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Roy Disney files suit to get vote records

#1 User is offline   BDANtheman29 

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Posted 09 April 2004 - 05:24 PM

Roy Disney files suit to get vote records

Roy Disney thinks documents will show employees joined an anti-Eisner shareholder move.

By James Bates
Los Angeles Times


April 9, 2004

Former Walt Disney Co. director Roy Disney sued the company on Thursday to release information that would show how shares held by employees were voted in a recent referendum on chief executive Michael Eisner.

In the suit filed in Delaware Chancery Court, Disney asked the court to make the company show documents, records, proxies and ballots from last month's annual meeting in Philadelphia.

Representatives of Disney and another former director, Stanley Gold, led a protest vote at the meeting at which 43 percent of the shares cast were withheld in the vote for Eisner's re-election as a director.

As part of their ongoing public relations war, they hope to further embarrass Eisner by showing that a large number of employees joined in, suggesting a lack of confidence by Disney's rank-and-file in their boss.

Disney spokeswoman Zenia Mucha said that the company wants to release information. But, she said, Disney must first make sure it abides by confidentiality requirements dictated by federal law.

Roy Disney representatives have said they think as many as 70 percent of the 28 million shares held in the Disney 401(k) plan were withheld in the Eisner vote.

Disney has countered that the vote totals will not reflect how Disney employees feel overall.

Meanwhile, former U.S. Sen. George Mitchell, tapped as Disney chairman in the wake of March's shareholder vote, is scaling back another board commitment.

Mitchell will leave the board of Starwood Hotels & Resorts Worldwide Inc. at its annual meeting May 7, according to a regulatory filing. Mitchell did not comment on the reason for his retirement.

He remains a director of overnight delivery service FedEx Corp. and office supply company Staples Inc.

James Bates is a reporter for the Los Angeles Times, a Tribune Publishing newspaper. Richard Verrier of the Sentinel staff contributed to this report.
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-Brendan
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#2 User is offline   TrendyMagic 

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Posted 11 April 2004 - 06:29 PM

Didn't realize that Mitchell did so much. Starwood is what runs Swan and Dolphin if I remember correctly.
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#3 User is offline   BDANtheman29 

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Posted 11 April 2004 - 08:16 PM

For some reason I thought it was Windham.
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