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TransPerfect's Case Discussed on Bloomberg Business Television
The Case of TPG as Told by Bloomberg Radio
One Saturday, September 10, 2016, Bloomberg Radio host David Glovin discussed the case for a nationwide audience which was also recorded for video.
The essence of the issue is that the Chancery Court has grown too powerful and its decisions are made less by law than by the whim of the Chancellor or otherwise. The Citizens for a Pro-Business Delaware, made up of a dozen top executive at TransPerfect, are claiming that the court has gone too far and it is risking the jobs of 4000 people.
The argument is that this decision and case can ultimately hurt the business climate in Delaware, which has been deemed friendly toward business until now. That a court can now decide to forcibly sell a company that is performing well, and continues to perform even with this case ongoing, they claim is proof of the court's wanton power.
Those opposed to Chancellor Andre Bouchard's decision to sell the company even though two of the three shareholders are against it, claim that Elizabeth Elting, the co-founder who launched the lawsuit, has manufactured deadlock and the judge has bought it hook line and sinker.