Delaware's Supreme Court has upheld the court-ordered sale of a successful New York-based translation company after a judge concluded the relationship between the company's two co-founders and sole directors had devolved into "complete dysfunction."
In a 4-1 ruling Monday, the justices affirmed a Chancery Court ruling ordering the sale of TransPerfect Global, which provides translation, website localization and other services, with offices in more than 90 cities worldwide.
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The judge concluded that feuding co-founders Philip Shawe and Elizabeth Elting, his former fiancee, were hopelessly deadlocked over management of the privately held business they started in a college dorm room.
The Supreme Court also upheld an order directing Shawe, who challenged the sale, to pay Elting $7.1 million in fees and expenses as sanctions for his "deplorable behavior" in the lawsuit.