Citizens for a Pro-Business Delaware is taking out advertising that takes on Robert Pincus, an attorney at Skadden, Arps, Slate, Meagher and Flom who has been appointed to sell the company.
Th ad says Pincus is charging TransPerfect $1,425 per hour. The advertisement also provides a comprehensive list of all of the firms Pincus has subcontracted and the amounts they have charged to TransPerfect.
“Custodian Robert Pincus is spending millions of dollars unchecked without any oversight,” said Chris Coffey, Citizens for a Pro-Business Delaware. “Custodian Pincus is not serving TransPerfect, he is serving himself. It is clear that the companies he hires for this job will hire him in the future. The old-boys club prevails yet again, while TransPerfect employees suffer an increase in health care costs and go to work every day scared for their jobs.”
Even with Delaware Chancellor Andre Bouchard’s recent recommendation for mediation, Pincus has moved forward with the sale of the company, Coffey stated.
CPBD’s advertisements call on Delaware residents to email Pincus and tell him to either allow the mediation process to work or give state lawmakers time to pass the TransPerfect bill.
“Pincus’s actions undermine the legislative and legal process, putting Delaware’s $1.4 billion incorporation industry at risk. We call not only on Pincus but every firm engaged to return the money and respect the process,” said Coffey,
The advertisement is one of many CPBD has planned to place. CPBD will place TV, digital, print and radio advertisements in key media outlets throughout the state.
“We will not stand idly by while large corporations profit on the backs of hard working employees. We will keep fighting for our members, for TransPerfect employees and for the residents of Delaware who depend on the incorporation industry to fund critical public services throughout the state,” said Coffey.
Citizens for a Pro-Business Delaware has pushed legislation calling for a three-year cooling off period on sales of profitable.
The two owners of the New York company, Philip Shawe and Elizabeth Elting have been at an impasse regarding a sale.
