Chancery Court Imposes Deadline for End of Skadden Arps’ Custodianship After Citizens for a Pro-Business Delaware Exposes Unprecedented Arrangement
Skadden Arps’ Custodianship over TransPerfect, led by Robert Pincus and Jennifer Voss, Has Cost the Company Over $15 Million without Explanation of Work Being Done
WILMINGTON, Del.–(BUSINESS WIRE)–Chancery Court Chancellor Andre Bouchard has ordered that “the time has come to set firm deadlines to bring the Custodianship to a prompt conclusion” in the unprecedented forced sale of TransPerfect, mere days after Citizens for a Pro-Business Delaware called for the end of the court-mandated Custodianship and the resignations of Custodian Bob Pincus and Skadden’s lead attorney on the case, Jennifer Voss.
Over the course of three years after the execution of the TransPerfect sale, Custodian Bob Pincus continued to bill the company monthly with non-itemized invoices and no explanation of the work being done by Skadden Arps. The latest order ends a years-long saga which saw millions of dollars transferred away from a successful business with a higher growth rate than Apple towards Andre Bouchard’s Chancery Court-appointed attorneys.
Said Citizens for a Pro-Business Delaware Campaign Manager Chris Coffey, “This is a long-overdue step as Chancery Court-appointed attorneys like Bob Pincus and Jennifer Voss have been vampirically draining millions of dollars from TransPerfect’s coffers to enrich themselves for far too long. Worse, in spite of a court order to unseal records related to the case in October, Skadden’s attorneys have steadfastly refused to explain their bills or the work they’ve done in their role as Custodian.”
“In effect, this has meant an inexplicable wealth transfer from the hard-working employees of TransPerfect to members of Chancellor Bouchard’s inner circle. While we’re glad that the bleeding will finally end, it speaks volumes that Delaware’s legal establishment has for years interfered with a successful business to enrich themselves.”
“We won’t stop our long-standing campaign for transparency and accountability in Delaware’s courts and government until we ensure that such a traumatic and costly ordeal never happens to another company. The time certainly has come for this parasitic Custodianship to end, but the time has also come for wholesale changes to Delaware’s courts and government so that they work for the many, rather than the elite few.”
Citizens for a Pro-Business Delaware is a group made up of more than 5,000 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 unprecedented forced sale of TransPerfect. 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.
Mary Urban, firstname.lastname@example.org