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Article posted in the MiceChat News forum here
Wow! Somebody with a law background tell me what this means!
Wow! Somebody with a law background tell me what this means!
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My finger points. -
Roy and Stan Sue Disney for Fraud, etc.
Roy Disney, Stanley Gold Sue The Walt Disney Company, Certain Directors
For Fraud, Breach of Duty of Disclosure Regarding Board's Public Statements About Search for Eisner's Replacement As CEO
Roy E. Disney and Stanley P. Gold today filed suit in Delaware Chancery Court against The Walt Disney Company and certain members of the Board of Directors of the Company alleging that the Board made false statements to the Company's shareholders about its CEO search in order to induce shareholders to vote for the incumbent Board at the 2005 meeting and to induce Messrs. Disney and Gold not to run an alternate slate of directors at that meeting.
Read more here:
“I love the nostalgic myself. I hope we never lose some of the things of the past.” -- Walt Disney -
OOooh...Sounds like some people are going to pay the piper huh?
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Man, someone on these boards said recently that Roy had been pretty quiet since Iger was appointed CEO. The boys ain't so quiet anymore!Comment
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Now we know why.Originally posted by zach1
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Just read the press release that came out of SaveDisney...Originally posted by Bass Shakers
Basically, Shamrock Holding Company (Roy Disney and Stanley Gold) filed suit against the Board of Directors for fraud and failure to disclose information in the proxy at the previous shareholder meeting.
The argument is had vital information been released regarding Eisner's succession, Roy and Stan would have mounted a proxy battle with an alternative slate of directors.
I don't know what their argument is, and what the laws they are citing in the State of Delaware... If they have a case, I don't know what the argument will be... However, this is likely to be a very costly lawsuit if it does go to trial... However since damages are not seeking monitary resolution rather compliance, it will be interesting to see if the court will hear this case...
You might say Roy and Stan are firing legal shots at the bow of the board of directors... Mostly to get them to move on key issues... Stay tuned, we just entered a chess match/end game regarding the Proxy issues...
Judging from past experiance, Eisner will fight Roy rather than give consessions despite Eisner's promise to do so...
Practically, what this means is Roy is not going to be at Disneyland on July 17th because current management is not really going to want him there... And Roy will make as much trouble for the board and keep the issues in the public eye untill consessions are made... I don't think Roy and Stan will give up...Check out my other blog:Comment
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That was my first thought, No Roy on the 17th of July. Well if that's the cost of actually having someone fighting Eisner instead of merely booing him at an anniversary ceremony then GO FOR IT ROY!!!Originally posted by cellarhound"All my life I've had one dream, to achieve my many goals. �
Homer Jay Simpson
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BA BA BOOM!
Wow! Some action. Who knew they's go this far?
I'm interested to see what happends.
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I don't have a law background, but here is what it says.Originally posted by Bass Shakers
Prior to the last board of directors meeting, the current board said they'd look for an Eisner replacement using an open mind including a serious search for a new CEO both inside and outside the company.
Roy is saying that was a lie, and the "search" was just a show since they knew ahead of time they were just going to rubber-stamp whomever Eisner wanted for his replacement.
Roy says he wants the election results overturned because they lied about plans to do a REAL CEO search.
In reality, the owners (the sharholders, and by that I mean the mutual funds that own 66% of the company) just want the controversy to go away as they feel it is dragging down the stock price. I'm guessing Roy just wants to make a big enough stink that enough of the shareholders will get so desparate to make the whole thing go away, that they eventually toss out Eisner's rubbber-stamp board and replace it with one of Roy's choosing.
I'd love to see a truely independant board, not one selected by Roy OR Eisner.... But that just isn't going to happen.Comment
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WOW this day has suddenly turned interesting.
The board and Eisner right now must be fuming.Comment
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The tough part is that the companys earnings and TV ratings keep going up. How can they hammer the board when the company is performing? If Chicken Little takes a dump at the BO, they'll have their chance."As usual he's taken over the coolest spot in the house"- Father re: Orville 1963
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I support Roy and Stanley completely, As much as Iger has done he still is just an Eisner golem to me. Roy has the timing right with Disney perking up in many ways PLUS its the 50th, can anyone say now he has no Disney backbone?
Eisner is still the "wizard" behind the curtain in OZ....and the board is also still in Eisners hands. A complete renewal of the board would be ideal, problem is...who is going to be the selection committee?
I hope Roy makes the right decisions and perhaps Diane Disney will make a stand as well.
And BTW, If I was there at DL I would have booed Eisner as well. :devil:Micechat member # 98
TARDIS
"Time And Relative Dimension In Space."Comment
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Except Roy and Stanley's point is not that the company isn't performing it's that they're doing business in a shady, underhanded manner. That Disney is more stable than it has been recently somewhat hurts their case, but not by much. The real point here is if Michael Eisner and the Disney Board performed their jobs honarably and honestly when selecting a replacement.Originally posted by Cousin OrvilleWhat if the Hokey-Pokey really is what it's all about?Comment
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Glad to see there are people here who can see the whole picture and understand why Disney & Gold are pursuing this lawsuit. I have just about had my head blown off on some other discussion boards for trying to point this out, being called everything from "insecure" to "inflammatory." I think I'll just hang out here with the relatively sane people for a while. :oComment
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Isn't that nice?????Originally posted by mickhyperion
I noticed that when I first came here too...
You would think that some of the moderators and other people on those other boards were on Eisner's payroll....Comment
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