Citizens For A Pro-Business Delaware Thanks Committee Of The Delaware Bar Association For Meeting About Amending Delaware Law and TransPerfect Case

DOVER, Del., Feb. 13, 2017 /PRNewswire/ -- Citizens for a Pro-Business Delaware (CPBD), the advocacy group supporting TransPerfect employees and Delaware's incorporation-driven economy, released the following statement after meeting with members of the Section 226 Committee of the Delaware Bar Association's Section of Corporate Law on February 9^th, 2017.

"We are grateful to the members of the Section 226 Committee for taking nearly three hours to meet with our group and hear our concerns about Delaware law as it worked in the TransPerfect case and the ways it could be improved. It was productive conversation – and it was clear they had done their research and their homework," said Chris Coffey, Campaign Manager for CPBD. "We outlined our position and answered many constructive and thoughtful questions. We're hopeful that the Committee will agree over the next few weeks with us on a positive solution."

In addition, Mr. Coffey and members of CPBD had a meeting with the newly elected Governor John Carney's office in Wilmington to discuss the TransPerfect case and the group's concerns. "We are looking forward to continuing an open dialogue with Governor Carney's office and working together to keep Delaware a safe place for business," Mr. Coffey noted. "Recently discovered comments by a shareholders' lawyer reinforce the necessity of our legislation, our meetings with officials and offices like Governor Carney's, and our unwavering resolve to let employee's voices be heard."

The comments Mr. Coffey is referring to include a statement made by shareholder Elizabeth Elting's lawyer on June 3, 2015 during a hearing in Delaware's Chancery Court of Delaware. The comments made by Mr. Gerard Harper and assert that Elting's lawyers are from a firm which "represents private equity companies that could staff this business in a week with people of, [Mr. Harper] would suggest, equal, if not superior, talents to those who currently occupy the positions."

CPBD was created to save the jobs of 4,000 employees at TransPerfect – the group was formed after the Delaware Court of Chancery ordered an appointed custodian to sell TransPerfect amid an internal dispute among company owners. Over the past few months, CPBD has been involved with court proceedings, submitting an amicus brief and arguing that the Court of Chancery appoint a custodian to act as a provisional director until the dispute is resolved. The group intends to introduce legislation that would amend the law to require a three-year waiting period before forcing the break-up of a company.

CPBD 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. 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.

Contact: Mary Urban, [email protected]

Julijana Englander, [email protected]

SOURCE Citizens for a Pro-Business Delaware

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http://www.delawareforbusiness.org