News & Insights

Hank Gallagher Co-Authors Article on TransPerfect Bill

Connolly Gallagher partner, Henry E.  (“Hank”) Gallagher, Jr., co-authored an article addressing Senate Bill 53 in the July 14, 2017 edition of the Delaware News Journal. The bill proposes amendments to Section 226 of the Delaware Corporate Code. Currently, Section 226 permits stockholders of Delaware corporations to petition for the appointment of a custodian in certain circumstances, including where the board of directors is deadlocked. SB 53 seeks to amend Section 226 such that appointment of a custodian to dissolve or sell a solvent Delaware corporation will be permitted only where there is a stipulation permitting such appointment or where one or more alternative remedies to break a deadlock fails after three years. Hank, who is the Vice Chair of the Delaware State Bar Association’s Section of Corporation Law, joined Norman M. Monhait in authoring this article. While SB 53 has garnered significant attention in the wake of the Court of Chancery’s decision in In re TransPerfect Global,. Inc., the article supports those in the Delaware General Assembly who have opposed SB 53. To read the article, please click here.

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