Roy Disney Resigns and the Eisner thread all merged

[John]

Roy E. Disney resigned today!!!

Straight from the NYtimes.com

The vice chairman of the Walt Disney Company, Roy E. Disney, resigned from the board of directors today, citing his ``serious differences of opinion'' with the chairman, Michael D. Eisner, ``about the direction and style of management in the company.''

Mr. Disney, the nephew of Walt Disney, also called for Mr. Eisner's resignation. In addition, Mr. Disney stepped down from his position as chairman of the feature animation division.



The resignation lays bare a sharp conflict in an entertainment and media company that has called its theme parks ``the happiest place on earth.''

``You well know that you and I have had serious differences of opinion about the direction and style of management in the company in recent years,'' Mr. Disney wrote to Mr. Eisner. ``For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities to you. I find this intolerable.''

Mr. Disney noted that the nominating committee had excluded him from the slate up for election to the board of the publicly held company, ``effectively muzzling my voice on the board.''

Just last year in a boardroom power play, Mr. Eisner prevailed over his chief critic and fellow board member, Stanley P. Gold, investment adviser to the family of Roy E. Disney, Walt Disney's nephew.

After that episode, the board was reconfigured, in a move that was said to reduce the influence of Mr. Eisner's critics.

Mr. Disney acknowledged that he fell into the category of critic.

``Michael, I believe your conduct has resulted from my clear and unambiguous statements to you and the board of directors that after 19 years at the helm you are no longer the best person to run the Walt Disney Company,'' Mr. Disney wrote, adding that in the last 10 years the company ``has lost its focus, its creative energy, and its heritage.''

The Disney company is listed on the New York Stock Exchange. Shares closed at $23.09 on Friday.

[Johnie]

:( that is a shame that Roy is leaving. Walt would not want this at all.

[sunshine state]

Walt definately would want this but for some reason Roy does.

Mike

[OKWTink]

Anyone else feel a cold trickle of foreboding running down the spine? :(

[Mickeymac]

Tink, I was thinking the same thing! I found this article:

David Koenig's prediction (http://www.mouseplanet.com/david/wrong.htm)

Roy announced it at the end of a four day weekend, the Sunday night before a heavy trading day. I'm sure this is not by accident. I can't wait to see what Mr. Mike does tomorrow morning.

[JuniorMickey]

wow.... that's so heavy stuff

[Shellyamc]

Originally posted by OKWTink
Anyone else feel a cold trickle of foreboding running down the spine? :(


:unsure:

[Gregory]

Wow! Big news...

I sure hope that this doesn't mean the end for Disney...

It could be bad... :(

[Goofy Guy]

So does anyone think that I should start selling my Disney stock today?

[Chris/Lisa]

This is very bad news for Disney.

I have admired Michael Eisner in the past but he is beginning to make some very strange decisions.

Totally disagree with him about his policies regarding animation - this is the lifeblood of the corporation and he seems to have forgotten that.

Uncle Walt would definitely not be happy
:(

[Whitequeen]

Originally posted by Goofy Guy
So does anyone think that I should start selling my Disney stock today?

:lol:
Guess who was going to get the kids a 'Stock Certificate' each for Christmas? Don't think I will now!!!:nono:

I, too, have a bad feeling about this!!! Why am I thinking WDW will end up as a Partnership, like DLParis!!!:(

Oh Walt, what are they doing to your dream?!!:worried:

[Deb]

Hmmm. I don't like this much. That is one of my fears too, Lesley, that the DLP THING WILL HAPPEN. Will watch this with great interest.

[lisaw]

Don't like the sound of this either :(

[Johnie]

Here's the letter

Dear Michael,

It is with deep sadness and regret that I send you this letter of resignation from the Walt Disney Company, both as Chairman of the Feature Animation Division and as Vice Chairman of the Board of Directors.

You wel know that you and I have had serious differences of opinion about the direction and style of management in the Company in recent years. For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities back to you. I find this intolerable.

Finally, you discussed with the Nominating Committee of the Board of Directors its decision to leave my name off the slate of directors to be elected in the coming year, effectively muzzling my voice on the Board -- much as you did with Andrea Van de Kamp last year.

Michael, I believe your conduct has resulted from my clear and unambiguous statements to you and to the Board of Directors that after 19 years at the helm you are no longer the best person to run the Walt Disney Company. You had a very successful first 10-plus years at the Company in partnership with Frank Wells, for which I salute you. But, since Frank's untimely death in 1994, the Company has lost its focus, its creative energy, and its heritage.

As I have said, and as Stanley Gold has documented in letters to you and other members of the Board, this Company, under your leadership has failed during the last seven years in many ways:

1. The failure to bring back ABC Prime Time from the ratings abyss it has been in for years and your inability to program successfully the ABC Family Channel. Both of these failures have had, and I believe will continue to have, significant adverse impact on shareholder value.

2. Your consistent micro-management of everyone around you with the resulting loss of morale throughout this Company.

3. The timidity of your investments in our theme park business. At Disney's California Adventure, Paris, and now in Hong Kong, you have tried to build parks "on the cheap" and they show it and the attendance figures reflect it.

4. The perception by all of our stakeholders -- consumers, investors, employees, distributors and suppliers -- that the Company is rapacious, soul-less, and always looking for the "quick buck" rather than long-term value which is leading to a loss of public trust.

5. The creative brain drain of the last several years, which is real and continuing, and damages our Company with the loss of every talented employee.

6. Your failure to establish and build constructive relationships with creative partners, especially Pixar, Miramax, and the cable companies distributing our products.

7. Your consistent refusal to establish a clear succession plan.

In conclusion, Michael, it is my sincere belief that it is you who should be leaving and not me. Accordingly, I once again call for your resignation or retirement. The Walt Disney Company deserves fresh, energetic leadership at this challenging time in its history just as it did in 1984 when I headed a restructuring which resulted in your recruitment to the Company.

I have and will always have an enormous allegiance and respect for this Company, founded by my uncle, Walt, and father, Roy, and to our faithful employees and loyal stockholders. I don't know if you and other directors can comprehend how painful it is for me and the extended Disney family to arrive at this decision.

In accordance with Item 6 of Form 8-K, and Item 7 of Schedule 14A, I request that you disclose this letter and that you file a copy of this letter as an exhibit to a Company Form 8-K.

With sincere regret,

[signature]

cc: Board of Directors

[Breeze]

What really bothers me about all of this is that Eisner must have one heck of a power base in the company for Roy to resign instead of continuing to fight him for control.

[kiltedwarrior]

It really is sad that Roy E felt the need to resign in order to bring some home truths to those on the outside. It'll be interesting to see what the knock-on effect of such a high profile name as Roy E Disney resigning, has in the coming weeks. Eisner has done some good things at Disney in the past but lately things have been in a slow decline and a change at the top is needed. It wouldnt surprise me that Mr Eisners 'loyal' following hasnt come about from a few 'gold handshakes' down the years! :rolleyes: :(

[marivigi]

Ok.. Just read it in the New York Times

What do you guys think??

Leaving Board, a Disney Heir Assails Eisner
By LAURA M. HOLSON

Published: December 1, 2003


OS ANGELES, Nov. 30 — Roy E. Disney, a nephew of Walt Disney, said on Sunday that he was leaving the Disney board of directors and called for the resignation of the chairman and chief executive, Michael D. Eisner.

In a three-page letter that was hand-delivered to Mr. Eisner's Manhattan apartment, where the executive was spending the weekend, Mr. Disney complained that Mr. Eisner had done little to revive the Walt Disney Company over the last seven years and still had not decided who would be his successor. Mr. Eisner, who took over Disney in 1984, has been under increasing pressure over the company's sagging fortunes.

"Michael, it is my sincere belief that it is you who should be leaving and not me," Mr. Disney wrote. "Accordingly, I once again call for your resignation or retirement."

Mr. Disney, the only Disney heir on the board, has been at odds with Mr. Eisner for nearly two years. Mr. Disney and his investment adviser and fellow board member, Stanley P. Gold, tried to orchestrate Mr. Eisner's ouster last year. The effort failed after a six-month struggle.

The acrimonious letter from Mr. Disney comes at an odd time as the company's finances have improved in recent months, particularly in its film division, which has had one of its best years in more than a decade. But two people close to the board of directors said that three members had been contacted recently by a member of the nominating committee and told that because they were past the retirement age of 72, they would be asked to step down at a meeting scheduled for Tuesday. The three were Mr. Disney, 73; Raymond Watson, 76, a former Disney chairman; and Thomas Murphy, 77, the chairman of Capital Cities/ABC before Disney acquired it in 1995.

In the last year, other board members critical of Mr. Eisner's management style either left or saw their influence diminish. Andrea Van de Kamp, who heads Sotheby's West Coast operations, resigned after she sided with Mr. Disney during last year's showdown. Mr. Gold, who was once very influential on the board, was stripped of crucial posts because of his status as the investment adviser to Mr. Disney.

Mr. Eisner declined to comment on the letter from Mr. Disney. But the presiding director, the former senator, George J. Mitchell, said in a statement on behalf of the board, "It is unfortunate that the committee's judgment to apply these unanimously adopted governance rules has become an occasion to raise again criticisms of the direction of the company, and calls for change of management, that have been previously rejected by the board."

Mr. Disney joined the Walt Disney Company in 1954, serving as an assistant film editor on motion pictures. He has been a board member since 1967.

It is not the first time he has had a dispute with a Disney chief executive. In 1984, Disney's board split over who should succeed Ron Miller, Walt Disney's son-in-law, who was being pushed out as chief executive. One camp favored Dennis Stanfill, a former investment banker who was the chief of 20th Century Fox. The other camp favored Mr. Eisner.

Mr. Disney backed Mr. Eisner and resigned in March of that year, fiercely lobbying other board members to name Mr. Eisner chief executive. Mr. Eisner got the job, and Mr. Disney was reinstated in June.

The complaints in Mr. Disney's letter are not new although rarely has he stated them so vociferously. He wrote that Mr. Eisner had depressed shareholder value by micromanaging his employees and not stemming the ratings loss at ABC quickly enough. Mr. Eisner's management style, Mr. Disney wrote, resulted in a "loss of morale throughout this company." He also accused Mr. Eisner of forcing colleagues who worked with Mr. Disney in the feature animation division (where Mr. Disney is chairman) to spy on him. "For whatever reason, you have driven a wedge between me and those I work with even to the extent of requiring some of my associates to report my conversations and activities back to you," Mr. Disney wrote. "I find this intolerable."

