TransPerfect custodian praises employees in letter announcing pending sale to Share

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

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.”

Shawe Forges Deal To Buy TransPerfect After Bitter Fight

 TransPerfect co-founder Philip Shawe is slated to buy out the shares of his rival Elizabeth Elting, according to letter Monday from the court-appointed custodian overseeing the sale process, potentially resolving what has been a maelstrom of bitter disputes in Delaware Chancery Court over control of the legal translation firm. 

In a letter sent to TransPerfect employees, Robert B. Pincus of Skadden Arps Slate Meagher & Flom LLP, who was appointed by the Chancery Court to run the company’s sale process, said that 49 percent stakeholder Shawe has agreed to purchase Elting’s 50 percent stake in a deal that still requires court approval and is subject to “customary closing conditions.” Shawe’s mother, Shirley Shawe, owns the remaining 1 percent of the company.

Phil Shawe Gets Nod to Buy the Whole of TransPerfect

After years of acrimonious, and often very public, legal battle, it appears the fate of TransPerfect has been decided. In a letter to TransPerfect staff obtained by Slator, the court-appointed custodian, Robert Pincus, informed employees of the New York headquartered language service provider that:

“TransPerfect has entered into an agreement with Phil Shawe that will permit Phil to acquire the shares of the company that are owned by Liz Elting. This agreement is subject to the approval of the Chancery Court and customary closing conditions. I do not expect this to be a lengthy process, and to the extent that things proceed as planned, the transaction should close late this year or early 2018.”

Custodian Says Shawe to Purchase Rival's TransPerfect Stake

The custodian appointed to oversee the court-ordered sale of TransPerfect Global Inc. has told employees that Philip R. Shawe had reached an agreement to buy out the shares of rival Elizabeth Elting, an unexpected move that could resolve years of heated litigation over control of the profitable translation-services company.

Georgia Court Grants Favorable Ruling For TransPerfect Employee's Case For Equity Ownership In Company

ATLANTA, Nov. 15, 2017 /PRNewswire/ -- A Georgia court has granted a procedural victory for TransPerfect's Senior Vice President in a lawsuit for promised equity in the company (Docket number: 2016CV275799). The plaintiff, Kevin Obarski, filed a lawsuit to receive equity shares promised for his work in building the company. The Georgia court granted the joinder, which added TransPerfect and Elting as defendants in Obarski's lawsuit to acquire his promised shares. This case could have major implications in the TransPerfect case, as it calls the equity ownership of the company into question.

Former TransPerfect Employees Named To Executive Committee Of Citizens For A Pro-Business Delaware Board Of Directors

DOVER, Del., Nov. 14, 2017 /PRNewswire/ -- Two former members of the senior leadership of TransPerfect's technology team will lead Citizens for a Pro-Business Delaware's Board of Directors. Former Senior Vice President of Technology Sales, Matt Hauser, a ten-year veteran of TransPerfect, and former President of TransPerfect's translation technology OneLink, Joe Kuefler, will join the CPBD Board of Directors and serve as members of the Executive Committee.

Mass Resignations at TransPerfect as Bids Reportedly Due This Week

Resignations among TransPerfect’s senior ranks have accelerated over the past two weeks after Slator reported on the departures of the embattled language services provider’s CTO Mark Hagerty, CIO Yu-Kai Ng and senior technology executive Keith Brazil.

Particularly hard hit by the resignations is TransPerfect’s technology division. The unit develops and sells the GlobalLink suite of products, the company’s flagship translation management, productivity, and website proxy platforms.

Two More Technology Management Team Members Resign From TransPerfect, Totaling 23 High-Level Staff Resignations In One Month

DOVER, Del., Nov. 10, 2017 /PRNewswire/ -- Today, Citizens for a Pro-Business Delaware learned that two more high-ranking leaders of the TransPerfect technology team have resigned. Joe Campbell, Director of Technology, had created, developed and managed the success of the company's technology for over 10 years. Julien Didier, Vice President of Technology, had served the technology-based company for over 17 years. The two most recent resignations add to the list of 23 high-level contributors to TransPerfect's technology which has made the company $500+ million in annual revenues and a leader in the global translation industry.

Senior TransPerfect Technology Staff Resigns On Same Day Auction Bids Due To Custodian

DOVER, Del., Nov. 8, 2017 /PRNewswire/ -- Citizens for a Pro-Business Delaware learned today that Joe Kuefler, the President of TransPerfect's translation technology, OneLink, resigned. His resignation coincides with the court-appointed Custodian's due date for offers on TransPerfect.

The resignation comes on the heels of a recent interview on where Elizabeth Elting, Co-CEO of TransPerfect, qualified the resignations of Chief Officers and Senior Vice Presidents, calling them underperformers. 

TransPerfect employee group: Executive departures sign that something is amiss with sale process

A group representing TransPerfect employees is pointing to a staff exodus as evidence that the process of selling the company is causing damage.

Citizens for a Pro-Business Delaware reported that Joe Kuefler, president of TransPerfect’s translation technology, OneLink, resigned this week. Kuefler was an 11-year employee of TransPerfect and credited for bringing in more than $100 million from the OneLink technology, according to the group.