Admittedly, I wasn't a stellar law student. But I did get the gist of my
favorite professor's wisdom -- that shareholder battles largely died away until they recently came back around into the courts' favor. It looks like Disney's Eisner-Iger-Roy-Gold fight is
going forward. Yes, yes, I know no actual trial has taken place yet, but it's allowed to happen, which is a really big deal.
As I see it, Roy Disney and his ally, Stanley Gold, are
dissatisfied with the direction the
Walt Disney Corporation has taken in recent years. (I agree; they focus far more on being PC and putting out Miramax films than promoting Mickey Mouse and Disneyland.) So Roy and Gold left the Board in protest, thereby removing any influence they had on the company. But they had a plan: use their influence as large shareholders and squeaky wheels to get even larger shareholders to side with them to oust Michael Eisner (formerly President
and CEO) and his cohorts.
Roy and Gold ended up with a surprising amount of support among the shareholders. Roy and Gold threatened to run against the incumbents in a proxy battle -- and with their large percentage of shareholderrs backing them, it was possible they would end up with a good portion of the Board under their control. So Eisner's allies, headed up by the President-destroyer, Senator George Mitchell (ret.), promised to find a way out of the mess. Roy and Gold backed down, and Eisner's allies chose his handpicked successor, Iger, to replace him as President. The Board breathed a sigh of relief, thinking they'd escaped an explosion.
Roy and Gold now sue, saying they'd never have backed down if they'd known that Eisner, Jr. (Iger) would be the solution.
Should be a down-home barn-raisin' caterwallin' clawing match.