While Disney and Pixar bask in the glory of their $7.4 billion merger deal, Disney’s legions of lawyers are in Delaware even as we speak engaging in oral arguments in the appeal of a decision last August that found in favor of Disney’s board for allowing former Disney CEO Michael Eisner to give fired executive Mike Ovitz $140 million in severance after 14 months of employment.
Yes, it’s THAT case…and you thought it ended long ago. In fact, Ovitz was fired in 1995, over ten years ago. But the litigation lives on. The shareholders who originally sued Disney’s board for allowing such a hefty pay-out to take place vowed to appeal and opening arguments in this chapter of the Eisner-Ovitz debacle kicked off today.
I’ll check back with you in another few years to give you a status report on this litigation.
Cynthia Brumfield at 4:26 PM|Comments(0)
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