Delaware Judge Creates New Precedent Limiting Rights of Elderly Corporate Shareholder in TransPerfect Case

PALM BEACH, Fla., Sept. 22, 2016 /PRNewswire/ -- Shirley Shawe, one of the three shareholders of TransPerfect Global's stock, decried the manner in which she was treated by Delaware's Chancery Court Chancellor Andre Bouchard during the course of the hearing in the ongoing case between TransPerfect co-founders Elizabeth Elting and Philip Shawe and has announced today that she has engaged Florida counsel to evaluate federal age discrimination and other claims. As the case was being made to assert Ms. Shawe's share position and merit, Chancellor Bouchard queried Philip Shawe about events that may follow Shirley Shawe's death and rights of survivorship in what Ms. Shawe asserts was an effort to discount the value of her share and influence in the privately held translations company.

Ms. Shawe's share, aside from her Social Security, is her sole source of income and Ms. Shawe alleges that Chancellor Bouchard marginalized her property rights simply because she is a senior citizen, implying that her age made her voice less important. While very much alive, Ms. Shawe's ownership in TransPerfect allows her to exercise a vote and have a say in the happenings at the firm, but the line of questioning was meant to discredit that ownership.

Shirley Shawe said, "As I sat in the courtroom, Chancellor Bouchard asked about my death and what would become of my property, as if to suggest it had no value today. It was demeaning to be devalued. I was shocked that a member of the judiciary would do that." She continued, "When Liz's attorney Kevin Shannon argued that, '[Philip] Shawe completely controls his mother's stock,' he was inappropriately questioning my abilty to make my own decisions."

Martin Russo, Ms. Shawe's New York attorney, said, "In the United States, every shareholder -- no matter how small -- has rights without regard to age. Shirley Shawe is a vibrant and dynamic woman who retired believing that her investments would secure many years of happiness with her family. The implication that Ms. Shawe is not individually capable, or that her ownership in TransPerfect is inconsequential, was especially insensitive in light of the fact that she had provided both economic and gender based support to the company from its inception."

"My son, Phil Shawe, built this company and has worked tirelessly day and night for 23 years to make it a success. As a partner, Elizabeth Elting should be proud that she helped start a company that now employs over 4,000 people worldwide, but instead, shortly after Phil's wedding, she started filing law suits," Ms. Shawe said. "This case has cost me a lot of money in legal fees, but I will not stop fighting for my rights in Florida and in New York; the courts must recognize that I am being treated unfairly," Ms. Shawe said.

Shirley Shawe's one percent ownership has afforded the ability for TransPerfect Global to claim the benefits of being a majority women-owned business. Co-Founder Elting has personally benefitted from that decision, and has been feted as a successful CEO of a woman-owned business.

As a point of information, Ms. Shawe's ownership is, in-fact, not willed to Philip Shawe.

The Portion of the Transcript from pg.1116 lines 20-24 and pg. 1117 lines 1-13 are as follows:

CHANCELLOR BOUCHARD: All right. And do you have an understanding of your mother's estate-planning affairs with respect to the expected disposition of this 1 percent interest?

PHILIP SHAWE: I would hope my mother intends to leave that to me. I don't -- I haven't seen her will. I would imagine that she does, God forbid she were to pass.

CHANCELLOR BOUCHARD: But sitting here now, what's your expectation in that regard?

PHILIP SHAWE: God forbid my mother were to pass, my expectation in that regard is that she would will her share to me as her only son.

CHANCELLOR BOUCHARD: And have you ever seen any written documentation that either shows that or is contrary to that expectation?

PHILIP SHAWE: I haven't seen any written documentation in that respect.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/delaware-judge-creates-new-precedent-limiting-rights-of-elderly-corporate-shareholder-in-transperfect-case-300332734.html

SOURCE Shirley Shawe