TransPerfect shareholder Shirley Shawe saw another Chancery Court denial in an effort to seek a shareholder meeting of New York-based translation services company TransPerfect.
The ruling was released on Tuesday.
Shawe and her son Philip Shawe are fighting the sale of the company. The process is supervised by a Chancery Court-appointed custodian.
Shawe stated in an email that the decision did not represent a loss of an appeal in an email message Wednesday night. Earlier, Delaware Business Now stated that Shirley Shawe had lost an appeal.
Shawe continued, “Chancellor Andre Bouchard wrote that “considerations of justice strongly weigh in favor of completing the sale process, bringing this over three-year old litigation to a conclusion in the trial court, and then affording all parties the opportunity to pursue appellate recourse in a single proceeding rather than piecemeal upon conclusion of the sale process,”
Shirley Shawe has offered to turn over her one percent stake in the company to Elizabeth Elting, who supports the court-supervised sale as a way to break the deadlock.
Elting had rejected the offer from Shirley Shawe, which according to Bouchard’s ruling came with many conditions.
The Shawes owned 50 percent of the company with Ellting owning the remainder.
Ellting and Philip Shawe, jointly operated the company for many years, despite the end of their romantic relationship. However, tensions later erupted and the dispute over control of the company made its way to Chancery Court.
A court-ordered mediation effort also failed to break the deadlock.
Also involved in the dispute is a group known as Citizens for a Pro-Business Delaware, which is pressing for legislation that would lead to a three-year cooling off period before any sale takes place.
The group has claimed that selling the company at a premium price would lead to job losses.