The next year will be very important for Mr. Eisner, Disney's board and shareholders alike. The company has shown promising results recently with its ABC network, although a full turnaround is not expected for another year or two. Travelers are beginning to return to the theme parks after fears about airline safety and a recession kept many away. Disney's movie division, unlike many of its peers, has scored one hit after another this year, including "Pirates of the Caribbean: Curse of the Black Pearl" and "Finding Nemo," the animated film created by a Disney partner, Pixar Animation Studios. "Haunted Mansion," based on the theme-park attraction of the same name, was the top film in the United States during the five-day Thanksgiving holiday weekend, with ticket sales of $35 million.

But the company, whose stock price has outperformed major indexes this year, has significant challenges. In his letter, Mr. Disney challenged the "timidity" of Mr. Eisner's investment in the parks, which are central to the company's profitability and image. Just last week, safety officials in California ruled that a crash on a Disneyland roller coaster was the result of workers failing to properly maintain the ride. And Disney has yet to resolve its relationship with Pixar, which wants a bigger stake of future movie profits and could walk away from its joint venture if the two cannot agree on terms of a new deal.

"The question is, `Can Disney keep the ship turning?" said Tom Wolzien, an stock analyst at Sanford C. Bernstein. The next year, he said, "is very important to them."

[JacksDad]

For all who are unnerved by this news think of this... it could turn out to be a, well. Cinderella Story!
JD

SECOND DISNEY BOARD MEMBER QUITS, BLASTS EISNER...


In an interview set for publication in Tuesday's LOS ANGELES TIMES, Gold and Disney vow to mount a campaign to lobby investors and employees to make the case that Eisner should go... Developing...


Letter From Stanley P. Gold to the Board of Directors of the Walt Disney Company




BURBANK, Calif., Dec. 1 /PRNewswire/ -- Stanley P. Gold today sent the
following letter to the Board of Directors of the Walt Disney Company:

December 1, 2003

To the Board of Directors of the Walt Disney Company:

It is with regret that I resign effective immediately from the Board of
Directors of the Walt Disney Company and second Roy Disney's call for the
removal of Michael Eisner as Chairman and C.E.O. I am proud of my more than
15 years of service and my role in reshaping the Company in 1984 by bringing
Frank Wells and Michael Eisner to the Company. I do, however, lament that my
efforts over the past three years to implement needed changes has only
succeeded in creating an insular Board of Directors serving as a bulwark to
shield management from criticism and accountability. At this time, I believe
there is little that I can achieve by working from within to refocus the
Company. I hope that my resignation will serve as a catalyst for change at
Disney.
The most recent evidence of the drive for insularity is reflected in the
Governance Committee's determination that Roy Disney should no longer serve on
the Board, ostensibly because Roy had surpassed the expected retirement age
established by the Board's Corporate Governance Guidelines. In fact, these
very rules regarding age, by their terms, only apply to non-management
directors, not to Roy, who, as the Committee knows, has been deemed a
management director. The Committee's decision and George Mitchell's defense
of it yesterday are clearly disingenuous. The real reason for the Committee's
action is that Roy has become more pointed and vocal in his criticism of
Michael Eisner and this Board. This is yet another attempt by this Board to
squelch dissent by hiding behind the veil of "good governance." What a
curious result.
Roy has devoted a lifetime to Disney as both an employee and Director. He
has served with renewed vigor during these times of malaise, disappointment
and instability at the Company, trying to maintain the morale of employees,
focusing on the magic that makes Disney special and attacking bonuses to the
CEO and increased compensation for Board members while the Company falters and
shareholder value erodes. He and his family have a very large financial stake
in the Company. Unlike Messrs. Watson and Murphy who have asked to be
replaced, Roy has sought even more involvement only to be told that his input
in animation will continue to be minimized and that his role as a Director is
no longer welcome. This Board has become an enabler to entrenched management
and, in so doing, is not effectively discharging its duties to the
shareholders. This conduct has resulted in yet another valuable human asset
of the Company slipping away. Within the last year this Board will have
managed to cull from its ranks Andrea Van de Kamp and now Roy, two of the
staunchest critics of Michael Eisner and the Company's poor performance. I
cannot sit idly by as this Board continues to ignore and disenfranchise those
who raise questions about the performance of management.
As this Board knows, during my tenure I have tried to be an active,
engaged Director. I believe a board should not merely rubber stamp decisions
of senior management. I decided in August of 2002 that it was not enough just
to express my views in the limited time set aside for our infrequent Board
meetings. I therefore began a series of written communications to the Board
regarding the Company, its management and the Board. I wrote to express my
disagreement and growing concern with management, its policies and the
effectiveness of the Board. I focused on the failed initiatives of the
Company over the past five or six years and admonished the Board for not
actively engaging in serious discussions regarding the Company's flawed plans
and management's unmet projections and unfulfilled promises. In particular, I
have urged the Board to concentrate on the Company's "poor performance, lack
of credibility and accountability and poor capital allocation." In an effort
to get Directors to seriously assess management's 5-year strategic plan (a
plan that is only discussed with this Board, but not submitted for Board
approval), I wrote to the Board to detail the Company's unsatisfactory
financial performance for the past several years and to suggest a process, a
so-called Diagnostic Review, designed to give the non-management directors the
tools necessary to evaluate performance and establish a comprehensive
framework and baseline from which the Board could be active partners in
developing plans to maximize the value of Disney's existing assets and
businesses. That approach was opposed by management and then, not
surprisingly, rejected by the Board. The Board and its Chairman even
criticized me for putting on paper these serious questions about fundamental
matters.
I believe the Board's adoption of its Corporate Governance Guidelines was
yet another example of this Board's commitment to image over substance. Among
other things, those Guidelines were carefully crafted to stifle dissent while
allowing those supportive of senior management to continue business as usual.
This was apparent when the Board applied its Guidelines to conclude that I was
not "independent" despite the fact that I frequently challenged management at
Board meetings and criticized both the Board's and the Company's performance.
That decision was initially based on my daughter's employment in a non-
executive position at Disney and, then, after that reason became insufficient
under the new NYSE Governance Guidelines, because of my association with Roy.
This resulted in my further isolation as I was no longer permitted to serve on
the Governance and Nominating Committee or the Compensation Committee. On the
other hand, John Bryson was deemed "independent" and appointed Chairman of the
Nominating and Governance Committee despite the fact that his wife is an
executive officer at Lifetime Entertainment Television, a 50% owned subsidiary
of Disney, where she earned in excess of $1 million in total compensation in
fiscal 2001. In addition, Senator Mitchell was appointed Presiding Director,
despite having been recently employed as a Company consultant and
notwithstanding that the law firm of which he was chairman received in excess
of $1 million for legal services on behalf of the Company in fiscal 2001.
At the time the Company's new Corporate Governance Guidelines were being
considered, I also urged the Board to separate the positions of Chairman of
the Board and CEO. This separation would empower the Board and help establish
its independence and oversight role. Not only did the Board reject that
initiative, the Board failed to give the newly established Presiding Director
any real substantive powers.
Continuing through March of this year I wrote to express my concerns
regarding the financial performance of the Company and the repeated failures
of management to achieve its forecasts. I urged this Board to feel a sense of
urgency in dealing with the issues of leadership, performance, operations and
accountability. Those efforts failed. Instead, Mr. Eisner was awarded a
bonus of $5 million in Disney shares by the Compensation Committee despite
objections by Roy and me. I believe that bonuses for senior management must
be tied to performance; by that measure, no bonus was warranted.
In a similar vein, I recently wrote to express my objection to the
Compensation and Governance Committee's joint recommendation that fees paid to
Disney Directors be increased dramatically, that stock grants to Directors be
substituted for options (and thereby render meaningless the requirement that
Directors own $100,000 in Disney shares) and that greater compensation be paid
to the Presiding Director. Raises for the Disney Directors at this time are
inappropriate based on my assessment of the Company's performance. I objected
to the increase for the Presiding Director on the grounds that it did not
reflect a reasonable payment for the only slightly increased duties. Finally,
I could not make sense of a share ownership requirement for Directors that
would be satisfied by a direct issuance from the Company at the same time
Directors' cash compensation was being increased.
It is clear to me that this Board is unwilling to tackle the difficult
issues I believe this Company continues to face -- management failures and
accountability for those failures, operational deficiencies, imprudent capital
allocations, the cannibalization of certain Company icons for short-term gain,
the enormous loss of creative talent over the last years, the absence of
succession planning and the lack of strategic focus. Instead, the Board seems
determined to devote its time and energies to adopting policies that focus not
on substance, but on process and, in reality, only serve to muzzle and isolate
those Directors who recognize that their role is to be active participants in
shaping the Company and planning for executive succession. Further, this
Board isolates those Directors who believe that Michael Eisner (when measured
by the dismal results over the last 7 years) is not up to the challenge.
Perhaps acting independently, from outside the Boardroom, not hamstrung by a
recently enacted Board policy barring Board members from communicating with
shareholders and the media, I can have greater success in shaping the
policies, practices and operations of Disney than I had as a member of the
Board.
In accordance with Item 6 of Form 8-K and Item 7 of Schedule 14A, I
request that you disclose this letter and that you file a copy of this letter
as an exhibit to a Company Form 8-K.

Very truly yours,
Stanley P. Gold



SOURCE Stanley P. Gold


--------------------------------------------------------------------------------

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[Mickeymac]

Holy Nepotism, Mouseman! I had no idea how deep the wound was.

Anyone know the address where Shareholders can write to?

[JacksDad]

Disney Shareholder Services
PO Box 11447
Burbank, CA 91510-1447

(818) 553-7200

DIS 23.17 +0.09 +0.39 12,328,600 6:17PM

Very interesting site here with the latest news

http://disney.go.com/corporate/

[wdwfan128]

I read that Roy E Disney stepped down from his position and suggested that Michael Eisner should be the one to leave not him. Disney said that Eisner built the newer parks cheaply and that he blames him for ABC's bad ratings. Can't say that i blame him.:blush: :(

[JacksDad]

It appears that Disney and Gold are going to contact the shareholders and have Eisner ousted. If that doesn't work Goofy announced his pending resignation.

[sunshine state]

When i heard the news it certainly came as a shock. From what ive read Roy had good reason.

[loocpoc]

It was a long time coming....Im not suprised that he left and from my undertsanding was that a war was brewing between these 2 at the way Disney was being run.

[PsychoAlice]

Stan Gold left too...hes calling all of them out!

