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New York-based translation services provider TransPerfect Global Inc. is one step closer to a court-enforced sale after the Delaware Chancery Court denied an appeal attempt by one of the company’s shareholders.
In a Sept. 5 order, Chancellor Andre Bouchard denied Shirley Shawe’s request for the state high court to review an Aug. 4 ruling rejecting her bid to force an immediate shareholders’ meeting to resolve a deadlock between the company’s owners ( Shawe v. TransPerfect Glob. Inc. , 2017 BL 310770, Del. Ch., No. 2017-0306-AGB, 9/5/17 ).
Considerations of justice “strongly weigh in favor of completing the sale process, bringing this over three-year-old litigation to a conclusion in the trial court, and then affording all parties the opportunity to pursue appellate recourse in a single proceeding rather than piecemeal,” Bouchard wrote.
Shawe’s motion was the latest attempt to stop the sale of the private company that is owned by her son, Phil Shawe, with a 49 percent stake, and Elizabeth Elting, who holds 50 percent. Shirley Shawe holds 1 percent of TransPerfect.
Bouchard in August 2015 granted Elting’s request that a court-appointed custodian sell the company despite its profitability, because conflict between the two co-owners and chief executive officers had become so intense that they could no longer manage day-to-day operations without causing the company harm.
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