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Delaware Business Now
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Citizens for a Pro-Business Delaware is criticizing a decision by newly sworn-in Chancellor Kathaleen McCormick over billing for services related to the sale of TransPerfect.
Lawyers for TransPerfect Global have requested a change on Chancery Court Chancellor Kathaleen McCormick’s decision regarding Skadden Arps’ past billing practices.
TransPerfect has asked for more detail on billing practices from the Chancery Court-appointed custodian of the company, Robert Pincus, a former Skadden Arps partner, after being billed more than $44 million the past years.
A letter to McCormick stated that “Pincus’s gamesmanship and bill churning continues with these motions and refusal to engage in discussions towards compromise solutions to outstanding issues… Encouraging and rewarding motion practice and scorched-earth tactics over compromise is the antithesis of judicial efficiency and has an antithetical result.”
After seven years of multi-jurisdictional litigation stemming from an irreconcilable deadlock among the three stockholders of a profitable company, TransPerfect Global, Inc. (“TransPerfect”), the Court of Chancery discharged the court-appointed custodian of TransPerfect and denied a motion for contempt and sanctions against TransPerfect and its owner Philip Shawe. The Court subsequently granted the custodian’s fee petitions in the amount of approximately $3.2 million.
The Court adopted the discharge order proposed by the custodian, with modifications, and with the hope of bringing closure in the wake of numerous collateral litigations. The Court’s modifications specified that only the custodian, and not his attorneys, could direct post-discharge payments from escrow, deleted certain language in the proposed order that could be construed as expanding pre-existing protections for the custodian and his counsel, and clarified the process for the custodian to submit future fee pe