[windbag]

Oh dear. It all sounds very doom and gloom and over my head. But I do get the uncomfortable piccie. Disney without a Disney behind the scene! Sad! Poor Walt will definately be stomping round the Haunted Mansion now!
Does anyone agree with the remarks about 'doing it on the cheap' with DLP etc and the fast buck feeling. I still believe in Tinkerbell so I wander round in, maybe not in rose coloured but definately pink tinged spectacles ! But I do think the magic is still around but so too is the cynical world we now inhabit where children sometimes only want to squeeze the trigger on the rides or spin upside-down without the aid of a safety net whilst the few with pixie-dust in their veins yearn for a time gone past when two rides on Peter Pan and a soft scoop ice-cream was the bees knees!! I enjoyed DLP and yes, its not as good as Florida but then its NOT florida its DLP! I feel concerned that Disney may become just too rush bang boom when its strength should lie in old fashioned family fun - the holiday of a lifetime - the one you wished youd gone on as a child. Hope im not too morbid but my life is so hectic and full of the now, I always wish myself back at the gates of the MK wanting to believe...

[JacksDad]

Not at all morbid Windbag. Thats exactly how Disney and Gold feel. They want the pixie dust and soft ice cream too. And I still wouldn't be too sad about this. From what I've been reading Eisner will be forced to step down.
Picture two gunslingers setting off for either side of the saloon. Roy knew the time had come to do something drastic. Mike, cocky as he is, stands his own and smokes his cigar laughing because he knows that no old man can take him down. Steve leaves the table to stand by his friend Roys side. That's two against one now. The other board members fidget nervously like little schoolgirls not knowing where to go. Will more choose sides? Who will draw first?
I say grab a sasparilla and kick back on your chair. This is gonna be one wild ride.

[windbag]

:lol: Wow, Jacks Dad - I can almost smell the horses!! and, wait, I can hear the spaghetti western theme even now!! Yee Haaa!

[JacksDad]

See? Now you're smiling. ;)
It ain't over yet.

[windbag]

: :noworthy: :ohdear: Ill try to just smirk next time!! :D
On a more serious note, do you feel that there could be ramefications for Disney because of this breaking news? Its kinda scary isnt it -never have liked change.

[Mickeymac]

LOL JD, you're really enjoying this, aren' you! hehehee! Good imagery! :D

I hope there ARE ramifications. I hope ALL the Stockholders write notes of support to the address JacksDad gave out.

I hope all DVC owners sent letters of discord to their contacts.

I hope all AP holders don't renew their passes.

I hope those who cancel their vacations due to dissastisfaction send copies of their cancellation letters and refunds to the Board of Directors.

Oooooohhhh! Let me at them! They're in NYC, aren't they?? I wanna start a sit-in!

[JacksDad]

Yes I am enjoying this. I love corporate battles. And the ramifications have subtly begun.
The following was culled from various news sources.

There will be a continuing succession of rumors, press announcements and calls from company workers to the media and financial markets as this continues on. (As well as from Gold and Disney.) see today's Drudge Report about Eisner calling Gold and Disney "Shiite Muslims."

A few of the remaining board members are upset from what I heard. A couple of them now more clearly understand what Roy and Stanley have been saying about Eisner's inability to play well with others - and wonder if someone so destructive can continue to helm such a large company. But they may simply think they can do nothing about it.

It's a mess, and Eisner likes it that way because he remains in charge. Also by not naming a successor, he gets to keep everyone at bay. Sad eh?

If Eisner remains alone, park budgets will get even more cut back. Believe it or not there has been some effort made for them in the past by Disney and Gold.

If things continue on their current paths, Hong Kong will most likely be a major failure and Paris will most likely continue to increasingly face more serious problems. Disneyland in Anaheim will improve under current new management a bit, but there is only so much that can be done when the boss has lost interest in that area of the company like Eisner has and simply does not want to spend anything on it.

The stores will most likely be closed next year as opposed to being sold.

What should we expect next?

Continuing drama, breathless plot twists, and all sorts of breaking news - depending on how quickly the national media gets sick of all this.

Who will win?

No one at the end. Eisner cannot keep his mouth shut (remember Katzenberg's Midget remark? Trust me there are more) and Gold and Disney will not let this one go without a major effort. As Roy has been quoted, "It's my name on the company." I agree with you Roy, but when you lie down with pigs...

But I wonder how Roy would feel about Michael Eisner's name beginning to show up more prominently in future Disney company projects? Apparently, as many do when they start to feel their mortality, Eisner has been very quietly pondering how he will leave his very own mark on the world.

I guess a billion dollars just isn't enough for him?

[JacksDad]

Originally posted by Mickeymac
LOL JD, you're really enjoying this, aren' you! hehehee! Good imagery! :D

I hope there ARE ramifications. I hope ALL the Stockholders write notes of support to the address JacksDad gave out.

I hope all DVC owners sent letters of discord to their contacts.

I hope all AP holders don't renew their passes.

I hope those who cancel their vacations due to dissastisfaction send copies of their cancellation letters and refunds to the Board of Directors.

Oooooohhhh! Let me at them! They're in NYC, aren't they?? I wanna start a sit-in!

As an AP holder and a bonafide Disney addict just try and pry my pass from me hands. And I'm sure other addicts, yourself included MM, wouldn't think of cancelling a trip. Let's keep attendance up in support of Roy and Steve.

If you want to get Eisner where it counts try these.

Yes contact the shareholders.
Flood this mailbox.

Chairman Michael Eisner,
500 S. Buena Vista Street,
Burbank, CA 91521.
Phone: 818-560-1000.

Identify and avoid movies and videos from companies such as Touchstone, Hollywood Pictures, Caravan and Miramax Films NOT related to Disney themes.

Avoid watching ABC. Let your local ABC affiliate know why

In other words, drop all of the Eisner projects.

Support Roy and Steves efforts. Give everyone you know copies of The Treasure Planet for Christmas. Laff! That'll burn old Mikey.
Go to the parks, go to the stores. Go see Haunted Mansion til it hits number one!


And NO, and I do mean NO Power Rangers!


uhhh. thanks for listening.

:whistle:

[OKWTink]

No. Keep talking, Jack's Dad. Your's are the first sensible suggestions I've heard since this news broke. Tell me more about how to segregate Eisner's projects from the Disney of Disney, please?

[american idol]

i just heard on CNN that Roy Disney will be on Paula Zahn's show tomorrow morning

and Jacks Dad - too right about those blooming power rangers:eek:

[JacksDad]

Laff Tink. Did you think I was done? Never. I believe that the people make the calls. Not the board room. Here's more of Eisners doings.

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WTVD - Raleigh - Durham
KGO - San Francisco
WTVG - Toledo

Radio Stations
WKHX – Atlanta
WYAY – Atlanta
WDWD – Atlanta
WMVP – Chicago
WLS – Chicago
WZZN – Chicago
WRDZ – Chicago
WBAP – Dallas
KSCS – Dallas
KMEO – Dallas
KESN – Dallas
KMKI – Dallas
WDRQ – Detroit
WJR – Detroit
WDVD – Detroit
KABC – Los Angeles
KLOS – Los Angeles
KDIS – Los Angeles
KSPN – Los Angeles
KQRS – Minneapolis - St. Paul
KXXR – Minneapolis - St. Paul
KDIZ – Minneapolis - St. Paul
WGVX – Minneapolis - St. Paul
WGVY – Minneapolis - St. Paul
WGVZ – Minneapolis - St. Paul
WABC – New York City
WPLJ – New York City
WQEW – New York City
WEVD – New York City
KGO – San Francisco
KSFO – San Francisco
KIID – Sacramento
KMKY – Oakland
WMAL – Washington DC
WJZW – Washington DC
WRQX – Washington DC
KQAM – Wichita
KKDZ – Seattle
WSDZ – St. Louis
WWMK – Cleveland
KMIX – Phoenix
KADZ – Denver
KDDZ – Denver
WWMI – Tampa
KMIC – Houston
WMYM – Miami
WWJZ – Philadelphia
WMKI – Boston
WDZK – Hartford
WDDZ – Providence
WDZY – Richmond
WGFY – Charlotte
WDYZ – Orlando
WMNE – West Palm Beach
WEAE – Pittsburgh
WDRD – Louisville
WPPY – Albany, NY
KPHN – Kansas City
WQUA – Mobile
WBML – Jacksonville
WFDF – Flint
WFRO – Fremont, OH
WDMV – Damascus, MD
WHKT – Norfolk

SoapNet
ESPN Inc. (80% - Hearst Corporation owns the remaining 20%) includes ESPN, ESPN2,
ESPN News, ESPN Now, ESPN Extreme
Classic Sports Network
A&E Television (37.5%, with Hearst and GE)
The History Channel (with Hearst and GE)
Lifetime Television (50%, with Hearst)
Lifetime Movie Network (50% with Hearst)
E! Entertainment (with Comcast and Liberty Media)

International Broadcast

ESPN INC. International Ventures
Sportsvision of Australia (25%)
ESPN Brazil (50%)
ESPN STAR (50%) - sports programming throughout Asia
Net STAR (33%) owners of The Sports Network of Canada

Other International Ventures (all with minority ownership)
Tele-Munchen - German television production and distribution
RTL-2 - German television production and distribution
Hamster Productions - French television production
TV Sport of France
Tesauro of Spain
Scandinavian Broadcasting System
Japan Sports Channel

Television Production and Distribution
Buena Vista Television
Touchstone Television

Movie Production and Distribution
Touchstone Pictures
Hollywood Pictures
Caravan Pictures
Miramax Films
Buena Vista Home Video
Buena Vista Home Entertainment
Buena Vista International

Financial and Retail
Financial
Sid R. Bass (partial interest - crude petroleum and natural gas production)


Multimedia

ABC Internet Group
ABC.com
ABCNEWS.com
Oscar.com
Mr. Showbiz
Family.Com
ESPN Internet Group
ESPN.sportzone.com
Soccernet.com (60%)
NFL.com
NBA.com
NASCAR.com
Skillgames
Wall of Sound
Go Network
Toysmart.com (majority stake - educational toys)


Music
Buena Vista Music Group
Hollywood Records ( popular music and soundtracks for motion pictures)
Lyric Street Records (Nashville based country music label)
Mammoth Records (popular and alternative music label)


Professional Sports Franchises
Anaheim Sports, Inc.
Mighty Ducks of Anaheim (National Hockey League)


Other

TiVo (partial investment)

I tried to remove any pure Disney holdings from the list. If anybody finds one let me know and it will be removed.

[OKWTink]

:eek: WOW! Thank you for the info!

[american idol]

holy smoke:eek:

[JacksDad]

Bethany McClean of Fortune magazine said it very well in Mondays stock market closing report.

"In other ouster news, a newly Roy Disney-less Disney added 8 cents to $23.17. Doesn't Eisner understand that getting rid of the chief complainer isn't the same thing as curing the complaints?"

[JuniorMickey]

I didn't renew my AP when it recently expired... this whole thing really bothers me

[JacksDad]

Awww, c'mon JM. Where's the Faith, Hope and Pixie dust?
Especially the faith. Roy is a smart man. It may take a few years but......
Well think of our favorite movies. Doesn't good overcome evil?

