http://www.usatoday.com/money/media/2004-12-06-disney_x.htm

Tried to put this in the news section, but wasn't allowed.

Cheers

AVP posted the letter SaveDisney.com released on Friday....

But by no means has SaveDisney ended its efforts.. all they did was decide to not offer an alternative slate for the Board.... One of the key points for SaveDisney has been to make sure the Board acted more independently, and not Eisner's Lap Dog, which they have achieved...

http://www.savedisney.com/letters/red_spg_to_board120304.asp



Needless to say, we are assuming that the Board will continue to act in good faith to fulfill the promises it made to Disney stockholders over the course of the last nine months.

We note in particular that after divesting Mr. Eisner of the title of Chairman of the Board following the last annual meeting, the Board committed to the following:

That non-management directors will undertake a thorough and bona fide search to select a new CEO;

That this search will be completed and a new CEO announced by June 2005; and

That Mr. Eisner will step down as both CEO and as a Board member upon culmination of this process.


And Michael Eisner has said on the record that he will not seek a Board seat when he gives up the CEO position...

But if the Board goes back to its old ways, I can guarantee you that Roy and Stan will make sure their voices will be heard...

Also, there are other things that SaveDisney.com are planning, here is a comment from Michelle Smith (aka the Fabulous Disney Babe)...

http://www.fabsboards.com/showthread.php?t=2356



Maybe he (Roy Disney) has a surprise planned and doesn't want to show his hand.

(and it's a hell of a surprise, especially in this new "Moral" climate)...

I wish I could tell you, but I promised not to.


So SaveDisney will be around and making sure that Disney gets rid of Michael Eisner, and that Disney goes forward in the right direction......

And Michael Eisner has said on the record that he will not seek a Board seat when he gives up the CEO position....Woooo!!! Thank Goddess!!! :D

>>A Message from Roy E. Disney
Promises, Promises...

As you may have read by now, we will not be running an alternate slate or proxy battle at the next annual meeting.

We've received tons of letters and emails from SaveDisney supporters expressing disappointment and concern. Others have posted their thoughts on message boards around the Net. Many have asked, "Is this the end of SaveDisney's efforts?" "Have you given up?" "Have you thrown in the towel?"

Now that the deadline has passed to nominate new Directors to the Disney Board -- and along with it the legal necessity to keep our opinions to ourselves -- We're once again free to say what we think on these pages.

And the first thing we need to say is: This war is only beginning. It is only the start of a new phase. SaveDisney will not go away.

Remember that The Disney Board of Directors actually has promised -- and we emphasize the word "promised" -- to do what we pressed them to do: get rid of Eisner, and bring in a new CEO...and do it by mid-2005. We intend to hold them to their promises.

Do we trust them to keep these promises? No, no, no... It would be a first for them. Remember, these are promises the Board would never have made unless SaveDisney had held them to the fire in the first place. Without us, inertia would be their only response.

Already there is some cause for concern, as we have read the following rumor, posted on a message board at another site:

"...Michael Eisner spoke at the ABC 'all-hands' meeting on Friday, and someone asked what his plans were after his contract expired, and where he'd go. He basically said while his position would end, he would remain an active member of the board of directors, and perhaps be able to have a more active role in some of the creative elements of the company."

"...And while he joked that everything he said at this all-hands presentation was 'off-the-record' he openly bragged about how both the Comcast take-over bids and the 'letters to the shareholders,' including the bid by the California 401(k) mutual fund that I can't remember which had wanted to oust him, had all been 'defeated.' It seemed to me that, from his perspective, he was stronger and more empowered than ever."

If true, this rumor is further evidence that, without constant pressure from us and from all of you, the shareholders, CMs, and the public in general - Eisner may not leave, ever. It is our belief that his plan has always been to get Bob Iger elected CEO so he can stay on the Board as a puppeteer - the Stromboli, if you will - behind the scenes. We will all be asked to "ignore that man behind the curtain."

This outcome would clearly be unacceptable to everyone associated with SaveDisney...much less to the good of the Disney Company itself.

But... With the stock price up in the short term and promises to select a new CEO on the table, we were convincingly advised -- by many -- that proxy support would not favor us at this time.

So for now, we must wait and see. This is a time when discretion is the better part of valor. It is a time for patience. They have set their own deadline. It is not so far off -- and if they do not hold themselves to it, they know what the consequences will be -- from us -- and from all of you.

This is not just a "Roy and Stanley" movement... it is the will of millions of people who will not go away either.

It is our intention to do everything in our power to make sure each of the individual directors hear our point-of-view on what is happening -- and has happened -- to the Disney Company, and that they take heed of what we have to say.

So don't give up hope. We haven't, and we won't. In the end, the only person throwing in a towel will be Michael Eisner.

Roy<<

http://www.savedisney.com

Between all that is going on in the Ovitz trial and the SaveDisney.com vs. Eisner saga of more than the past year, who needs TV soap operas or reality TV shows when reality itself is so much more intriguing?

