Citizens for a Pro-Business Delaware Slams 11th-Hour Chancery Court Decision to Uphold Majority of Skadden Arps’ Fees Following TransPerfect Lawyers’ Appeal

The Bouchard-era Chancery Court was so invested in protecting its handpicked Custodian - who had already bilked the company for more than $50 million in total fees - that it couldnt even hold itself accountable to its own decisions.

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Friday, July 30, 2021
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Courts, Professional services, Legal, State, Local, Public policy, Government, Regions of the United States, Geography of the United States, TransPerfect, Court of Chancery, DELAWARE, Delaware General Corporation Law
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United States, DELAWARE
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Summary
Key Points: 
  • The Bouchard-era Chancery Court was so invested in protecting its handpicked Custodian - who had already bilked the company for more than $50 million in total fees - that it couldnt even hold itself accountable to its own decisions.
  • 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 .


Following a recent court filing from TransPerfect lawyers in the Delaware Supreme Court appealing Chancery Court Chancellor Andre Bouchard’s decision to uphold the majority of Custodian Robert Pincus’ and Skadden Arps’ outrageous fees of more than $3.9 million - part of more than $50 million total throughout the duration of the custodianship - from May 2019 to December 2020, Citizens for a Pro-Business Delaware Campaign Manager Chris Coffey released the following statement:

“This latest filing makes clear what we’ve known all along: the Chancery Court during former Chancellor Bouchard’s reign had zero interest in treating TransPerfect fairly. Not only did Bouchard’s Chancery Court uphold an obscene $3.2 million in fees charged by Pincus - in bulk and without explanation - it even contradicted itself in forcing the company to cough up $400,000 in fees that it had previously rejected, which stemmed from a failed Contempt motion filed by Pincus. The Bouchard-era Chancery Court was so invested in protecting its handpicked Custodian - who had already bilked the company for more than $50 million in total fees - that it couldn’t even hold itself accountable to its own decisions.

“There’s no justice when a court-appointed Custodian like Pincus can prop up his own fees by filing frivolous motions against the very company for which he’s a fiduciary, then charge the company for the motion. And there need to be consequences for enablers like Skadden Partner Jennifer Voss, who for years has defended Pincus at every turn and now faces a litany of open lawsuits against her. It’s high time for the state’s Supreme Court to step in and end the clownery of Bouchard’s Chancery Court to deliver justice and pause the rapid erosion of trust in Delaware’s judiciary.”

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.

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