DOVER, Del., June 17, 2019 /PRNewswire/ -- On June 14, 2019, Citizens for a Pro-Business Delaware volunteers were removed from the Delaware Bar Association's Bench Brunch where Chancellor Bouchard, who has been a persistent roadblock to Chancery Court reform, served as a panelist for a discussion on "Chancery Changes" and "The Road to Equity."
The volunteers were passing out literature demanding heightened transparency and accountability to the Chancery Court.
Citizens for a Pro-Business Delaware, the watchdog group that was created when the Chancery Court forced the sale of TransPerfect—a 5,000-employee company—has committed its efforts to demanding transparency in the Chancery Court's process. While Bouchard's quick decisions to move companies to dissolution may create jobs for highly paid lawyers, consultants and accountants, they undermine the State's pro-business reputation, discouraging prospective businesses from headquartering in Delaware. In the TransPerfect case, Judge Bouchard handpicked a custodian, Robert Pincus of Skadden Arps, who then proceeded to spend millions of dollars, causing TransPerfect employees to suffer higher premiums in health insurance. Bouchard and Pincus's spending resulted from a series of unprecedented and illogical rulings forcing Delaware's first dissolution and forced sale of a successful private company. Two years after the conclusion of this case, bills for the tens of millions of dollars involved are still under seal "to protect the sale process," which has long been over. In TransPerfect, Bouchard and Pincus set a precedent that can now be enforced against other businesses in the future.
"The blatant disregard for our volunteer's freedom of speech is unacceptable and reflects the Chancery Court's resistance against this campaign for transparency and accountability," said Miranda Wessinger, President of Citizens for a Pro-Business Delaware. "We will not allow these actions to discourage our efforts to protect Delaware's pro-business reputation. The current Chancery Court, and most specifically Chancellor Bouchard, are hindering the state's ability to attract and retain Fortune 500 companies with what has become a runaway corruption train. It must stop."
Delaware is home to tens of thousands of corporations and other business entities. These companies and their employees deserve a fair, transparent system of dispute resolution and mediation. The Chancery Court's overextension of power is fracturing the trust that large businesses have in Delaware, and with it, Delaware's tax base.
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 fight for more transparency in the Delaware Chancery Court. For more information on Citizens for a Pro-Business Delaware or to join the cause, visit DelawareForBusiness.org.
Contact: Chris Coffey, email@example.com
SOURCE Citizens for a Pro-Business Delaware