DOVER, Del., March 29, 2017 /PRNewswire-USNewswire/ -- This week, a piece of legislation that will mandate a three-year waiting period before forcing the sale of a company incorporated in the state of Delaware will be introduced. The bill comes after the Chancery Court's highly-contentious decision to force the sale of TransPerfect, a profitable global translations company with more than 4,000 employees.
Delaware lawmakers have become unsettled over the unprecedented sale and its effect on the company's employees as well as the potential fallout for Delaware's reputation as a business-friendly state. Delaware's incorporation industry brings in more than one billion dollars a year in revenue for the state. Lawmakers worry that the court's opinion to determine the sale of a privately-held company will make it harder to attract businesses considering incorporation in Delaware.
"I am proud to stand with Citizens for a Pro-Business Delaware to introduce a bill which will strengthen our economy and preserve Delaware's place as the best place to incorporate business," said Senator Colin Bonini, co-sponsor of the bill. "We need successful, profitable businesses like TransPerfect to stay in Delaware – and I look forward to working with my colleagues in the legislature to make sure we can keep companies like them here," he added.
The bill will gain likely support from constituents, as a recent poll of 800 registered voters revealed that more than 70% of those surveyed believe that government should not have the power to force the sale of a company like TransPerfect. Slingshot Strategies, LLC conducted the poll where 73% of those surveyed are in favor of legislation that would clarify how courts should handle these complex cases.
Citizens for a Pro-Business Delaware, a non-profit organization formed to give voice to more than 2,200 TransPerfect employees, concerned citizens of Delaware and business leaders, is hopeful that after six months of pressure on the courts and legislators, such a legislative breakthrough would finally protect the hard-working employees and the families of TransPerfect.
"For months, we have tried to cooperate with the Corporate Bar Committee and follow a process that was always rigged against us by entrenched interests and the status quo. Today begins our quest to save jobs, and end this massive injustice anew," said campaign manager Chris Coffey. TransPerfect is a great American success story that should be nurtured by the government, not threatened, he noted. "The passage of this bill will show the continued growing support in the state for this effort - and we expect it will strengthen our efforts as we continue taking this fight to the people of Delaware on behalf of all four thousand employees."
The bill will be introduced after Ms. Shirley Shawe, a 1% owner of TransPerfect, offered to cede her vote in the boardroom and break the deadlock that caused the Chancery Court's decision. Following the offer, Ms. Shawe walked the halls of the legislature with Senator Bonini to implore members of the Senate and House to recognize the impact the court case has had on the 4,000 employees that the company supports. "We are so grateful to the Delaware legislators who stand with us today to fight for the men and women of TransPerfect and the members of Citizens for a Pro-Business Delaware."
Citizens for a Pro-Business Delaware supported Ms. Shawe's efforts to cross lines and save TransPerfect and its employees from a court-ordered sale. The group has fought to expose the impact that the court's decision has had on the employees as well as the potential effect on Delaware's business-friendly reputation. Citizens for a Pro-Business Delaware has used mailers, canvasses, advertising on TV, billboards, print and digital publications to broadcast their message over the last six months. The group has pledged that the efforts are just the beginning of their campaign to save their company. Chris Coffey affirmed that "we will not stop until we have saved these jobs and protected these families."
Citizens for a Pro-Business Delaware is a group made up of more than 2,400 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. The group has proposed legislation that would amend Delaware law to require a three-year waiting period before forcing the sale of a solvent company.
For more information on Citizens for a Pro-Business Delaware visit DelawareForBusiness.org. To review the poll results please visit this link (poll results) and to read the associated memo please visit this link (memo).
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SOURCE Citizens for a Pro-Business Delaware