NASHVILLE, Tenn., March 5, 2019 /PRNewswire/ -- With a growing demand to discuss current threats that businesses incorporated in Delaware face, TransPerfect employees invited Citizens for a Pro-Business Delaware (CPBD) Campaign Manager, Chris Coffey, to talk about the long, but ultimately successful battle to save the company in Delaware's Chancery Court, which poses an "existential threat" to TransPerfect and other successful businesses. A majority of employees are part of CPBD. "Existential threats," Mr. Coffey told employees, "are threats beyond typical business competition that put successful businesses at risk, such as through government actions or hostile takeover attempts. Our organization stopped both types of efforts."
"We may have won the biggest battle over TransPerfect in Delaware, but if history has taught us anything – it's that the same court agents and lawyers who made millions of dollars coming after TransPerfect are not going to stop now," said Coffey. "That is why our members have asked us to keep organizing and fighting and that's what we intend to do. From meeting with elected officials to educating the public through a new campaign, we will ensure the Delaware government cannot be used to improperly occupy successful companies against the wishes of a majority of shareholders. This case cost $250 million, and two years later, virtually all of the records and itemized bills in this case are still under seal. The public deserves to know what these documents say, and why courts are so intent on hiding them. The employees banded together to save this company from the Courts, and they deserve to why and how this money ordered paid by the Chancery was spent and who benefited."
In his address, Mr. Coffey laid out the history of the case, which began in May 2016 when a group of senior managers at the company approached him and asked him to take up their cause. What followed was a historic effort to shed light on a vitally important story that ultimately saved a successful company and thousands of jobs. After introducing a bill in the Delaware legislature and supporting it with TV, radio, print, digital, out of home, and mail ads for months, the effort began to pay off. People in Delaware started asking about the case and calling their representatives. The largest paper in the state, the Delaware News Journal, weighed in in favor of a historic compromise, and the bill was brought onto the floor. Mr. Coffey received a sustained standing ovation from hundreds of TransPerfect employees for helping lead the fight.
"The court case made completely unsupported claims of 'dysfunction,' which were supported by no witnesses, to justify a three-year occupation of the company by lawyers connected to the Chancery Court," said TransPerfect CRO, Kevin Obarski, speaking personally. "But in the end, employees banded together to save the company, and we fended off a government-engineered hostile takeover attempt that would have cost thousands of United States jobs. Thank you to Chris Coffey and the bold action of CPBD leadership, staff and members for helping make this moment possible."
"The fight is not over," Mr. Coffey warned employees, "the cottage industry of lawyers, consultants, and other 'friends' of the court feeding off of TransPerfect to the tune of million and millions of dollars has not ceased. The court continues to improperly use its power to seal documents to prevent the public from gaining access to the bills -yet, it is ordering those bills to be paid to this very day." He continued, "We will not stop our quest to protect TransPerfect employees and their families from all threats, including those from the Delaware judiciary and its agents. Skadden Arps recently reached a $4.6 million settlement with the United States Department of Justice for running afoul of foreign agent laws in a case involving Ukraine and Paul Manafort, but yet the Chancery Court ordered TransPerfect to pay Skadden five times the amount for their "help" running the company. None of our hundreds of members at the company understand what this $25 million was for, or how it was spent. They deserve answers."
About Citizens for a Pro-Business Delaware
Citizens for a Pro-Business Delaware is a group made up of more than 2,700 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.
While their primary goal of saving the company has been accomplished, they continue their efforts to defend the TransPerfect employees and fight for more openness in the Delaware Chancery Court. For more information on Citizens for a Pro-Business Delaware or to join the cause, visit DelawareForBusiness.org.
Contact: Alex Sommer // firstname.lastname@example.org
SOURCE Citizens for a Pro-Business Delaware