Darkbeer
10-20-2004, 07:33 PM
http://www.mercurynews.com/mld/mercurynews/business/financial_markets/9971541.htm
QuikQuote: Walt Disney Co.'s directors ignored typical practices of companies incorporated in Delaware and may have violated its own bylaws in the way it hired and fired Michael Ovitz as its president, a witness testified as a high-profile shareholder lawsuit got under way.
Testifying in Delaware Court of the Chancery, Deborah A. DeMott, a Duke University law professor and expert witness for the investors group, said her review of the case showed that the full terms of Ovitz's employment agreement with Disney were only circulated with two members of its compensation commission rather than the full board.
QuikQuote: Walt Disney Co.'s directors ignored typical practices of companies incorporated in Delaware and may have violated its own bylaws in the way it hired and fired Michael Ovitz as its president, a witness testified as a high-profile shareholder lawsuit got under way.
Testifying in Delaware Court of the Chancery, Deborah A. DeMott, a Duke University law professor and expert witness for the investors group, said her review of the case showed that the full terms of Ovitz's employment agreement with Disney were only circulated with two members of its compensation commission rather than the full board.