NEW YORK (PRWEB) May 15, 2018
After years of litigation, the Delaware Chancery and Supreme Courts have awarded TransPerfect, the world’s largest privately owned translation company, to its co-founder and CEO, Philip Shawe. The Delaware Supreme Court affirmed the Chancery Court’s decision approving the sale of all of TransPerfect’s other co-founder, Elizabeth Elting’s shares in TransPerfect to Philip Shawe. Shawe founded the company in an NYU dorm room in 1992, and grew it from a two-person company to over 4,000 employees with over $600 million in annual revenue. With this latest decision, the Supreme Court upheld the Chancery Court’s finding that it was in the best interest of TransPerfect and its employees for Shawe to be the sole owner and CEO of the company he helped build.
Glenn Faegenburg of The Edelsteins, Faegenburg & Brown, who represents Mr. Shawe in litigation in the New York Courts involving Ms. Elting expressed his satisfaction with the end result of the Delaware litigation stating, “For the sake of the employees at TransPerfect, I’m glad the court approved Mr. Shawe’s bid to purchase his partner’s shares. I am firmly convinced that Mr. Shawe is the best person to lead the talented group of people who make up this incredible company."
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Source: The Edelsteins, Faegenburg & Brown LLP