Delaware Chancellor Chooses to Continue the Takings and Depletion of Company Resources by Opting Not to Allow Resolution to TransPerfect Deadlock

NEW YORK, Aug. 4, 2017 /PRNewswire/ -- Today, Delaware's Chancellor Andre Bouchard rendered a decision which perpetuates the unconstitutional taking of TransPerfect over the objection of two of its three owners, and forecloses a measure that would end corporate deadlock forever.  Bouchard's order inequitably crippled Shirley Shawe's offer to save the company in favor of continuing to force a sale of the company.  In effect, the Chancellor ruled that his prior order may not be disturbed by compromise – even where the relief initially requested by Elizabeth Elting (control free of Philip Shawe) is within reach and would result in less drastic court intervention.  Put otherwise, he made clear that Ms. Elting's motives – even if they constituted bad faith – would not be considered by the court of "equity" in fashioning its now developing remedy. 

Martin Russo, attorney for Shirley Shawe, said, "Delaware's Chief Justice Strine has held in the past that a shareholder had three basic rights - to sell, vote and sue.  Chancellor Bouchard, by effectively denying Shirley Shawe's 211 motion, has deprived her of the right to vote her share, and shut down channels available to resolve the single issue that this entire case is based on – alleged deadlock.  The Chancellor is serving no public purpose, other than otherwise enriching Elting by creating an exit strategy that she (Elting) did not bargain for."

Shirley Shawe said, "Chancellor Bouchard has exhausted enough from TransPerfect.  I have the statutory right to vote to end deadlock -- he should permit me to do so."

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SOURCE Shirley Shawe