[Whitequeen]

JD!!! :clap: :clap:

Well said, all of it!!!:D I, for one, will be looking at labels more diligently when buying Christmas presents! A small contribution to the cause, I know, but a contrubution nonetheless!!

Are there no other Disney decendants connected with the company?

[Chris/Lisa]

Is there anything we can do as a group - letter or e-mail to send in support or otherwise. After all we do represent a loyal core of Disney consumers - with I believe Walts dream at heart - it would be a nice touch to send some support to Roy :iagree:


And maybe something not so positive to Eisner :hissy:

[JacksDad]

That's a good point C/L. There are after all 4,136 of us and growing.

[Mickeymac]

JD, really smart idea to break out the Eisner from the Disney. Rumors are he's beginning to feel his own mortality, and another commentator jokingly said he might be looking to do more than just remove Disney and make it Eisnerland...

...oooh, got the shudders on that one...

Got this this morning, too. And the door's not even completely shut on Gold...

"Disney Names Sybase's Chen to Board

By TSC Staff
12/03/2003 09:02 AM EST

Disney named Sybase (SY:NYSE) Chief Executive John S. Chen to its board, filling one of the two vacancies created in the acrimonious departure of Roy Disney and Stanley Gold earlier this week.

Disney, the nephew of Walt Disney and the last family member with a role at the company, and Gold resigned this week, saying Monday they would encourage shareholders to oust CEO Michael Eisner. Since Roy Disney resigned from the board, Disney's stock has dropped 59 cents, or 2.5%, to $22.58.

Chen, 48, is also a board member of CIT Group (CIT:NYSE - commentary - research) and the U.S. Chamber of Commerce. "

[JacksDad]

I saw that last night and I think Chen is an excellent addition. But let's still get the tar and feathers for Eisner. Maybe we can make him "walk the plank". Aaargh!

[JacksDad]

A letter from from animators.

http://www.pruiksma.com/letterofsupport.html

[Mickeymac]

thanks, JD. I also wrote to the following, at your suggestion:


Yes contact the shareholders.
Flood this mailbox.

Chairman Michael Eisner,
500 S. Buena Vista Street,
Burbank, CA 91521.
Phone: 818-560-1000.

[JacksDad]

Roy Disney Sees Groundswell in Rebellion
December 03, 2003 9:26:00 PM ET



By Peter Henderson

LOS ANGELES (Reuters) - Roy Disney's rebellion against the management of Walt Disney Co. (DIS) has found fertile ground among small shareholders and average ``folks,'' the former director said on Wednesday.

However, three days after resigning in protest from the Disney board and vowing to bring down Chief Executive and Chairman Michael Eisner, Roy Disney did not offer a specific plan when asked what would convince institutional shareholders to back him.

``There is a kind of a groundswell out there,'' Disney said, describing an outpouring of support from small investors and employees at the company, where he was the last founding family member in senior management.

``The response from folks is astonishing. I am absolutely boggled by it,'' he said.

Roy Disney and ally, Stanley Gold, recruited Eisner in 1984 but have fallen out with him in recent years. In a letter to some Disney employees on Wednesday, Roy Disney said, ``Michael Eisner has lost sight of the vision upon which this company was founded.''

Roy Disney and Gold resigned from the board this week after a nominating committee decided to force Roy Disney into retirement. Disney, who stepped down as vice-chairman of the board and head of animation, said departing was painful, but in some ways a relief given the atmosphere at work.

``It was like the mafia. You couldn't say 'good morning' without somebody saying you are talking out of turn,'' Disney said, arguing that the current board squelched dissent.

CONCERN OVER THEME PARKS

Eisner, he argues, has not invested in theme parks as he should, and the board of directors was ineffective.

``The upkeep down in Disneyland is sickening,'' he said, adding that the company under Eisner had built ``half a park'' but charged full-park prices at California Adventure, the theme park opened next to Disneyland in Southern California.

The park opened to mediocre reviews in 2001, but the company has added a number of new attractions that have proved popular, especially with younger children.

In the Wednesday letter, made available to Reuters, Disney added that under Eisner ``the focus has shifted to the chase for a quick buck.''

Eisner has not commented, but the independent members of the board in a statement have said that they had discussed and deliberated on all the issues Gold, in particular, had raised and had rejected the recommendation to change management.

The directors called the rebellion a ``destructive course'' for employees and shareholders.

Some Wall Street investors and analysts have said that the company needs new ways to grow, but a number of fund managers have said that the open rebellion, which has been simmering for more than a year, was too late, with Disney stock rising.

One former critic of management said Roy Disney did not have a chance to succeed. ``He's howling in the wind -- the stock's up and now there are two voices (of dissent) who have left,'' said Herbert Denton, president of Providence Capital, which pushed Eisner last year to improve operating performance. Denton said he no longer owned Disney shares.

Roy Disney referred to average folks, however, such as smaller investors who had held Disney for years or decades. ``I think they are the ones who will be the most vociferous'' in support, he said.

Disney said he wanted to ``present the idea that there is a better future.'' He and Gold say it is too early to talk specifics.

Disney concluded that those who said he could not succeed reminded him of doubters in 1984, when he resigned from the board to force a change in management. Six months later he succeeded in getting Eisner named CEO and chairman.

``The things that need to happen tend to happen,'' he said.

© 2003 Reuters

[Deb]

JD, thanks for keeping us updated on this, I really appreciate it.

The letter from the animators is excellent, very heartfelt and very eloquent. And also very true.

[Chris/Lisa]

Originally posted by JacksDad
That's a good point C/L. There are after all 4,136 of us and growing.

I am feeling increasingly strongly about this as each day passes and it would be great if we could send something as a group if eough people are agreeable don't really want to let this one slide.

Also great to get Dave pruiksmas e-mail - he was a star when we met him at the institute taking an animation lesson - will be able to tell him how much it made our holiday - he invited us both to a small lecture he gave to a load of art students and we looked at a load of cels he had done - way cool

[ukwdwnut]

i have just sent an email to the animators link in support of Roy E Disney and Stanley Gold

I think its a travesty there is no disney family member on the board

mike

[marivigi]

I think this hasnt been posted!!

....BTW JD.... thank you for such a long and comprehensive list!!! BRAVO!!! :clap: :clap:

Storming the Magic Kingdom v2.0
From JimHillMedia.com
Posted : 12/2/2003 by Jim Hill

***

Well, it’s official. No one at Walt Disney Company headquarters in Burbank, CA. got any work done yesterday.



By that I mean: Just as the initial hubbub surrounding Roy’s resignation had begun dying down (And the first wisecracks to be directly associated with Disney’s departure began surfaced. Here’s two of them: “Well, Michael Eisner had been hoping that some story would come along to take the public’s mind off of the Big Thunder accident at Disneyland. I guess he got his wish.” & “For the first time in years, a ‘Michael’s in trouble’ headline in Variety doesn’t automatically mean Michael Jackson.”), then the Stanley Gold resignation story broke.



And then – at 2 p.m. PST – Roy & Stanley appeared on CNBC. And – toward the tale end of that interview -- Walt’s nephew played the Pixar card. And then this already fascinating story got really, REALLY interesting.



How so? Well, take a gander at this quote from Roy. This was in response to a CNBC reporter’s question about the status of the Disney / Pixar contract extension negotiations:




“I was about to go up and see my friend, John Lasseter in Emeryville a few weeks ago and was asked not to go there by Michael Eisner because he didn’t want Disney executives and Pixar executives rubbing shoulders, so to speak. So I was asked not so politely to stay out of that.”




Now what’s so significant about that? Well, how many of you recall hearing in late October / early November how things were going much better with the Pixar / Disney contract extension talks? How most of the differences between the two corporations had been irons and that there was now a deal on the table that both companies could live with? Back then, it seemed like it would be only days ‘til this deal would finally officially close … Then Steve Jobs (even though he had gotten absolutely everything that he asked for from Disney) abruptly announced that he would be putting off making a decision about whether his company should be extending their deal with the Mouse ‘til the middle of 2004.



So why did Jobs abruptly shut down the Disney / Pixar contract extension talks last month? And why did Michael Eisner expressly forbid Roy Disney from meeting with John Lasseter about this same time? Because it’s all interconnected, folks. Whether Eisner will continue as CEO of the Walt Disney Company may actually hinge on which side Steve Jobs chooses in the coming weeks.



Don’t believe me? Well, let’s go back to Roy’s resignation letter. Which lists – as one of the seven reasons why Michael Eisner should immediately resign as head of the Walt Disney Company:




6. Your failure to establish and build constructive relationships with creative partners, especially Pixar, Miramax, and the cable companies distributing our products.




Now – in the weeks ahead – look for the fact that Michael Eisner has this incredibly toxic relationship with Steve Jobs to get played up large-scale by Roy & Stanley. For these guys to repeatedly talk to the media as well as large & small Disney stockholders about how Eisner – due to his personal animosity with Jobs -- probably isn’t going be able to close the contact extension deal with Pixar. Whereas Roy – who has this long standing friendship with John Lasseter – clearly has the inside track.



Now the big question is: Which side will Steve (Who – if the reports I’m hearing are true – has known about this behind-the-scenes effort to topple Eisner for months now) choose? Will he actually come out of the shadows and actively support Roy & Stanley’s efforts to replace Michael? Or will Jobs prefer to stay backstage for a while, wait & see what Eisner’s next move might be?



Because (Let’s be blunt here, folks) Steve Jobs knows that Pixar is vulnerable. Right now, his animation studio (More importantly, Pixar’s stock prices) still rise and fall on how well Pixar’s latest picture is doing. And – in the years ahead – Pixar Animation Studio is going to face ever increasing competition in the CG feature field. With 20th Century Fox (with last year’s surprise hit, “Ice Age) and Dreamworks SKG (with its Summer 2001 smash, “Shrek”) already proving that they too – just like Pixar -- can produce audience-pleasing computer animated features. And with Disney, Warners, Sony and even Lucasfilm also all prepping new CG features of their own, this field’s about to get seriously flooded.



So what better way to survive the next few years – when CG’s sure to finally lose some of its allure with movie goers, which will put Pixar in an even more precarious position – than to forge another alliance with Disney. Only this time, with a Disney management team that isn’t out to constantly screw the people at Pixar.



It’ll be this card – plus the insinuation that Steve Jobs & John Lasseter might take a much more active role in determining Disney’s destiny if Roy & Stanley were to get their way here – that Disney & Gold will be playing up big-time over the next few weeks. Look for Roy Disney to constantly work in mentions of “my friend John Lasseter” whenever he talks with reporters, and for Stanley Gold to continually express his doubts that Michael Eisner will ever be able to close the Pixar contract extension deal with Steve Jobs.



