OPINION
Dear Friends,
TransPerfect and its leader and founder Phil Shawe want to help future company executives, who may do battle in Delaware’s Chancery Court by supporting Senate Bill 313. From my understanding of the bill, it would curb some of the Chancery Court’s unchecked power and bring some needed change that America’s First State should implement!
Mr. Shawe has reason to be involved and concerned, considering the inequitable rulings against his company by former Chancellor Andre Bouchard and now Chancellor Kathaleen McCormick. I hear that she and her Vice Chancellors are not happy about the reduction of some of their power! Rumors are swirling around Delaware that she may be unethically working against the bill?? If true, this would be totally improper!
See the announcement below for more details on this important moment. Will Governor John Carney do what’s right — and more importantly, what’s needed — for our beloved state of Delaware? Please share your feedback on this. It is always welcome and deeply appreciated.
Respectfully Yours,
JUDSON Bennett–Coastal Network
TransPerfect Urges Governor Carney to Immediately Sign SB 313, Formalizing Chancery Court Restraints
Jul 03, 2024, 11:00 ET
NEW YORK, July 3, 2024 /PRNewswire/ — In the wake of a string of high-profile cases in recent years, and amid record scrutiny for Delaware’s Chancery Court, TransPerfect Founder Phil Shawe has released the following statement on SB 313, a new law passed by the Delaware Legislature that provides some disruption to the court’s runaway train of unchecked power:
“SB 313 doesn’t recoup the detriment caused to our company, nor our tens of thousands of team members, but it is an assertion that change is not only needed, but imminent, for a court that has exhibited rampant overreach in recent years. To have multiple members of the court actively working to influence the legislature—a body that is meant to be distinctly independent from the judiciary—epitomizes the desire for dominance the Chancery Court flaunts.
“The proposed amendments in SB 313, written by the Corporate Law Council—the group responsible for reviewing, recommending, and developing changes to Delaware’s corporate law—allow corporations to enter into stockholder contracts even if provisions are not set forth at incorporation. The law reins in the Chancery Court’s recent rulings that exhibit absolute authority as opposed to the fair arbiter of business law attracting millions of incorporations to the state.