Below is an editorial by Candidate for Governor of Delaware, Senator Colin Bonini. While I have been covering the injustice and importance of the TransPerfect case (in Andre Bouchard’s Chancery Court) for months, I am happy to see the story resonating with experienced politicians and leaders. The danger to Delaware’s reputation is real, as Bouchard and his cronies are jeopardizing the company’s future.
The world watches as a ROGUE Judge gambles with our state’s economy with his wacky decisions, by turning off potential incorporators. Kudos to Senator Bonini for being a true leader, challenging the establishment when needed, and giving a voice to the 4,000 workers and families, who Chancellor Bouchard has turned his back on. Delaware cannot afford to risk its business-friendly reputation, and its Corporate Franchise base.
Please read below:
Bonini: Delaware must learn from TransPerfect case
Delaware has a long and well-deserved reputation as the state where businesses come from around the globe when they need somewhere safe, reliable, and reasonable to incorporate their businesses – and livelihoods. They trust our state and our judicial system to help keep their businesses up and running. In turn we reap the tremendous benefits of this industry that helps drive our economy and pay for many of our government services. Indeed, almost a third of the revenue our state government receives comes from business-related revenue. Our corporate laws and our courts are something all Delawareans should be proud of and we need to make certain Delaware’s predominance in the corporate world continues.
But earlier this year, our chancery court ruled that a company, TransPerfect, which is incorporated here in Delaware, should be broken up and sold. This despite TransPerfect being very successful and profitable and, indeed, reporting record-breaking revenues that have invariably improved every single quarter. The legal situation regarding TransPerfect is complex and has received much media attention over the last several months and there are many facets of the case that make it unique.
Not being a party to the case, I, of course, do not have knowledge of the specifics that the court is reviewing and certainly do not question the credentials of our court, but I am concerned that our reputation as a business-friendly state may suffer if TransPerfect is sold and broken up to the detriment of the owners and employees.
On June 29, I sponsored Resolution 91 in the State Senate to ask the Delaware Bar Association to review potential changes to our existing law so that the court may have more options in cases like TransPerfect. In my opinion, our laws need to be flexible enough so that successful, profitable, companies like TransPerfect will not be dissolved by the courts in our great state. I did this for the sake of not only the employees of TransPerfect who may lose their jobs and their families’ livelihoods because of this situation, but also for the Delawareans who too may suffer if we do not change the law. In this competitive market, the ripple effect of companies currently incorporated in Delaware could be those companies abandoning our state for safer and more reliable states if they perceive Delaware to not be as business friendly as in the past. This flight could be devastating to our economy.
TransPerfect has more than 4,000 employees in more than 100 cities. These people are obviously concerned about what may happen to their company and their careers if TransPerfect is broken-up and/or sold. A group of TransPerfect employees, business people and concerned citizens have banded together more than 1,900 strong to form “Citizens for a Pro-Business Delaware” to push for changes in the way situations like that of TransPerfect are handled in Delaware.
I believe they have the absolute right, as any of us do, to advocate for their cause to members of the General Assembly and to participate in our political process as they see fit. I am very disturbed and disappointed to see the chancery court attempt to stop these employees from exercising their first amendment rights. I proudly stand with Citizens for a Pro-Business Delaware.
Today, I ask for your help. Please go to DelawareForBusiness.org to sign the Citizens for a Pro-Business Delaware petition and to get more information on this critical legislation. Their futures – and ours – depend on it.
State Sen. Colin Bonini, R-Dover South, is a Republican candidate for governor.