So as I just posted in a different thread, I guess this means we do not scrape the SaveDisney.com bumper stickers off our cars after all. ;)

Looks like someone screwed up communication over savedisney.com's intentions. People were getting the false impression that they were throwing in the towel. I'm glad that's not the case. But to tell the truth I really can't think of very much substantial achievement savedisney.com has actually done. What has it actually accomplished in its time of existence?

I think it is pretty clear that they >are< throwing in the towel as anything other than continuing to be yet another set of web-based critics. This announcement effectively ended any substitive effort on their part to affect the company's future through business-oriented means.

Basically, they were losing the battle and backed off before making complete fools of themselves.

-Jeff

I think it's also a tacit sign of support for Cast Member Matt.

Don't kid yourself. Roy and Stan wimped out. They lost a lot of credibility with this inaction. It's going to be very hard to take them seriously anymore. After this wussy move, they remind me of one of those yappy little dogs that make a lotta noise but don't bite.

Couple this with Roy's recent lack of support for Frank Wierenga's bid to retain a Disney on the Board and I've pretty much written off the whole SaveDisney move.

What a shame.

Don't kid yourself. Roy and Stan wimped out. They lost a lot of credibility with this inaction. It's going to be very hard to take them seriously anymore. After this wussy move, they remind me of one of those yappy little dogs that make a lotta noise but don't bite.

Couple this with Roy's recent lack of support for Frank Wierenga's bid to retain a Disney on the Board and I've pretty much written off the whole SaveDisney move.

What a shame.

I don't think there needs to be a Disney on the Disney board... I think that's a fanciful idea that would not ensure good results.

Being a Disney does not make you a creative genius. There are many people far more qualified than several of those with the name Disney.

I don't think there needs to be a Disney on the Disney board... I think that's a fanciful idea that would not ensure good results.

Being a Disney does not make you a creative genius. There are many people far more qualified than several of those with the name Disney.

No one said being a Disney makes one a creative genius. What it does, in this scenario, is measure the true level of commitment and participation the family is willing to invest in the company that bears its name. A Disney on the Board isn't meant to be a measure of creativity, it's meant to help balance the scales by placing at least one person in a position of authority whose motive is to preserve the character and integrity of the company rather than be just another clown out to pillage the company from within on a self-serving quest for power and money.

It's supposed to help recover a soul and offer a link to the traditional values of yesterday. Idealistic? It better not be. If a Disney can't embody these values then we have no reason to expect anyone else to. I can embody them and I'm not even a Disney. Sure there's others more qualified from a business and creative standpoint but I find it incredible that no member of the family is interested in having a seated representative among themselves on the Board to voice their interests and help to fight from within to preserve the traditions of the company embodied in their name.

...and I'm very disappointed in Roy and Stan. :crying:

People have their own lives. Not everyone wants to work for Disney - nor does everyone beleive in what it stands for. You can't blame them for wanting to make lives for themselves not under the shadow of another.

Didn't you watch Rudolph the red Nosed Reindeer?

Some people, and elves, want to be dentists.

I think Roy Disney and Stanley Gold accomplished a great deal, actually. It's just not the one fell swoop magic wand of 180-degree change we were all hoping for in all sectors. The unprecedented no confidence vote, the separation of chairman of the board and CEO positions to be two separate people, Michael Eisner announcing retirement, appointment of some independent Board members, improving corporate governance... I think shareholders' messages were heard loud and clear. At Disneyland the new management over there "gets it" and they are renovating and fixing the park in a big way for the 50th Anniversary. In some ways Disney is saddled by the bad decisions and management practices of prior years and it will take time to turn some of that around.

Let's not forget that other large Disney shareholders, institutional investors, expressed the same degree of dissatisfaction with Disney and applied pressure on Disney's Board to make changes.

And while Roy Disney and Stanley Gold appeal to fans' concerns about the parks, Feature Animation, and such, they never denied from the beginning it was mostly about the stock, the stock price and value, and the governance of the Board of Directors and that's why a lot of what they did was done.

I do not see any great enthusiasm among members of the Disney families, other than Roy Disney, to be a part of corporate management decisions by sitting on the Board. If you dig around and read what the children of Walt and Roy are up to, and their grandchildren, let's face it... They've moved on. Diane Disney Miller perpetuates Walt's memory, but in a museum located in Northern California. Given that her cousin Roy is who got her husband Ron out as CEO in the '80s, there is probably some "sensitivity" on her part or her family's part about trying to get re-involved with direct operation of the company. Roy's daughter who contributes to SaveDisney.com is active in social causes in New York City. While Roy's adult children may express support for their Dad this year, it's not as if they are also outspoken about wanting a Disney family member on the Disney Board if Dad Roy is too old to serve on it.

SaveDisney.com is going into "watch and wait" mode. The 2005 Shareholders' meeting is in formation now, and I bet Roy and Stan will be there. But the "fireworks" of 2004 won't be.

From how little I've admittedly been following it, it sure seemed like a whole lot of "all talk and no action".

