Citizens for a Pro-Business Delaware announced their support for a company executive’s lawsuit against Delaware Chancellor Andre Bouchard in the dispute over the sale of TransPerfect.
Bloomberg reported that TransPerfect director Timothy Holland filed the suit in claiming that an administrator appointed by Bouchard to sell the company threatens his job and denies his right to free speech by barring staff from working with the employee group opposed to the sale.
Bouchard disputed the claim in his response to the suit.
Citizens for a Pro-Business Delaware spokesman Chris Coffey issued the following statement in response to the suit:
“There are 4,000 employees whose jobs are at stake, many of whom have families to support and have been at TransPerfect for 10-20 years. Our voices were never heard by the judge in this case, so we are going to ensure that our voices – filled with stories of hope and perseverance – will be heard now. Our goal is to work with the legislature to make this simple change in the chancellery code, and that’s what our primary focus is. But, we will support Tim in his fight to make sure that our members 1st and 4th amendment rights are protected. There’s never been a more important time for that.”
Citizens for a Pro-Business Delaware is seeking Delaware legislation that would result in a cooling-off period during disputed sales.
Bouchard ordered the appointment of an administrator after a dispute between Phil Shawe and Liz Elting, the one-time couple of who founded the company and who each control 50 percent of its stock.
Employees are concerned that selling the company at a premium price would trigger downsizing by new owners working to recoup their investment.
Estimates have indicated that the privately held company could fetch $1 billion when it is put up for bid.