Look for Disney’s problems with Pixar to emerge as a key issue in Disney & Gold’s effort to remove Eisner. And how will Michael respond? To date, the only people who have spoken out in his behalf are the allegedly independent members of Disney’s board of directors. Who said – in response to Roy & Stanley’s letters of resignation - that:




``It is a disservice to shareholders and to employees that the company faces this distraction at a time when its performance is improving as a result of growth plans and initiatives being implemented by management with board approval.''




Then Viacom Chairman Sumner Redstone came to Eisner’s defense, saying that Disney was “a great company” that was getting “greater every day.” Redstone also called Michael a “great leader.”



MEMO TO MICHAEL: If the only people who are willing to speak out in favor of you are your own board of directors and another CEO, this really doesn’t bode well for what’s going to happen once Roy & Stanley start talking up how you’re not going to be able to close that Pixar contract extension deal. So now might be a really good time to call in some favors with some Hollywood heavy hitters -- people like Ron Howard & Jerry Bruckheimer -- and get them to start talking about all you’ve done over the past 19 years to make the Walt Disney Company the powerhouse corporation that it is today.

[marivigi]

sorry.. something else

This snazzy little item is being currently worn by Disney employees as well as Disneyana fans. Anyone who’s looking to publicly express their displeasure with what the Walt Disney Company has been up to lately. If you’d like to purchase one of these beauties for yourself, you can do so by clicking on this link:

http://www.justinspace.com/pret/ShirtsDis.html .

So forget about Mao jackets. If you really want to be properly dressed for the upcoming revolution in the Magic Kingdom, then click on the above address and get yourself a “Disappointed” t-shirt.

[OKWTink]

Ouch! Those t-shirts pretty much say it all, don't they?

[Mickeymac]

Yeah, I would like that those profits went towards helping Disney somehow, though. :eek:

There's a rumor flying around that Jobs make take the seat vacated by Gold. I would so love to see Jobs on the board. Oh heck, I would rather see Jobs take EISNER's job...

[marivigi]

More news...

This one might be a bit mor eobjective on what could happen

What do you guys think?




Disney's boardroom battle

Wishing upon a star

Dec 4th 2003
From The Economist print edition


Why Michael Eisner's enemies may be guilty of wishful thinking

AFP


ROY DISNEY, nephew of Walt Disney, and an ally, Stanley Gold, have been trying to get rid of Disney's boss, Michael Eisner, for years. Their latest plot was to persuade him to step down gracefully next year, which will be his 20th anniversary at the head of Disney. But that failed, and instead both men have left the board: Mr Disney (pictured above, with chums) resigned at the weekend, rather than wait to be forced off because of his age, and Mr Gold left voluntarily on Monday, December 1st.

Both men used the occasion to write long, bitter letters calling for Mr Eisner's head. Now that they are free to talk to investors and the media, they plan to wage a public war against him, for years if need be. But Mr Eisner has no enemies left on his board. The firm's profits are rising. Last month it said that net profits for the fourth quarter of fiscal 2003 had more than doubled from last year. Indeed, the resignation of Messrs Disney and Gold could be seen as an admission of defeat. However pertinent their criticisms, they may have strengthened Mr Eisner's position.

Mr Disney gave seven reasons why Mr Eisner should leave, of which four will particularly resonate with investors. Under Mr Eisner, he wrote, Disney has failed to stop ABC, its broadcast-TV business, losing money, and it has suffered a drain of creative talent. Mr Eisner has not built a constructive relationship with Pixar, an animation firm responsible for over half of Disney's studio profits in recent years, or with cable firms. Mr Eisner has refused to establish a clear succession plan. Mr Gold added a detailed attack on Disney's strategy and its board which, he wrote, serves as “a bulwark to shield management from criticism and accountability.”

For Mr Disney to lash out at Mr Eisner is one thing, says one big investor in the firm. But Mr Gold, whom he describes as a tough money man who has credibility with institutions, is taken far more seriously. The corporate-governance arm of the same investment firm has asked Disney's independent directors to respond publicly to the issues that Mr Gold raised.

Investors will watch closely to see what happens to Disney's relationship with Pixar. In a board meeting, Mr Eisner bizarrely referred to Steve Jobs, Pixar's boss, as a “Shiite”, because of how he negotiates—to the embarrassment of other board members. Under the contract between the firms, Disney and Pixar share the costs of the animation films that Pixar makes and Disney markets and distributes, and Disney gets half of the profits plus a distribution fee. Mr Jobs is now free to negotiate a better deal, and an announcement could come soon; if he went to another studio, shareholders would really worry. At the least, Mr Jobs will make sure that Disney earns far less from his films in future.

For now, Disney's share price is benefiting from hopes of a cyclical increase in visitors to its theme parks and a recovery in advertising. The release of “Finding Nemo”, a huge Pixar hit, and “Pirates of the Caribbean”, a Disney film, on DVD and video will boost cashflows next year. But if anything goes wrong at Disney, says one rival media mogul, the fact that Messrs Gold and Disney are picking away at Mr Eisner will make things much worse for him—for instance if shareholders win their lawsuit over an estimated $138m severance payment to Michael Ovitz in Disney's fiscal year 1997. The two men may have more to reveal about Mr Eisner and his friends on the board: Mr Gold wants Disney to publish letters he wrote to the directors, which he says contain “new information”. The next stage will be to nominate a slate of independent directors at the annual general meeting in March.

Investment bankers hope that the resignations of Messrs Gold and Disney will hasten a bid for Disney. The likeliest buyers are Comcast, a cable firm, and two internet firms, Yahoo and InterActiveCorp, whose bosses, Terry Semel and Barry Diller, are entertainment industry veterans. Given next year's likely performance, says one holder of Disney shares, its assets are now cheap and vulnerable. Mr Gold says that he has no intention of bringing in a hostile bidder. He may find that nothing else will oust Mr Eisner.

[JacksDad]

Right. Now watch Eisner start playing it up that the stocks are rising. Gee, Mikey. Disney stock rising during the holidays. Truly a miracle.:p

[JacksDad]

In addition to tendering his letter of resignation to the Walt Disney Company, Roy Disney is circulating the following letter addressed to Disney employees ("cast members"):

ROY EDWARD DISNEY


December 3, 2003


Dear Disney Cast Members,

It was nearly 20 years ago that a small group of us recognized that dramatic changes were necessary to reinvigorate and reenergize the Disney Company. We changed the composition of the Board and assembled a new leadership team headed by Frank Wells and Michael Eisner. I returned to the Disney cast and, working as a team, we planted the seeds that rekindled the spirit and creativity that is synonymous with Disney. Those efforts paid off handsomely in the late ‘80s and early ‘90s. Once again, Disney was admired for the wholesome family entertainment it brought to millions of people of all ages. Together we created the dreams and excitement that made Disney respected and beloved throughout the world. We succeeded in recapturing the dream born of Walt and my father and the heritage they left to us.

Sadly, times have changed. Michael Eisner has lost sight of the vision upon which this Company was founded. The focus has shifted to the chase for the quick buck instead of a dedication to new and high quality ideas, the development of enduring value. This has led to division within the Disney workforce, a revolving door of managers, and the exodus of too many of our most creative and inspired employees.

For the last several years, Michael Eisner has done his utmost to isolate me from the members of Disney’s Animation Department and exclude me from participation in decision making regarding the Department. Most recently, I was prevented from even attending the Animation Department screening of three pending feature animation projects. The collegiality and openness that once typified the Disney workplace has been destroyed.

It is against this backdrop that I had no choice but to resign as Chairman of Disney’s Animation Department and as a member of Disney’s Board of Directors. This has been a very painful decision. I am torn between my duties and loyalties to all of you who have made my journey so memorable and special, and the
need to preserve the Disney heritage for future generations. However, I cannot stand idle as the heart and soul of this Company is being systematically eliminated by senior management protected by an ineffective Board of Directors. This is a Board that seeks to avoid the constructive tension necessary to guide management through difficult times. Instead, it is a Board that seeks to stifle dissent and, to that end, has asked me to leave the Board of Directors.

Although this is not how and when I would have liked to leave the Disney Company, I assure you that I view it not as an isolated and sad event, but as part of a process. I hope it is not too late for the Disney Board of Directors to finally recognize that fundamental change is needed to restore the Disney luster, nurture and protect the wonderful characters that together we have developed and, most importantly, to create the environment within the workplace necessary to give life to new Disney icons for the generations to come.

As I now set off on a different course, I cannot fail to publicly and openly once again express to all of you my most heartfelt thanks. I am grateful that we have shared this journey. Without you, your contributions and camaraderie we would not have been able to make the magic and wonder that is Disney. I hope that one day soon the Disney Board gets the message.

Yours faithfully,


Roy E. Disney

[Mickeymac]

JD, I know you've said otherwise, but I really hope to see stock prices head south (actually, expect, given what's running around right now)

[JacksDad]

Well MM, I have shares so it's a tough call for me. But I have been thinking of dumping them all in hopes that others will do the same. Watch the reports and listen to Martha Stewart and when Eisner is ready to bail out I scoop em all back up and then some.
Trust me, my eyes are glued to that ticker tape like a kid watching Pokemon. I'm starting to see quotes when I close my eyes.:eek:

[Johnie]

I'm writing my letters now.

Just wanted to share this:

[Mickeymac]

I'm a shareholder, too, JD. Did you know that Roy's signed a contract to divest over 40% of his holdings over a five year term? Plus, Job's pulled making a decision on the Pixar/Disney relationship until the springtime. Both of those don't portend well. I don't think the small investor will tank the stock overnight, but we've also invested around $14, so am sitting at a decent profit. I used to trade commodities, and highly advocate holding for the long term (decades) but this is one stock I'm willing to see go on principal.

But might keep one or two just for the pretty shareholder booklets. LOL!

Johnie, great editorial cartoon!

[JacksDad]

I've been wondering about Roy's plan too. There must be something to that contract. And Jobs backing off may be Roy's doing. You know that Jobs and Eisner are not best freinds especially after the Shiite remark. I still think that Roy is planning to throw a low blow. (Notice it's been awfully quiet today?) What that might consist of is being speculated everywhere I look.

[Mickeymac]

I thought Roy did a bunch of talk shows today? :D (dd wanted me to send you a smilie face. :hehe: ) I think Roy's really banking on the general Disney fan, rather than the major shareholders, to really let Mr. Eisner have it.


:hearts: (ed. note: DD wants me to put the heart smilie in this because everyone liked you at the party except for her because you were wearing a dress and she thought that was freaky but she's no longer scared of you. Phew! My brain's reeling - must have sleep!)

