The litigation over the sale of TransPerfect seems destined to continue after a decision on the sale of the company.
Chancery Daily (subscription) reported that Elizabeth Elting filed a suit in Chancery Court against Philip Shawe claiming a “breach of fiduciary duty and violations of a court order arising from defendant Shawe’s alleged interference with the court-ordered sale of non-party TransPerfect Global, Inc.”
The sealed filing comes after TransPerfect custodian Robert Pincus announced that Shawewas the successful bidder for the New York-based translation services company.
The filing could indicate that Elting is not happy with the choice of Shawe,
Shawe was selected as the winning bidder despite clashing with Pincus and Chancery Court over the sale process.
Elting and Shawe are co-chief executive officers of TransPerfect and ended up in court over a dispute regarding control of the company incorporated in Delaware. Each controls half of the stock of TransPerfect.
Delaware Chancellor Andre Bouchard named Pincus to handle the sale of the company.
Earlier, it was disclosed that the private equity firm that owns translation services rival and possiblebidder Lionbridge filed an action in Chancery Court.
The sale process has taken many twists and turns, with an employee Group, Citizens for a Pro-Business Delaware calling for legislation calling for a three-year cooling off period on the sale of profitable companies.