Chancellor Andre G. Bouchard on Monday approved a plan to complete the Delaware Chancery Court-ordered sale of TransPerfect Global by modified auction, granting broad discretion to the company’s custodian and limiting the role of its warring co-founders in the process.
Philip Shawe and Elizabeth Elting, former college roommates who were briefly engaged to be married, founded TransPerfect—which provides translation and discovery services to the legal and health care industries—in 1992, but had turned to the Delaware Court of Chancery for a business divorce, as their tumultuous personal relationship has caused the state of their privately held company’s governance structure to devolve into complete disarray.