[JacksDad]

This is what I've been looking for. From Jim Hill Media.

Are Roy and Stanley making a Rainbow Connection?
First Steve Jobs and John Lasseter. Now the Henson family? Jim Hill has news about who else Roy Disney and Stanley Gold have reportedly recruited to help out with their bid to oust Michael Eisner. Plus a further update on what's supposedly going on in the boardroom.

It's Day 3 of Roy and Stanley's "Oust Eisner" campaign. And -- so far anyway -- the folks on Wall Street don't seem all that impressed.

Don't believe me? Here's a quick sampling of what some investment analysts have to say about the situation:

"Eisner's not likely to go anywhere soon," or so says Oppenheimer and Co. analyst Peter Mirksy.

"I don't expect (Disney and Gold's campaign) to have much of an impact," sniffed Loop Capital markets analyst David Martell.

"They might have found a more receptive audience 18 months ago," said Janna Sampson -- a portfolio manager at Oakbrook Investments -- as she dismissed Roy and Stanley's efforts to recruit Disney stockholders to take part in their "Get Mike to Take a Hike" program.

So why is it that -- given that the internet community has been so galvanized by all this talk of ousting Eisner -- that Wall Street seems to have greeted this revolutionary idea with a shrug?

Because ... well ... let's be blunt here, people: There aren't really all that many investment analysts out there that are truly enthusiastic about the notion of Michael Eisner staying on as head of the Walt Disney Company through September 2006. But -- then again -- investment analysts are (by their very nature) a fairly cautious bunch. They don't like taking risks.

So while Wall Street is at least willing to listen to what Roy and Stanley have to say, these folks then go pick up their copies of the "Wall Street Journal" and see that the price of Disney's stock is up 39% from last year. And the studio's current crop of movies seem to be doing well at the box office. And ABC's ratings have gradually improved over the past three months.

Which is why investment analysts -- while they really have no fondness for Eisner -- are reluctant to rock the boat. I mean, what if the guy that Roy and Stanley bring in to replace Michael actually does a worse job of running the Mouse House than Eisner did? Right now, Wall Street is fairly optimistic about how the Walt Disney Company will do in 2004.

And Roy Disney and Stanley Gold realize this. Which why they're trying to play down the recent gains in Disney's stock price and all the talk about how attendance levels are up at the corporation's stateside theme parks. Instead, Roy and Stanley are trying to make Michael Eisner himself the issue.

As in: Think about how much better the Walt Disney Company would be -- how much more successful this corporation might be -- if Michael Eisner weren't still running the show.

This is the lynch pin of Disney and Gold's Pixar stratagem. I.E. Due to his personal conflict with Steve Jobs, Michael Eisner is preventing Walt Disney Studios from closing a contract extension deal with Pixar Animation Studios.

But just yesterday, I got a peek at another page of Roy and Stanley's playbook. And -- to be honest -- I was both thrilled and surprised to hear about what else these guys reportedly have up their sleeves.

What am I talking about? Well, do you recall Monday's story -- "Did Roy Jump the Gun?" -- where I talked about how Michael Eisner had been embarrassed by the fact that he hadn't be able to close the Jim Henson Company acquisition deal early year. Well, it appears that Kermit and Co. may soon be causing Michael even more discomfort.

According to several well-placed sources that I spoke with at the Jim Henson Company yesterday, Disney and Gold have supposedly been meeting quietly with members of the Henson family for months now. It's even been suggested that Roy and Stanley may have played a part in the family's decision to suddenly buy back the Jim Henson Company this past May, rather than allow the Muppets to be sold off to Mickey.

"So what's the point of Walt's nephew and Stanley Gold inserting themselves into the Disney/Henson negotiations?" you ask. Patience, Grasshopper. All will be explained shortly.

Okay, now how many of you recall the story in "Variety" last month which stated that the Jim Henson Company was actively looking for a partner? Some media conglomerate with fairly deep pockets and a great distribution system that could help Henson out with its film, TV and home video projects.

Well, Disney was one of the companies mentioned in this article. And -- according to the folks that I spoke with at Henson yesterday -- Disney and Gold (or their representatives) have supposedly been met quietly with the Henson family over the past few weeks.

"And what's the purpose of all this cloak and dagger stuff," you ask? Well, the Walt Disney Company is reportedly looking to get into a long term production deal with the Jim Henson Company -- with the Mouse releasing and promoting a wide variety of movies, videos and TV shows that the Frog produces.

Furthermore, should the above arrangement prove to be pleasant, professional and financially beneficial to both corporations, the door might once again swing open for acquisition. As in: The Henson family would allegedly agree to sell the Jim Henson Company -- lock, stock and Fozzie Bear-el -- to the Walt Disney Company.

So what's the catch? The Henson family will supposedly only agree to the above arrangement IF Michael Eisner is out as head of the Walt Disney Company.

You see the strategy that's emerging here? "Michael Eisner can't get Steve Jobs to agree to a Pixar contract extension. But Roy Disney -- who's a friend of John Lasseter -- can." And "Michael Eisner missed out on closing a deal to acquire the Jim Henson Company (again) in May. But the Henson family is willing once more to do business with the Walt Disney Company ... provided that Michael Eisner is out of the picture."

This is really an ingenious strategy on Roy and Stanley's part, don't you think? Getting Disney shareholders to overlook the modest gains that the corporation has made over the past year by pointing out how much better the Walt Disney Company could theoretically be doing if Michael Eisner weren't in the hot seat.

So what's Michael Eisner's response to all this? He's still letting the members of Disney's board do most of the talking for him. Though -- as has been pointed out to me by numerous JHM readers -- these guys aren't really mounting all that spirited a defense of the Mouse House's Big Cheese:

So says Nome de Plume:

Take a closer look at those messages that Disney's Board of Directors have been issuing to the media on Eisner's behalf. Notice how careful the language they're using is. How tepid it sounds. These guys are just going through the motions, Jim. Doing what they have to to keep Michael happy. But nothing more than that.

Maybe Disney's Board of Directors really do have an Eisner exit strategy in place. And Mitchell and Co. are actually working in tandem with Disney and Gold to pull a pincer maneuver from without and within. Til the pressure gets so great that Disney's CEO has no choice but to resign.

But if this is really the case ... why didn't Disney's Board of Directors just leave their original Eisner exit strategy in place? Just allow Michael to somewhat gracefully announce that he'd be retiring of his own volition in September 2004 and then let Disney's CEO ride off into the sunset.

"The Poet" (who finally checked in again this afternoon -- hurrah!) offered up these intriguing answers to the above query:

Supposedly, not one of Disney's Board of Directors actually trust Michael Eisner right about now. Their worry is that -- after Roy Disney, Ray Watson and Thomas Murphy were forced to resign this week (in accordance with the corporation's new governance, which insist that all directors must now retire from the board when they reach 72 years of age) -- Michael might replace these corporate officers with three new directors who would be much more sympathetic to Eisner's plight. Which means that Michael might be then be able to weasel out of his previous arrangement. Which would allow Eisner to stay on as the head of the Walt Disney Company 'til the end of his contract -- which is September of 2006.

So -- by making a co-ordinated effort now (with Roy and Stanley on the outside and Mitchell and Co. on the inside) -- Eisner wouldn't have any wiggle room. And -- provided that enough public pressure could be brought to bear -- Michael could conceivably be forced out of his CEO position at the Walt Disney Company well ahead of September 2004.

"The Poet" also went on to say that Disney's Board of Directors is said to be uncomfortable with the size of the "golden parachute" that Eisner is insisting on receiving. The figure that's reportedly being bandied about isn't quite a billion. But "The Poet" suggests that it could be well north of $500 million.

In this post-Richard Grasso / NYSE scandal era (where CEOs are regularly being taken to task by the media for excessive compensation and bonuses), Disney's Board of Directors is reportedly worried that -- should the news break about how much the Mouse is supposed to pay Michael in order to get him to move along -- that it could be another PR disaster for the corporation.

More importantly, given the enormous amount of money that we're allegedly talking about here (which is said to be more than the amount that Mickey paid out to Jeffrey Katzenberg and Mike Ovitz combined), Disney stockholders could conceivably rise up in revolt. Which might result in the Board of Directors getting released from their extra-cushy jobs as officers of the Disney corporation.

So -- with this grisly possibility rolling around in the back of their minds -- Disney's Board of Directors supposedly began exploring more affordable options. Like the possibility that -- if there were a loud enough public outcry -- they could possibly embarrass Michael Eisner into exiting earlier, under his own power. Which (hopefully) would result in the corporation having to offer a smaller financial "parting gift" to the company's soon-to-be-former CEO.

You see what I'm saying here, folks? The stuff that's made it out into the mainstream media to date. It's all just the tip of the iceberg. All the players aren't out on stage yet. The real drama now is being played out behind-the-scenes. As Roy and Stanley quietly and carefully recruit allies for their cause and Eisner weighs his options. And -- all the while -- Disney's Board of Directors continue to say that they're standing firmly behind the corpoartion's CEO ... when what Mitchell and Co. are really supposedly up to is looking for an opportune time to push Eisner out a window.

You know -- according to this friend I have in Vegas -- the current odds on Michael Eisner being out of the Walt Disney Company by January 2004 are 3 to 1. Me personally? I'm not sure that things are going to move quite that quickly. I'm pretty certain that Michael is going to wage a pretty tough campaign to hang onto his job.

But even so -- were all the stuff that we've discussed in today's JHM article to actually come to light (with Pixar allegedly only agreeing to sign a contract extension with Disney if Eisner is gone, the Jim Henson Company supposedly only agreeing to a long term production deal with the Mouse if Michael's out of the picture, plus Roy and Stanley reportedly working in tandem with Mitchell and Co.) -- it's really hard to see how Eisner's actually going to be able to hang on.

Hmmmn ... maybe now might be a good time to call Vegas and see if I can't get in on some of that Eisner exit action?



JD: Are Roys stocks directed towards Henson?

[Mickeymac]

I don't know. I'm trying to remember the name of his holding company, but can't. Anyone?

[JacksDad]

Shamrock Holdings or Formula One?

[JacksDad]

A post from another site:


We should help Roy & Gold
--------------------------------------------------------------------------------
What's really interesting about all of this is that no one, not a single person on the message boards that I've been to seems to back up Michael Eisner. And most newspapers have set up message boards of their own to let Disney fans speak out.

