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MOUSE-HOUSE VERDICT
A Delaware court ruled Tuesday that the Disney board of directors does not have to reimburse shareholders $140 million in severance it paid to former company president Michael Ovitz, who was fired in 1997 after only 14 months on the job. Shareholders argued that Disney management — including CEO Michael Eisner — breached their fiscal responsibility by agreeing to the payout. But the judge said Eisner and Co. acted in good faith and did not waste the company's money — at least not on the level of The Alamo.
A Delaware court ruled Tuesday that the Disney board of directors does not have to reimburse shareholders $140 million in severance it paid to former company president Michael Ovitz, who was fired in 1997 after only 14 months on the job. Shareholders argued that Disney management including CEO Michael Eisner breached their fiscal responsibility by agreeing to the payout. But the judge said Eisner and Co. acted in good faith and did not waste the company's money at least not on the level of The Alamo.