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Delaware's Sovereignty Over Bad Chancery Decision in Doubt
Whoops, not so fast Robert Pincus!
It would seem that Robert Pincus, the crony and former law partner whom Delaware’s Chancellor Andre Bouchard appointed to be Custodian of this profitable company, TransPerfect Global, may not get what he has planned all along.
In the wake of Bouchard's erroneously forcing its sale to the highest bidder, a Georgia Court has ordered that an employee’s lawsuit -- demanding that the company and Ms. Elting issue the shares that were promised -- should move forward, and that TransPerfect Global should be added as a party in the lawsuit.
If the company is forced to keep its promise, and issue corporate stock shares to Senior Vice President Kevin Obarksy, he would not only have share he was promised, but he would also have the power to break any log-jams from the alleged “deadlock”.
With the final bids being due on November 8, 2017, this could this change the direction of TransPerfect’s future, and take it out of the hands of Bouchard’s cronies. It could even put it back into the hands of the man who built the firm.
It pains me to say this, but justice simply cannot be found in Delaware’s Chancery Court any longer. Thank goodness these people only control Delaware's Chancery Court and it doesn't bleed into any other states! The incestuous noose of corporate fleecing, irregular and biased rulings, and a plethora of what I and many others perceive as suspicious and improprietous activities by Delaware’s judicial Bonnie and Clyde (Bouchard and Strine) are indeed coming home to roost in this amazing case.
The company is in disarray because the employees want no part of what they view as Bouchard's and Pincus’s rigged auction toward Lionbridge -- their largest competitor.
Indeed, many TransPerfect employees have reported to me that the auction is a sham -- and the only meetings the Custodian’s consultant, Joel Mostrom, even attends, are for the Lionbridge executives.
Lionbridge is a well-known outsourcer of American jobs, and Bouchard's profiteering cronies intend to eliminate most of the 2,800 American jobs from this successful American company to line their own pockets.
Conflicts of all kinds abound in this absurd case within and without, both past and present. The connections between the Judges, the Plaintiff’s lawyers, and the Custodian are so far reaching it boggles the mind. The seeming collusion between law firms in their legal representation of the parties, pirating of intellectual properties, ex-parte communications, paranoid and dictatorial rulings by the custodian, violation of civil rights, top executives resigning (one wrote in his letter of resignation a clear expose of Pincus’ possible nefarious activities) are raising eyebrows throughout the state of Delaware.
The billing and ordered payment by Chancellor Bouchard of $25 million dollars in undocumented and unexplained fees from TransPerfect’s coffers by Pincus is unbelievable.
It is incessant corruption in my opinion with Chancellor Andre Bouchard at the center of it all. I find it very interesting that both Pincus and Elting use the exact same phrasing when addressing the recent departures -- they have a "deep bench" of talent... from Pincus' quote in the “Crain's New York” article, and Elting's quote from the “Slator” article.
This is clear evidence of collusion, if anymore was needed.
Co-CEO Liz Elting emailed to Slator that “the recent departures of these few technology employees represent a very positive, not negative, development at TransPerfect, as I have long regarded each of them as underperformers. We have a deep bench of extremely talented and dedicated employees in our technology department who are more than capable of continuing to build on our success. There will now be more opportunities for each of them. In addition, we will soon be making some very exciting leadership announcements in our technology department, which will help take TransPerfect to a billion dollars in revenue and beyond.”
Meanwhile Custodian Robert Pincus is going ahead with the sale. He said, according to “Slator”, in a phone call “the business is strong due to the strong entrepreneurial culture of the employees. We are supplementing and enhancing the management of the technology group in a manner that will help facilitate continuity pending the consummation of the sale. Efforts to confuse, delay, and deter the sales process have accelerated as we get closer to a culmination of the sale process.”
Well folks there are now a bunch of legitimate flies in the ointment and these avaricious actors may not get what they want. Heck, some of them might even go to jail if what I suspect could be proven? Follow the money!
Please read this lawsuit here urge your legislators to stop these obscene, monetary commissions that Bouchard’s cronies stand to gain from “auctioning" off this company to its largest competitor, disgorge their ill-gotten fees, and save TransPerfect.
Legislative investigations in both the Delaware House and Senate would be appropriate and are necessary. However, I won’t hold my breath.
As always your comments are welcome.
JUDSON Bennett-Coastal Network
© 2017 Charlie Taylor