Shirley Shawe said, "As I sat in the courtroom, Chancellor Bouchard asked about my death and what would become of my property, as if to suggest it had no value today. It was demeaning to be devalued. I was shocked that a member of the judiciary would do that." She continued, "When Liz's attorney Kevin Shannon argued that, '[Philip] Shawe completely controls his mother's stock,' he was inappropriately questioning my abilty to make my own decisions."
Martin Russo, Ms. Shawe's New York attorney, said, "In the United States, every shareholder -- no matter how small -- has rights without regard to age. Shirley Shawe is a vibrant and dynamic woman who retired believing that her investments would secure many years of happiness with her family. The implication that Ms. Shawe is not individually capable, or that her ownership in TransPerfect is inconsequential, was especially insensitive in light of the fact that she had provided both economic and gender based support to the company from its inception."
"My son, Phil Shawe, built this company and has worked tirelessly day and night for 23 years to make it a success. As a partner, Elizabeth Elting should be proud that she helped start a company that now employs over 4,000 people worldwide, but instead, shortly after Phil's wedding, she started filing law suits," Ms. Shawe said. "This case has cost me a lot of money in legal fees, but I will not stop fighting for my rights in Florida and in New York; the courts must recognize that I am being treated unfairly," Ms. Shawe said.
Shirley Shawe's one percent ownership has afforded the ability for TransPerfect Global to claim the benefits of being a majority women-owned business. Co-Founder Elting has personally benefitted from that decision, and has been feted as a successful CEO of a woman-owned business.
As a point of information, Ms. Shawe's ownership is, in-fact, not willed to Philip Shawe.
The Portion of the Transcript from pg.1116 lines 20-24 and pg. 1117 lines 1-13 are as follows:
CHANCELLOR BOUCHARD: All right. And do you have an understanding of your mother's estate-planning affairs with respect to the expected disposition of this 1 percent interest?
PHILIP SHAWE: I would hope my mother intends to leave that to me. I don't -- I haven't seen her will. I would imagine that she does, God forbid she were to pass.
CHANCELLOR BOUCHARD: But sitting here now, what's your expectation in that regard?
PHILIP SHAWE: God forbid my mother were to pass, my expectation in that regard is that she would will her share to me as her only son.
CHANCELLOR BOUCHARD: And have you ever seen any written documentation that either shows that or is contrary to that expectation?
PHILIP SHAWE: I haven't seen any written documentation in that respect.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/delaware-judge-creates-new-precedent-limiting-rights-of-elderly-corporate-shareholder-in-transperfect-case-300332734.html
SOURCE Shirley Shawe