raidermatt
Be water, my friend.
- Joined
- Sep 26, 2000
WDSearcher, the problem is not isolated. This is not to say anything has been done illegally... that would be disasterous for Disney's management if proven. But lenshanem is not alone in his concerns.
If nothing else, its bad timing for Disney.
Disney cutting it close with proxies
Ballots to shareholders arrive late -- or not at all
By Russ Britt, CBS.MarketWatch.com
Last Update: 6:31 PM ET Feb. 19, 2004
LOS ANGELES (CBS.MW) -- Walt Disney Co. is cutting it close for its shareholders as proxy ballots for the company's March 3 annual meeting arrived much later than usual for many investors -- or not at all.
Shareholders say their Disney (DIS: news, chart, profile) annual reports and proxy ballots arrive like clockwork at least a month before the company's gathering. This year, though, they say the company dragged its heels in getting the ballots to them -- leaving little time for them to respond.
That comes at an awkward time for Disney, as Chairman Michael Eisner and three other board members are fighting to retain their seats as well as fend off a hostile takeover from Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) If a significant number of shareholders vote not to retain Eisner, he could wind up losing control of the company at a later date.
"It seems to me there's something fishy going on and it's not 'Finding Nemo,'" said Stephen Fitch, a Disney shareholder and San Diego resident. As of Thursday morning, Fitch had yet to receive his ballot.
Disney officials say ballots should be arriving shortly. The reason ballots are arriving closer to the meeting date is because the gathering is being held earlier than in 2003.
Last year, the annual meeting was held on March 19. But this year, the board approved the proxy statement on Jan. 27, one day earlier than last year.
"These packages were mailed at roughly the same time period as they were last year," Disney spokesman John Spelich said. "From what we see, shareholders are receiving the packages in plenty of time to return the ballots."
Spelich said the company is obligated to have proxy statements in the mail 15 days prior to the company's annual meeting. Shareholders can vote by mail as long as their ballots arrive before the meeting starts at 10 a.m. in Philadelphia. Shareholders also can vote by phone or via the Internet.
Shareholders say, however, that this is a departure from the company's past practices. And that could spell trouble down the road for Disney, said Jim Devereaux, a corporate law attorney.
"That could be the basis for challenging the results of (the proxy vote)," Devereaux said. "It would have to be resolved by a judge or in arbitration."
Chuck Oberleitner, a writer for Jim Hill Media.com, a Disney watchdog site, said Disney investor relations officials are telling shareholders that the last of the ballots went out Feb. 13.
"I received dozens and dozens of these responses. It's unprecedented (for shareholders) in their experience in receiving materials from the Walt Disney Co.," Oberleitner said.
Even the smallest stockholders are puzzled. David Renteria of Hays, Kan., said he's held one share of Disney stock four years for sentimental reasons. His proxy ballot had yet to arrive Thursday.
"Every year, I've gotten my stuff a month in advance," he said. "Even with one share."
The ballots' tardy arrival didn't sit well with Cristi Klingman of Plano, Texas, who has held Disney stock since 1987.
"There's a part of me that finds this just a little too coincidental," she said.
Roy Disney, nephew of the company's founder, and his business partner Stanley Gold seek to oust Eisner and three other board members -- Former U.S. Sen. George Mitchell, John Bryson and Judith Estrin.
Roy Disney left the board last year as the company said it would invoke a mandatory retirement rule, and Gold left shortly after in support. Since then the two have strongly criticized Eisner's management of the company over the last decade.
Eisner and his supporters have countered that Roy Disney and Gold took part in several strategic decisions made by the company. The two men say that on the specific areas where they allege mismanagement, they did not vote along with Eisner and the rest of the board.
The company also faces a hostile takeover bid from Comcast, but it's unclear whether that will play a role in the annual gathering. Comcast has said it will not exercise the option to run a consent solicitation for an alternative set of directors. But news reports say the company has explored the idea.
Russ Britt is the Los Angeles Bureau Chief for CBS.MarketWatch.com
If nothing else, its bad timing for Disney.
Disney cutting it close with proxies
Ballots to shareholders arrive late -- or not at all
By Russ Britt, CBS.MarketWatch.com
Last Update: 6:31 PM ET Feb. 19, 2004
LOS ANGELES (CBS.MW) -- Walt Disney Co. is cutting it close for its shareholders as proxy ballots for the company's March 3 annual meeting arrived much later than usual for many investors -- or not at all.
Shareholders say their Disney (DIS: news, chart, profile) annual reports and proxy ballots arrive like clockwork at least a month before the company's gathering. This year, though, they say the company dragged its heels in getting the ballots to them -- leaving little time for them to respond.
That comes at an awkward time for Disney, as Chairman Michael Eisner and three other board members are fighting to retain their seats as well as fend off a hostile takeover from Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) If a significant number of shareholders vote not to retain Eisner, he could wind up losing control of the company at a later date.
"It seems to me there's something fishy going on and it's not 'Finding Nemo,'" said Stephen Fitch, a Disney shareholder and San Diego resident. As of Thursday morning, Fitch had yet to receive his ballot.
Disney officials say ballots should be arriving shortly. The reason ballots are arriving closer to the meeting date is because the gathering is being held earlier than in 2003.
Last year, the annual meeting was held on March 19. But this year, the board approved the proxy statement on Jan. 27, one day earlier than last year.
"These packages were mailed at roughly the same time period as they were last year," Disney spokesman John Spelich said. "From what we see, shareholders are receiving the packages in plenty of time to return the ballots."
Spelich said the company is obligated to have proxy statements in the mail 15 days prior to the company's annual meeting. Shareholders can vote by mail as long as their ballots arrive before the meeting starts at 10 a.m. in Philadelphia. Shareholders also can vote by phone or via the Internet.
Shareholders say, however, that this is a departure from the company's past practices. And that could spell trouble down the road for Disney, said Jim Devereaux, a corporate law attorney.
"That could be the basis for challenging the results of (the proxy vote)," Devereaux said. "It would have to be resolved by a judge or in arbitration."
Chuck Oberleitner, a writer for Jim Hill Media.com, a Disney watchdog site, said Disney investor relations officials are telling shareholders that the last of the ballots went out Feb. 13.
"I received dozens and dozens of these responses. It's unprecedented (for shareholders) in their experience in receiving materials from the Walt Disney Co.," Oberleitner said.
Even the smallest stockholders are puzzled. David Renteria of Hays, Kan., said he's held one share of Disney stock four years for sentimental reasons. His proxy ballot had yet to arrive Thursday.
"Every year, I've gotten my stuff a month in advance," he said. "Even with one share."
The ballots' tardy arrival didn't sit well with Cristi Klingman of Plano, Texas, who has held Disney stock since 1987.
"There's a part of me that finds this just a little too coincidental," she said.
Roy Disney, nephew of the company's founder, and his business partner Stanley Gold seek to oust Eisner and three other board members -- Former U.S. Sen. George Mitchell, John Bryson and Judith Estrin.
Roy Disney left the board last year as the company said it would invoke a mandatory retirement rule, and Gold left shortly after in support. Since then the two have strongly criticized Eisner's management of the company over the last decade.
Eisner and his supporters have countered that Roy Disney and Gold took part in several strategic decisions made by the company. The two men say that on the specific areas where they allege mismanagement, they did not vote along with Eisner and the rest of the board.
The company also faces a hostile takeover bid from Comcast, but it's unclear whether that will play a role in the annual gathering. Comcast has said it will not exercise the option to run a consent solicitation for an alternative set of directors. But news reports say the company has explored the idea.
Russ Britt is the Los Angeles Bureau Chief for CBS.MarketWatch.com
