Delaware could lose it all
Dear Friends,
Delaware’s Chancellor Andre Bouchard, having ordered the sale of TransPerfect Global to the detriment of 4,000 employees, instituting a former law partner as a custodian who has cost the company $8.5 million dollars, allegedly violating the employees 1st and 4th amendment rights, while installing an atmosphere of distrust and fear -- has clearly indicated he has no real concern for basic humanity or the well- being of the State of Delaware.
Interestingly, Delaware is the center of most major incorporations where two-thirds of all Fortune 500 Companies, including most Airlines, Oil companies, American Ships, Coca-Cola, Disney, and Apple, are incorporated in the first state for a specific reason. Delaware has the reputation of being friendly to business. If there is a dispute -- although in most cases the operations are actually elsewhere -- the situation will supposedly be equitably resolved in the Court of Chancery by one of five Chancery Court Judges. Delaware receives approximately one-third of its income from the franchise taxes gleaned from these enterprises.
In the case of TransPerfect, being adjudicated by Andre Bouchard, there has been -- from my observation and through the opinions of innumerable members of the legal community -- many biased decisions, unreasonable judgements, and such business unfriendly actions by Bouchard, that Delaware might be in danger of losing many of its current incorporations and those in the future.
As stated in a recent editorial in The News Journal: http://www.delawareonline.com/story/opinion/editorials/2016/10/18/editorial-why-you-should-care-transperfect-case/92376596/
“Right or wrong, the state is heavily dependent on the money it makes off of the incorporation business. That dependence has only grown as major employers have left the state or significantly downsized their presence here.
In fiscal year 2015, according to financial reports, 230,558 companies paid the state a total of $677 million in corporate franchise tax.”
Folks can you image what will happen economically to our "First State" if this revenue disappears. Oklahoma, Nevada, and Rhode Island's officials are circling like vultures, hoping to grab up Delaware's incorporators, as a result of the concerns by business over Bouchard's arrogant and stupid rulings. The workers of TransPerfect are bravely and legitimately -- through “Citizens for a Pro Business Delaware” -- trying to protect their jobs and the future of this magnificent company, which was founded by Phillip Shawe and nurtured into a $500 million dollar a year enterprise through Shawe’s ingenuity with the help of many of these dedicated employees. What Chancellor Andre Bouchard has done is unprecedented, unfair, un-American and clearly bad for Delaware.
As always your comments are welcome.
Respectfully Submitted, JUDSON Bennett-Coastal Network