Bouchard Blocks Shareholder Meeting in TransPerfect Row
The Chancery Court-ordered sale of TransPerfect was set to move ahead Friday after Chancellor Andre G. Bouchard blocked in a last-ditch effort to break the corporate deadlock that has plagued the profitable translation-services company.
August 04, 2017 at 07:45 PM
6 minute read
The Chancery Court-ordered sale of TransPerfect was set to move ahead Friday after Chancellor Andre G. Bouchard blocked in a last-ditch effort to break the corporate deadlock that has plagued the profitable translation-services company.
Bouchard's ruling came on competing motions from co-founder and CEO Elizabeth Elting and Shirley Shawe, the mother of TransPerfect's other founder and chief executive Philip Shawe.
Shirley Shawe had asked the chancellor to compel a meeting of the company's three shareholders, where she planned to vote her 1 percent stake with Elting, who owns 50 percent of the business. The move, Shirley Shawe said, would cede control of TransPerfect to Elting and negate the need to sell the firm to a third party in a modified auction.
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