Just heard it on CNBC, I guess it was just announced. Florida, of all states, LOL!

How many states is this now? I can think of New York and Ohio at th moment, but I think there are more.

Originally posted by Morrigoon
Just heard it on CNBC, I guess it was just announced. Florida, of all states, LOL! Yeah, who knew Florida could figure out how to vote?

Maybe I have been a good influence after all... :cool:

I guess this means that the results of the vote will now be tied up in court for the next two months...

-Jeff

I don't understand. The entire state? :confused:

Cadaverous, What is going on is that state employee retirement funds have been announcing, or hearing presentations from Michael Eisner and Roy Disney, to vote their stock proxy votes in favor of electing all the Board of Directors and in accordance with recommendations made by the Company on some proposals. Some states have a policy of announcing these things publicly, some are more private. State employees range from those who work at goverment agencies and offices, to state troopers, can also be teachers, university personel, anyone who works for that state and participates in the retirement plan there. State administrators invest the funds and keep a weather eye out. These can amount, to the value of the total fund, into billions of dollars in assets. The Florida state employee retirement fund is worth $50 billion. These state funds represents some, but not all, of the institutional investors holding, in part, Disney stock in their retirement fund portfolios. It's serious, because of course employees want their retirement to be secure financially. In light of Enron (those employees got screwed royally when their retirement funds vanished overnight due to corporate malfeasance) everyone is taking stock fund management deadly seriously these days. So that's what's going on. Specifically we are hearing announcements from the various states, in advance of the March 3 Disney shareholders' meeting, of what their objections are and that they intend to vote one way or the other. In the case of the City of New York Employee Retirement Fund, however, they intend to vote with Michael Eisner et al. So it can go either way. I hope that helps.

Thanks, Carol! :)