The sponsor of legislation that would provide a three-year cooling off period for the disputed sale of TransPerfect is worried about the sales process and is volunteering to look at final offers.
State Sen. Colin, Bonini, R-Dover, wrote an Email to Chancellor Andre Bouchard said that based on public disclosures investment banker Credit Suisse has a potential conflict of interest.
Acccording to Bonini’s Email, Credit Suisse, which is handling the auction of the translation services company, has a financial interest in one of the likely bidders, Lionbridge Technologies.
Lionbridge provides translation and other services to businesses.
Bonini, citing a court affirmation in New York State, said Lionbridge might have an “unfair advantage.”
The state senator said that based on the court affirmation, Lionbridge has obligations totaling $335 milion to Credit Suisse/HIG Capital.
Bonini also claimed that the law firm of Skadden Arps gets fees from Credit Suisse. The custodian overseeing the TransPerfect sale is Robert Pincus, a Skadden Arps attorney.
“To be clear, I’m not formally accusing anyone, but the potential conflicts and the clear appearance of conflict need to be addressed,” Bonini stated. “As such, I am asking you to permit me to help oversee the choosing of a final bidder in the sale process…”
Bouchard passed the Email along to attorneys involved in the case,
“I plan to take no action concerning this inquiry, but wanted to be sure all parties were informed of it,” Bouchard wrote.
The sale of New York-based TransPerfect ended up in Delaware Chancery Court after co-founders and half-owners Elizabeth Elting and Philip Shawe could not longer work together.
