A Georgia court granted a motion to add the co-founder of TransPerfect and the company to a lawsuit.
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.
Former employees of TransPerfect sent an open letter from Citizens for a Pro-Business Delaware to Jeff Bezos, CEO of Amazon.The group hopes to enlist Bezos’ support to save TransPerfect as he considers Delaware’s proposal for HQ2.
The group hopes to enlist Bezos’ support to save TransPerfect as he considers Delaware’s proposal for HQ2. The former employees urged Bezos to recognize the risks of considering Delaware as its business climate ranked at an all-time low by the U.S Chamber of Commerce.
Delaware is considered to be a longshot in gaining the headquarters. Sites in Wilmington, Claymont and north Wilmington were pitched.
The letter was sent after current and former employees saw Senior Vice President, Xavier Fort, and ten-year veteran of TransPerfect, Vice President Matt Hauser, resign from their positions.
DOVER, Del., Oct. 31, 2017 /PRNewswire/ -- Employees of TransPerfect watched another wave of company leaders on the technology team resign after reading Co-CEO Elizabeth Elting's negative remarks in a recent article on Slator.com. Elting replied to the mass exodus of Chief Officers and Senior Vice Presidents by disregarding their departures and inaccurately calling them "underperformers."
The most recent resignations of Senior Vice President Xavier Fort and ten-year veteran of TransPerfect, Vice President Matt Hauser caused more alarm across the technology company. Fort was an international member of the technology team and Hauser oversaw all facets of technology sales and marketing. The company has lost their Chief Technology and Chief Information Officers, two Senior Vice Presidents and two Vice Presidents in the last two weeks alone. Like many of the recent resignations, the strife caused by court-appointed Custodian Robert Pincus was also named in Hauser's resignation. "Most of that team, many of whom I consider to be close friends, is gone. Based on my discussions with some of them about why they left, I am surprised they stayed in place as long as they did," said Hauser in his resignation notice. "The lack of respect shown to them by both Liz [Elting] and the Custodian during their employment is shocking to me, especially given what they have all contributed to the overall success of the company."
American corporations count on securing justice in Delaware. Two-thirds of all publicly-traded U.S. companies, including more than 60% of the Fortune 500, are incorporated in the First State. Delaware’s famously sophisticated courts are prized for giving corporations and their shareholders maximum flexibility and predictability.
DOVER, Del., Oct. 25, 2017 /PRNewswire/ -- Two more senior staffers have resigned in the wake of Custodian Robert Pincus' reckless path to sell off TransPerfect, a successful, private company. Keith Brazil, Senior Vice President with TransPerfect for over 15 years and Chris Patten, Vice President of Technology, have resigned this week. These recent resignations come just weeks after the Chief Technology Officer and the Chief Information Officer left the company, citing Custodian Pincus' audacious management as the reason for leaving.
A state senator has expressed concern over reports of a court-ordered sale of translation services company TransPerfect. Colin Bonini, R-Dover, wrote a letter to Credit Suisse, the investment bank managing the court-ordered sale seeking assurances of the integrity of the sales process.
Citizens for a Pro-Business Delaware launched a media campaign, including new national TV spots on the possible impact of the sale of TransPerfect.
In announcing the campaign earlier this month, group noted that the U.S. Chamber of Commerce released a report showing that the state’s corporate law reputation rating fell ten spots. The state had held the top rating since the survey was launched.
DOVER, Del., Sept. 28, 2017 /PRNewswire/ -- Citizens for a Pro-Business Delaware (CPBD) launched a major media campaign, including new national TV spots, to inform Delaware residents of the negative impacts that the court-ordered sale of TransPerfect is having on Delaware's business climate. Earlier this month, the U.S. Chamber of Commerce released a report showing that Delaware's business-friendly reputation has fallen ten spots forcing business leaders to consider other states when incorporating their companies.
Coming on the heels of some major news indicating that Delaware is no longer the preferred state to incorporate in, experts have been trying to understand what has happened. How does the First State become the 11th in a world where nearly everyone used to incorporate in Delaware? Lisa Rickard, president of the Institute for Legal Reform, said, “Delaware no longer lives up to its nickname as the ‘First State.”