I wonder how many hits this website has in a day? It must have lots of readers who happen to be shareholders because there aren't that many "huge" Disney shareholders. Most of us have very little shares of the company. I personally have only one share that I purchased at singleshare.com

If we really agree with Roy and Gold, we should do more than just talk and actually help in their efforts to oust Michael. Do something constructive for a change. Kinda like the efforts some websites took when some attractions such as Mr. Toads Wild Ride, Horizons & Journey Into Imagination closed. The only problem with these past efforts in my opinion is that they worked by themselves instead of uniting with other websites. Can you imagine what we could do if tons of Disney sites united together for a change just for this one cause?

I may only have one share, but I sure as hell will be voting against Michael come January. This is our chance to finally be heard, can you imagine if the entire online community of Disney fans revolted against Michael. I think there's so many of us, that we could truly give Roy and Gold a fighting chance. One share here, two shares there. From thousands and thousands of fans who happen to be shareholders. We just might be more powerful than we realize.

I think Mouse Planet, Mice Age, Jim Hill Media, Laughing Place, Mouse Info and any other mayor Disney website should unite together to Save the Walt Disney CO. from Michael by educating and convincing readers and shareholders to vote against Michael during the next shareholder election.

If you combine all these sites together, imagine how many hits they have in a day, or a week, or a month. We could actually do something constructive for a change.

Maybe they could agree to build a separate web page where they could all contribute to the cause or something and post a link to it from their main websites. Educate the public! And make them realize that it's time to vote Michael out. There's strength in numbers.

There has already been talk in the news media about how Disney message boards have been extremely busy with activity ever since Roy resigned. What would they think if they saw us unite to actually try and do something about this situation instead of just talk about it?


Also:

If Disney guests could do something coordinated it might also be a powerful message. In this age of text messaging and instant communication it might be possible to pull off something like this.

[Mickeymac]

Can you tell me where you saw that? I was talking to Mr. Dave about starting a site - I agree totally.

And it's Shamrock I was thinkign of.

[JacksDad]

The idea for a support site? That's from Jim Hill Media.

[JacksDad]

Another place to sign your name.

http://www.petitiononline.com/roymagic/petition.html






NEW DIS-SENT ON THE MOUSE HOUSE BOARD

By TIM ARANGO New York Post
--------------------------------------------------------------------------------




December 5, 2003 -- It didn't take long for Disney's newest board member to dis the company.
John Chen, who was appointed to Disney's board on Tuesday, criticized the company's corporate governance yesterday - the very issue that had prompted two high-profile resignations from the company's board earlier in the week.

"I was picked to Disney's board to help improve its independence," Chen said yesterday in an interview with Bloomberg News. "Disney's board independence isn't very good among the Dow 30."

Chen, the CEO of Sybase, took up one of the vacant seats on Disney's board after Roy Disney and Stanley Gold resigned earlier this week.



Here's an interesting breakdown of the board.

OFFICERS

Michael Eisner, 60 Chairman and CEO

Robert Iger, 51 Pres, COO, Director

Thomas Staggs, 41 CFO, Sr. Exec. VP

Alan Braverman, Exec. VP, Gen. Counsel

Peter Murphy, 39 Sr. Exec. VP and CSO

Board Of Directors

Bowers, Reveta F. 53

Bryson, John E. 59

Disney, Roy E. 73

Eisner, Michael D. 60

Estrin, Judith L. 48

Gold, Stanley P. 60

Iger, Robert A. 51

Lozano, Monica C. 47

Matschullat, Robert W. 55

Mitchell, George J. 69

Murphy, Thomas S. 77

O'Donovan, Leo J. 68

Poitier, Sidney 74

Stern, Robert A.M. 62

Van de Kamp, Andrea L. 59

Watson, Raymond L. 76

Robert Stern and Reveta Bowers left the Disney board last March.

John Chen added on Dec 2, 2003

Major Holders

% of Shares Held by All Insider and 5% Owners: 2%

% of Shares Held by Institutional & Mutual Fund Owners: 65%

% of Float Held by Institutional & Mutual Fund Owners: 66%

Number of Institutions Holding Shares: 10

TOP INSIDER & RULE 144 HOLDERS

ROY E. DISNEY, THOMAS MURPHY, THOMAS S. MURPHY, E. CARDON WALKER, RAYMOND L. WATSON,

TOP INSTITUTIONAL HOLDERS

Barclays Bank Plc, FMR Corporation (Fidelity Management & Research Corp), State Street Corporation, Citigroup Inc., Southeastern Asset Management, Inc., State Farm Mutual Automobile Insurance Co, Vanguard Group, Inc. (The), Lord Abbett & Co, Mellon Bank, N.A., Montag & Caldwell, Inc.

TOP MUTUAL FUND HOLDERS

Fidelity Magellan Fund Inc, Longleaf Partners Fund, Vanguard 500 Index Fund, Lord Abbett Affiliated Fund, College Retirement Equities Fund-Stock Account, Putnam Fund For Growth and Income, SPDR Trust Series 1, Fidelity Growth & Income Portfolio, Vanguard Institutional Index Fund-Institutional Index Fd, Van Kampen Comstock Fund

Show your Support For Roy Disney, Write to The Disney Company

[marivigi]

Excellent Info!!

thanks JD!!!

[kiltedwarrior]

I never knew Sidney Poitier was on the board of directors! Learn something new every day i do :)

[JacksDad]

Response has been overwhelming to the Letter of Support for Roy Disney, from the animation community, the greater Disney community and the general public. Over 1500 names as of Friday morning and still pouring in. We will be setting a cutoff date and time of Tuesday, December 9th at midnight, so don't turn into a pumpkin. Check out our letter at:

http://www.pruiksma.com/letterofsupport.html

[marivigi]

oh wow JD! That list is amazing... more than 3000 names..... WOW!!!


See.. people can actually try to do something abut things they dont like!°!

[JacksDad]

Many well known names up there. It appears Roy himself added his name. #1758. (?)

[Mickeymac]

...yeah, and a few duplicates, too. I hope the impetus for change is a tad more organized that it appears at the moment... :hehe:

[Bluessox]

:confused: I had heard a while back that Eisner made upwards of $60 million a year. Now we know why the food is so expensive. Disney should be run by Disney (a Disney that is). Walt was bankrupt or on the verge of it countless times. Disney will always survive as long as there are people like us out there who love it.:D
I am willing to be CEO for a while. I will cut my pay in half to $30 million. :usa:
47 more days till Disney.:bounce: :bounce: :bounce: :bounce:

Roy, If you are out there let's have lunch.

[PsychoAlice]

Heck Id be happy with room and board and 500,000 a year!

[Chris/Lisa]

Ok we have e-mailed Roy last night -finally got 'round to it and also asked if he could put a link to this site on his ( its ok mods I got the go ahead from the boss :D )

Will let y'all know if we get a reply

[Mickeymac]

Alice, we'd have a darned hard time getting you out of the belfry if you got room and board. "Mommy, what happened to Tinkerbell? There's a crazy lady up there swinging from the steeple and belting out show tunes at the top of her lungs...??"

Thanks Chris/Lisa! appreciate the followup! :D

Bluessox, died laughing reading your note!! :D

[marivigi]

Originally posted by Mickeymac
Alice, we'd have a darned hard time getting you out of the belfry if you got room and board. "Mommy, what happened to Tinkerbell? There's a crazy lady up there swinging from the steeple and belting out show tunes at the top of her lungs...??"


...lol!!!! :lol: :lol: :lol: ...

see.. If I saw THAT.. I wouldnt really miss Tinkerbell that much..... she just flies and thats it!! :lol: :lol:

... so.. whats new?????? .... anything else going on in Disney, or are they going to wait until after the holidays?

[PsychoAlice]

LOL no I have bigger fish to fry!! Hanging from the Belfry..ha! I would never do that!! but could you imagine the things I would do!! Oh and Id have 4 different states and countries to do them in too!!

Look out Paris..PsychoAlice has some big plans for you!

[JacksDad]

“Obviously, nobody has more respect for the Pixar organization than I do, particularly John Lasseter and the crews that make things like Chicken Little funny.” - - Michael Eisner at Smith Barney Media Conference, January 6, 2004


Chicken Little is a Disney in-house production... (not Pixar).

[marivigi]

OMG..... well.. thats not very nice of him, is it??

but hey.. I guess these days anything goes!

Please keep us updated JD

[JacksDad]

"Closure of the Walt Disney Florida Feature Animation facility is yet another example of Michael Eisner' s de-emphasis of creativity and total indifference to the impact his decisions have on the people who helped to make the company great. Once again, the Eisner regime has emphasized short-term gains over long-term value. The drain of talent over the past several years from the company's feature animation department in Orlando, Burbank, Paris and Tokyo has been absolutely gut-wrenching. People are being asked to leave because management - particularly Michael - can't figure out what to do with them. That certainly is not the fault of the talent. It is the fault of the so-called strategic thinkers at headquarters."

Roy E. Disney

[Tinker]

Probably not the place to post this , but who is responsible for the new Disney animated film called Teacher's Pet . In my opinion only , it looks like a very cheaply made movie . Very Un~Disney~like !!!Reminds me of the Nickelodeon cartoon Ren and Stimpy ... Stupid !!! Sorry for those that liked it , as I said , IMHO !

[victorlowe]

Roy E. Disney's statement is so right. In fact, so many of our problems these days in the US are caused by this emphasis on short-term gain over long-term value. Big Mistake !
Walt took care of his animators back in the early days, and they sure took care of him, with great bursts of creativity.
If you ever get a chance to talk to any of the old-time animators, it's just amazing. Extremely talented bunch of people.
The bean-counters are often at odds with the talent, and always will be. It takes people with vision to create a balance. Michael Eisner does not have this vision and he does not seem to realize it, nor does he have the strength to resist his bean-counters' advice. (NOTE: I used to be a bean-counter myself, so I know what they are like).
For those of you who are students of film history, you may recall the Freed Unit of MGM, run by L.B. Mayer. He gave his creative team the support and encouragement necessary to produce some of the best films ever made, such as "Signing in the Rain". No one could say Mr. Mayer was not a shrewd businessman, but he and his family had great vision as well as business sense.
What's next?
Maybe in future when you call Disney, you'll get a CM at a call center in India, who's never had a chance to visit WDW at all ? Or maybe your room will be cleaned by a prisoner on a convict release program (it's been considered) ?
Have you noticed that all the bathrooms are not spotlessly clean like they used to be ? I would expect WDW to live up to the high standards that it once met and is famous for, even if it costs just a little more, even my 21 cent per share dividend.
It's a privilege and (I think) a duty for me to speak out on this subject, and I'm glad to have the independence to do it.
Is it possible to support both Roy E. Disney and Michael Eisner at the same time ?

[PsychoAlice]

Originally posted by victorlowe
Walt took care of his animators back in the early days, and they sure took care of him, with great bursts of creativity.

Walt stuck them in a sweat box!!! Crack that whip Walt!!

