequence for the assistance they provided to TransPerfect employees and Delaware citizens in voicing their concerns regarding the Delaware court’s unprecedented actions.”
Citizens for a Pro-Business Delaware has been running advertisements and issuing press releases opposing the sales process.
Citizens has drawn the ire of the custodian, members of the corporate bar and some legislators for its advertisements and press releases that indicate the dispute will harm the state’s incorporation business, a key source of tax and fee revenues.
The sale process comes after co-owners Philip Shawe and Elizabeth Elting have been unable to come up with an agreement to sell the company.
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