Citizens for a Pro-Business Delaware Slams Skadden Arps for Malfeasance as Firm Refuses to Release Escrow Years After Conclusion of Forced TransPerfect Sale | Financial Buzz

Citizens for a Pro-Business Delaware Slams Skadden Arps for Malfeasance as Firm Refuses to Release Escrow Years After Conclusion of Forced TransPerfect Sale

Following the refusal of Skadden Arps’ Bob Pincus, the former TransPerfect custodian, and his attorney Jennifer Voss to release more than $4 million in escrow from the long-concluded forced sale of TransPerfect, Citizens for a Pro-Business Delaware Campaign Manager Chris Coffey released the following statement:

“There is no place, nor any scenario in the world where ordinary people could get away with making millions by manipulating the court system as Skadden has. Attorney Jennifer Voss and former Custodian Bob Pincus are unscrupulous when it comes to squeezing TransPerfect for every cent they can at the expense of hard-working employees. Despite the TransPerfect sale concluding more than three years ago – and Pincus stepping down from his role as Custodian – the duo is still holding onto more than $4 million in escrow with no legal basis.

“According to Pincus’ and Voss’ own arguments – and affirmed in a Chancery Court decision – the outstanding ‘claims’ in the TransPerfect case should not be paid out of the escrow account. For Skadden to refuse to release and return the escrow is an egregious betrayal of legal and ethical standards and a black mark for the entire firm.

“Worse, Pincus and Voss have continued to line their pockets by filing frivolous motions while being enabled by former Chancery Court Chancellor Andre Bouchard and his replacement Kathaleen McCormick at every turn. With the Chancery’s blessing, Skadden attorneys have dragged the case on for more than three years after the sale through baseless motions and filings, all while billing millions.

“Enough is enough; Skadden must release and return the hijacked escrow immediately. Until they do, we will continue mobilizing grassroots support against them and the broken Delaware court system that enables their chronic malfeasance.”

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.

Contacts

Chris Coffey, ccoffey@tuskholdings.com

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