Disney files in Delaware Court of Chancery
Roy E. Disney and Stanley Gold, you feel that you have just been bamboozled by Michael Eisner and the board of directors- what are you going to do next?
No, , they’re not going to Disney World.
They are going to do what everyone does to resolve disputes involving the internal affairs of entities incorporated in Delaware- file a lawsuit in the Delaware Court of Chancery.
Yesterday Roy Disney and Gold did just that.
The complaint requests the court to void the 2005 election of directors, hold new elections, and force the Walt Disney Co. to disclose the details of how they selected Eisner’s successor as CEO- current Disney President Robert Iger.
Earlier this year, Disney wrapped up a trial in Delaware Chancery Court in Georgetown that involved a $140 million severance package awarded to former Disney President Michael Ovitz. That trial wrapped up in January but has not yet been ruled on by Chancellor William B. Chandler III.