TransPerfect custodian praises employees in letter announcing pending sale to Shawe

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A letter to TransPerfect employees announcing the sale to co-founder Philip Shawe has been released.

In the letter company custodian, Robert Pincus was generous in his praise for employees of the New York company.

See letter below:ee

TransPerfect_Sale_Update_11_20_17

Pincus was appointed by Delaware Chancery Court to oversee the sale, which came after a dispute between co-founders and co-CEOs Shaw and Elizabebethth Elting.

The attorney had drawn criticism for his actions while serving as custodian and had tangled with Shawe. Co-owner Elizabeth Elting, who will sell her stake to Shawe, had supported the sale process.

The estimated sales price for the company was not disclosed.

Members of an employee group Citizens for a Pro-Business Delaware had been concerned that an auction would result in the buyer paying a premium price that would lead to layoffs as the new buyer worked to recoup the investment.

Citizens had pressed for the General Assembly to offer a three-year “cooling off period” prior to any sale.

In its statement, a spokesman for the group praised the support of Delawareans.

“After the custodian’s letter to the company I spoke with many employees and their number one request was to thank the residents of Delaware,” said Chris Coffey, campaign manager for CPBD. “Thousands of Delaware residents signed our petition, sent letters and called their legislators to ask that TransPerfect employees be protected and that we keep these jobs in the US instead of sending them overseas. Delawareans took up the fight as though it was their own. We are also grateful that the process seems to have worked and that the custodian chose the bid that not only apparently maximizes the value of the company, but also will keep thousands of jobs here and allows the company to stay together. For that, we are blessed.”

TransPerfect had also seen the departure of several key executives as the deadline for bids approached.

Mentioned as a potential bidder was rival services company Lionbridge, which would have presumably worked to combine duplicative functions and cut costs.

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