[DisneyFreak]

I don't know if this has been posted yet but here is a website created by Roy Disney. I recommend a visit:

Save Disney! (http://www.savedisney.com)

:ears:

[JacksDad]

DisneyFreak tells the truth. There's lots of big news there today. Check it out when you're done with UOG. It looks like Roy has got it going on!

[Wendy L]

Wow, he certainly seems to be getting things moving, lets hope and pray it works.

[JacksDad]

Pixar dumps Disney
Studio headed by Steve Jobs says it will seek other distributors for its films starting in 2006.
January 29, 2004: 5:01 PM EST


http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Pixar+ends+Disney+distribution+deal%2C+sayin g+time+to+move+on+-+Jan.+29%2C+2004&expire=&urlID=9104689&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2004%2F01%2F29%2F news%2Fcompanies%2Fpixar_disney%2F&partnerID=2200

[marivigi]

ouch!

Well.. there you go..... everybody saw this coming didnt they? ... and just in time to vote NO to the re election of Eisner... coincidence??

Either way.. Im kind of sorry the partnership will be broken...

[JacksDad]

For those that didn't get this. A message from Roy.

http://www.kintera.org/TR.asp?ID=M6353231144094655106155&iEvent=43785

[luvthemouse]

Wow. I hadn't seen that. Thanks for sharing!!!!

[PsychoAlice]

wahhhhh that made me cry!!!

[JacksDad]

Originally posted by PsychoAlice
wahhhhh that made me cry!!!
:nono:

[PsychoAlice]

lol im over emotional right now...shhhhh:hmph:

[uscwest]

Thanks JD.

[JacksDad]

Originally posted by PsychoAlice
lol im over emotional right now...shhhhh:hmph:

I know. All will be fine. :PIXIE:

You're welcome John.

Now shhh PA. Shhhh. It's ok.

[PaulaK]

:cry: Me too PA................ :cry:

I can see JD rolling his eyes right now :hehe:

He's gonna bring back the magic ~ and you know what? ~ I believe him :bounce:

PK :wave:

[lisaw]

Hadn't heard that thanks JD:thumbs:

Full of optimism thats what I like to hear:D

[Whitequeen]

Thanks, JD! It's good to hear from the man himself!!

So, which date in March do we find out if ME is staying or going?

[Tinker]

Anyone attending the rally on March 2nd in Philly ? DH and I are Seriously thinking about going . I'm going to make a big sign . Any suggestions !!!
JD , darn thing wouldn't play for me ...:(

[Tinker]

I got it to play .:cry: :cry: :cry:

Stop rolling those pretty blues JD:rolleyes:

Thank You for the link , JD !:thanks: :thanks: :thanks:

Bring back the Magic , now that's what I'm talkin about !:ears:

[JacksDad]

Ok ok. I got teary eyed too. DON'T TELL! :blush:

Wednesday March 3rd is voting day. That THIS Wednesday! I doubt the votes will be tallied then. Even if he doesn't get voted out there will quite a stir. If he gets more than 30% NO votes he may well be forced to resign. :D

[Whitequeen]

Thanks, JD!

I look forward to the result!!:wink:

[Eeyore1974]

Thanks JD. You can his concern and love for the company in his face!!

[JacksDad]

Disney to Webcast Its Annual Shareholders' Meeting
The annual shareholders' meeting of The Walt Disney Company (DIS) will be available live via webcast at the Investor Relations' Web site www.disney.com/investors beginning at 10:00 a.m. EST on Mar. 3, 2004. A re-play will be provided through Wed., Mar. 10, 2004 at 5:00 p.m. PST.

[PsychoAlice]

cool!! thanks ed!!

[JacksDad]

ABC's Feb. Ratings Decline Deepens Eisner Woes
Tue Mar 2, 2004 04:26 PM ET

By Ben Berkowitz
LOS ANGELES (Reuters) - One day before he faces angry shareholders, Walt Disney Co. Chairman Michael Eisner's woes deepened on Tuesday as Disney's struggling ABC television network said it sees key audience ratings falling 8 percent in February.

ABC's viewership among adults 18 to 49 years old will be off during the key "sweeps" month in which ratings are used to set local advertising rates, network executives told reporters in a teleconference on Tuesday.

http://www.reuters.com/newsArticle.jhtml?type=industryNews&storyID=4482064&section=news

******************************************

Posted on Tue, Mar. 02, 2004


Eisner foes vow to continue Disney fight

By Miriam Hill

INQUIRER STAFF WRITER


Roy Disney and his team said today that they would not end their fight to oust Walt Disney Co. Chief Executive Michael Eisner until he is gone, even if that means continuing their battle beyond tomorrow's key shareholder vote.

"We're not going away until Michael Eisner is gone," said Stanley Gold, a former Disney board member who handles Roy Disney's investments. "We'll be here next week, next month, next year."

http://www.philly.com/mld/philly/8086635.htm

I love this stuff. :D

[Tinker]

Another strike against him . I swear if he gets to stay he's paying someone off ... b/c with everything we've read about him he should be voted out by 110% .:rolleyes:

[USACathy]

:(Let's hope that this doesn't mean big changes in what we all know and love so much!! :confused:

:usa: Cathy x

[JacksDad]

Looks like 30 to 35% but that will force him to step down as chairman which will send the company in a new direction. If that happens consider it phase one complete. :wink:

There will be big changes. What they are no one can yet say.
It appears from what I've read that Shamrock Holdings is looking to take over everything. If that's true I think we can all smile.

[marivigi]

This was on the Front Page of Yahoo:

Disney's Eisner Set to Face Tough Meeting
40 minutes ago Add Business - AP to My Yahoo!


By GARY GENTILE, AP Business Writer

PHILADELPHIA - Disney chairman and chief executive Michael Eisner heads the toughest annual meeting of his career Wednesday as one in three shareholders are likely to withhold their approval for Eisner to serve another term on the board.

And even if Disney's board splits the roles of chairman and chief executive to placate corporate governance groups — which it could do as early as Wednesday — the two ex-board members leading the fight against Eisner say they will not rest until he is gone.

Disney is under intense pressure from state pension funds and proxy advisory firms to split the chairman and CEO jobs. It has been unwilling to do so, and as late as Tuesday, Disney board member George Mitchell defended the company's decision to name him the "presiding director" with powers to chair meetings of the board's independent members outside the presence of Eisner and other managers.

Mitchell has said the company felt it would be best to wait until at least 2006, when Eisner's contract expires, to decide on splitting the roles.

But as support for that action is growing, the board may be forced to act earlier, naming a different board chairman and keeping Eisner on as chief executive.

The board is scheduled to meet Wednesday after the shareholder's meeting.

On Tuesday, ex-board members Stanley Gold and Roy E. Disney pledged to continue their fight to oust Eisner, even if the board splits the roles.

"They think that's all they have to do and we'll go away," Gold told a group of about 1,000 small shareholders, mostly supporters of his "SaveDisney" effort.

"The company does need to split the chairmanship, it does need to split the CEOship and Michael Eisner needs to have neither job."

Robert Iger, Disney's president and chief operating officer, Tuesday called the anti-Eisner effort "a campaign of misinformation and distortion" by the former directors.

"The fact of the matter is this is a venerable company, one that has a wonderful legacy and one we know will continue and thrive for many years to come," Iger said at the end of a dress rehearsal for Wednesday's annual meeting.

Disney has said there is no reason to replace Eisner or other managers because the company is turning around. Shares have risen more than 40 percent in the past year and the company has said earnings per share will rise 30 percent this year and by double digits through 2007.

Several major pension funds representing millions of Disney shares have said they will withhold their approval from Eisner and several board members to press for greater board independence.

The re-election of Eisner and the board is not in doubt because they are running unopposed. But analysts have said that if a significant number of shareholders withhold their votes, the board would be forced to react.

Roy Disney and Gold will have 15 minutes to speak at the meeting, as will shareholders during the question and answer session.

Watching the action this week is cable television giant Comcast Corp., which last month made an unsolicited bid for Disney. The Disney board unanimously rejected the offer.

Gold and Roy Disney have said they would rather see Disney remain an independent company with new management rather than be taken over by Comcast.

Comcast's bid was originally valued at $54 billion, but the value of the all-stock deal has declined as Disney's stock price has risen

[JacksDad]

Eisner Gets Rebuke From Disney Board



Mar 3, 3:48 PM (ET)

By GARY GENTILE

(AP)


PHILADELPHIA (AP) - Michael Eisner faced a rebuke of his leadership of The Walt Disney Co. Wednesday as 43 percent of shareholders withheld their support for him in a vote at the company's annual shareholder meeting.

The number of shares withheld was higher than many had been expecting, and represented a victory for shareholder activists Stanley Gold and Roy E. Disney, former board members who have been leading a shareholder revolt against him.

Eisner is running for re-election unopposed, so his job is not in immediate danger. But the depth of shareholder dissatisfaction with him could lead to other steps, such as a separation of the chairman and CEO roles, both of which he currently holds.

http://home.bellsouth.net/coDataImages/p/Groups/181/181259/folders/126651/934047GangdumpsMikesm.gif

[marivigi]

:dancin: :dancin: :mexwave:

Well.. all that work from their part... finally paid off!!! :wishes: :tigbounce :tigbounce

Wow.. 43 % thats A LOT!!!

[JacksDad]

Calpers: Disney's Eisner Should Resign
March 03, 2004 4:55:00 PM ET



LOS ANGELES (Reuters) - Top U.S. public pension fund Calpers on Wednesday called for the resignation of Walt Disney Co. (DIS) Chairman and Chief Executive Michael Eisner after more than 40 percent of shareholder votes cast at Disney's annual meeting were withheld on Eisner's re-election.

Calpers also called on the company to split the roles of chairman and chief executive, and to immediately begin work on a succession plan for Eisner. On Feb. 25, Calpers said it opposed Eisner's re-election.

Earlier on Wednesday, Disney said about 43 percent of shares voted at the company's annual meeting were withheld on the question of re-electing Eisner to the company's board of directors

[PsychoAlice]

woohoo!!!!

I have a naked dancing booty smilie i really wanna put here but i may get banned!!!

[JacksDad]

I know. I have chills. ISS says that Eisner should step down as Chairman within a week. They called this kind of vote "unprecedented". I do think it's time for some of these.
:ears: :thumbs: :lol: :clap: :birthday: :group: :dancin: :D

[Tinker]

Do you really think he will ???

[JacksDad]

He'll be forced to step down as chairman with all the aftershocks of todays meeting. I doubt that Calpers will be the only fund to speak up.
As far as leaving? He has a healthy severence coming to him. It may be in his own best interest at this point as it seems things can only get worse for him.