FOR IMMEDIATE RELEASE
Monday, November 6, 2017
EQUITY IN TRANSPERFECT IN DOUBT AS GEORGIA COURT RULES IN FAVOR OF TRANSPERFECT EMPLOYEE
Delaware custodian purportedly will still take bids for sale of TransPerfect even as court joins TransPerfect into the employee’s case for equity shares in the company. Employee contends his equity owed is the swing vote on alleged deadlock, and thus carries enormous value.
Dover, Delaware (November 6, 2017) – Georgia courts grant procedural ruling moving TransPerfect employee’s case for equity in the company forward. The plaintiff, Kevin Obarski, serves as Senior Vice President at TransPerfect’s Atlanta office where he negotiated and executed contracts for the company. Obarski was promised ownership in the company through equity shares for his success in building revenue. The Georgia court granted joinder, which will allow TransPerfect and Elting to be added as defendants in Obarski’s lawsuit against the company to acquire his promised shares.
The decision in favor of TransPerfect employee, Kevin Obarski, coincides with the due date for bidders to send their offers for TransPerfect to Delaware’s court-appointed custodian this week. The custodian is aware of the favorable ruling that adds doubt to the equity in TransPerfect, but there have been no signs of slowing the sale. “We continue to urge Delaware legislators to rein in the reckless actions of the court-appointed custodian. Pincus is charging forward even as state courts across the country shed doubt upon the basis of the Delaware court ruling,” said Miranda Wessinger, President of Citizens for a Pro-Business Delaware. “Other states have consistently ruled in favor of TransPerfect employees and against the volatile allegations of co-CEO Liz Elting. Citizens for a Pro-Business Delaware will not stop fighting for job security for more than 4,000 TransPerfect employees here in the United States.”
Citizens for a Pro-Business Delaware is a group made up of more than 2,200 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the issue.
For more information on Citizens for a Pro-Business Delaware visit DelawareForBusiness.org.