Equity in TransPerfect now in doubt, as Employee wins in Georgia Court
Whoops, not so fast Robert Pincus, the Bouchard-crony and former law partner who Delaware’s Chancellor Andre Bouchard appointed to be Custodian of this profitable company, TransPerfect Global — in the wake of erroneously forcing its sale to the highest bidder — may not work out as planned. A Georgia Court has ordered that an employee’s lawsuit — demanding that the company and Ms. Elting issue the shares he was promised — should move forward, and that TransPerfect Global should be added as a party in the lawsuit. If the company is forced to keep its promise, and issue his corporate stock share, this would give SVP Kevin Obarski not only the share he was promised in order to work, but also the power to break any log-jams from Bouchard’s alleged “deadlock”. Could this change the direction of TransPerfect’s future, and take it out of the hands of Bouchard’s cronies, and back into the hands of an employee who built it? Who is more deserving… the SVP of Sales, or Bouchard’s biking buddy, Robert Pincus, from Sadden Arps?
Being one of the most heartfelt, born and raised, patriotic, former Lewes, Delaware men on this planet, it pains me to say this, but justice simply cannot be found in our state’s Chancery Court any longer. Thank goodness these people only control Delaware’s Chancery Court and it doesn’t bleed into any other states! The incestuous noose of corporate fleecing, irregular and biased rulings, and a plethora of what I and many others perceive as suspicious and improprietous activities by Delaware’s judicial Bonnie and Clyde (Bouchard and Strine) are indeed coming home to roost in this amazing case.
The company is in disarray because the employees want no part of what they view as Bouchard’s and Pincus’s rigged auction toward Lionbridge — their largest competitor. Indeed, many TransPerfect employees have reported to me that the auction is a sham — and the only meetings the Custodian’s consultant, Joel Mostrom, even attends, are for the Lionbridge executives. Lionbridge is a well-known outsourcer of Amercian jobs, and I will personally call the President, the U.S. Attorney General, and the FBI if Bouchard’s profiteering cronies eliminate 4,000 jobs from this successful American company to line their own pockets.
Conflicts of all kinds abound in this absurd case within and without, both past and present. The connections between the Judges, the Plaintiff’s lawyers, and the Custodian are so far reaching it boggles the mind. The apparent and seeming collusion between law firms in their legal representation of the parties, pirating of intellectual properties, ex-parte communications, paranoid and dictatorial rulings by the custodian, violation of civil rights, top executives resigning (one wrote in his letter of resignation a clear expose of Pincus’ possible nefarious activities) are raising eyebrows throughout the state of Delaware. The billing and ordered payment by Chancellor Bouchard of $25 million dollars in undocumented and unexplained fees from TransPerfect’s coffers by Pincus is unbelievable. It is incessant corruption in my opinion with Chancellor Andre Bouchard at the center of it all. I find it very interesting that both Pincus and Elting use the exact same phrasing when addressing the recent departures — they have a “deep bench” of talent… from Pincus’ quote in the “Crain’s New York” article, and Elting’s quote from the “Slator” article. This is clear evidence of collusion, if anymore was needed.
Co-CEO Liz Elting emailed to Slator that “the recent departures of these few technology employees represent a very positive, not negative, development at TransPerfect, as I have long regarded each of them as underperformers. We have a deep bench of extremely talented and dedicated employees in our technology department who are more than capable of continuing to build on our success. There will now be more opportunities for each of them. In addition, we will soon be making some very exciting leadership announcements in our technology department, which will help take TransPerfect to a billion dollars in revenue and beyond.”
Meanwhile Custodian Robert Pincus is going ahead with the sale. He said, according to “Slator”, in a phone call “the business is strong due to the strong entrepreneurial culture of the employees. We are supplementing and enhancing the management of the technology group in a manner that will help facilitate continuity pending the consummation of the sale. Efforts to confuse, delay, and deter the sales process have accelerated as we get closer to a culmination of the sale process.”
Well folks there are now a bunch of legitimate flies in the ointment and these avaricious actors may not get what they want. Heck, some of them might even go to jail if what I suspect could be proven? Follow the money!
Please see the article below, urge your legislators to stop these obscene, monetary commissions that Bouchard’s cronies stand to gain from “auctioning” off this company to its largest competitor, disgorge their ill-gotten fees, and save TransPerfect.
Legislative investigations in both the Delaware House and Senate would be appropriate and are necessary. However, I won’t hold my breath.
FOR IMMEDIATE RELEASE
Monday, November 6, 2017
EQUITY IN TRANSPERFECT IN DOUBT AS GEORGIA COURT RULES IN FAVOR OF TRANSPERFECT EMPLOYEE
Delaware custodian purportedly will still take bids for sale of TransPerfect even as court joins TransPerfect into the employee’s case for equity shares in the company. Employee contends his equity owed is the swing vote on alleged deadlock, and thus carries enormous value.
Dover, Delaware (November 6, 2017) – Georgia courts grant procedural ruling moving TransPerfect employee’s case for equity in the company forward. The plaintiff, Kevin Obarski, serves as Senior Vice President at TransPerfect’s Atlanta office where he negotiated and executed contracts for the company. Obarski was promised ownership in the company through equity shares for his success in building revenue. The Georgia court granted joinder, which will allow TransPerfect and Elting to be added as defendants in Obarski’s lawsuit against the company to acquire his promised shares.
The decision in favor of TransPerfect employee, Kevin Obarski, coincides with the due date for bidders to send their offers for TransPerfect to Delaware’s court-appointed custodian this week. The custodian is aware of the favorable ruling that adds doubt to the equity in TransPerfect, but there have been no signs of slowing the sale. “We continue to urge Delaware legislators to rein in the reckless actions of the court-appointed custodian. Pincus is charging forward even as state courts across the country shed doubt upon the basis of the Delaware court ruling,” said Miranda Wessinger, President of Citizens for a Pro-Business Delaware. “Other states have consistently ruled in favor of TransPerfect employees and against the volatile allegations of co-CEO Liz Elting. Citizens for a Pro-Business Delaware will not stop fighting for job security for more than 4,000 TransPerfect employees here in the United States.”
Citizens for a Pro-Business Delaware 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. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the issue.