I think Roy Disney and Stanley Gold accomplished a great deal, actually. It's just not the one fell swoop magic wand of 180-degree change we were all hoping for in all sectors. The unprecedented no confidence vote, the separation of chairman of the board and CEO positions to be two separate people, Michael Eisner announcing retirement, appointment of some independent Board members, improving corporate governance... I think shareholders' messages were heard loud and clear. At Disneyland the new management over there "gets it" and they are renovating and fixing the park in a big way for the 50th Anniversary. In some ways Disney is saddled by the bad decisions and management practices of prior years and it will take time to turn some of that around.

Let's not forget that other large Disney shareholders, institutional investors, expressed the same degree of dissatisfaction with Disney and applied pressure on Disney's Board to make changes.

And while Roy Disney and Stanley Gold appeal to fans' concerns about the parks, Feature Animation, and such, they never denied from the beginning it was mostly about the stock, the stock price and value, and the governance of the Board of Directors and that's why a lot of what they did was done.

I do not see any great enthusiasm among members of the Disney families, other than Roy Disney, to be a part of corporate management decisions by sitting on the Board. If you dig around and read what the children of Walt and Roy are up to, and their grandchildren, let's face it... They've moved on. Diane Disney Miller perpetuates Walt's memory, but in a museum located in Northern California. Given that her cousin Roy is who got her husband Ron out as CEO in the '80s, there is probably some "sensitivity" on her part or her family's part about trying to get re-involved with direct operation of the company. Roy's daughter who contributes to SaveDisney.com is active in social causes in New York City. While Roy's adult children may express support for their Dad this year, it's not as if they are also outspoken about wanting a Disney family member on the Disney Board if Dad Roy is too old to serve on it.

SaveDisney.com is going into "watch and wait" mode. The 2005 Shareholders' meeting is in formation now, and I bet Roy and Stan will be there. But the "fireworks" of 2004 won't be.

Okay, this is gonna be a loooong response.

The Board has done nothing. No changes have been made and none are forthcoming.

Sad to say, for all their protests, Roy and Stan have accomplished next to nothing either. Eisner and the Board continue their ruination of this company using the excuse of "Shareholder Value" as an umbrella under which they can perpetrate any atrocity they choose...regardless of what the shareholders think or say.

The Facts:

- Michael Eisner is still in power despite shareholder wishes

- His handpicked puppet, Robert Iger, is being positioned to assume the CEO
seat despite shareholder wishes. Once there, if you don't think Eisner is going to continue to influence the decisionmaking for the WD Co. you're kidding yourself. Lies are second nature to Eisner and the Board.

- The Board continues to support Eisner and deny any claims of his incompetence. They rubberstamp whatever he wishes and they continue to play games meant to forestall any change either to governance or policy that is ruining the company, all against shareholder wishes.

- The shareholder revolt was dismissed by Eisner and the Board with a token reshuffling of titles. No significant, meaningful or lasting changes were made despite shareholder wishes.

- Driving away creative relationships with Pixar/Miramax and pretty much everyone isn't in the best interests of the shareholders nor was it what they wanted.

- The majority of the parks continue to decline under this management despite shareholder wishes. Matt Ouimet is doing what he can to reverse the damage of the Pressler/Harriss years at Disneyland but the efforts he's making are the exception, NOT the rule.

- Feature Animation is extinct and all other animation is farmed out cheaply overseas to the lowest bidder. Many shareholders voiced their disapproval for this action, but, as usual, Eisner and the Board couldn't have cared less what the shareholders had to say.

- Imagineering has been greatly downsized and severely hamstrung to the point where they can't paint a bench without going through six levels of approval. Forget new, state-of-the-art E-ticket rides, this is a Disney where cheap, retrofitted crap like "Stitch's Great Escape" is hailed as a spectacular new attraction. Is this going to drive up shareholder value? No way.

- They ran The Disney Stores into the ground rather than return to the formula that worked so well at the beginning. Taking a successful venture like The Disney Stores and steering it into a ditch isn't conducive to improving shareholder value.

- Disney "Branding" is a four-letter word. I can't wait to buy my new Disney brand toilet paper and Disney brand hemmorhoid cream. Short term profits on crap rather than long term value on select, quality Disney merchandise isn't in the best interests of the shareholders or the company's future profits.

- Disney help to unseat CalPERS Chief, Sean Harrigan, because of his committment to corporate governance reform...something Eisner and his Board don't want to see.

- Despite years of stock decline, shareholder discontent, losses, closures, lies, manipulation, and a horribly tarnsihed company image, the Board saw fit to vote themselves millions in raises against shareholder approval.

This can go on and on and on but the point is, SaveDisney simply hasn't had enough teeth to effect any change. Even Roy and Stan on their own site say they don't expect the Board to keep any of their promises. The fact that they acknowledge this and still back down from the fight is all the sad testimony I need to proclaim the cause lost.

A statement I'm very sad to make too. I don't think soulless scum like Eisner and his Board cronies should win but...that's apparantly the world we live in.

I'm mad, I'm disappointed, and I'm disgusted. :mad: :crying: :rolleyes:

End of rant.





I feel better. :)

You should feel better: that was a pretty good rant!

However, I think that if shareholders want anything other than shareholder value, then they're not very smart investors. The best thing shareholders can do, if they are unhappy with the way the company is run, is to sell their stock, and find a company with a better possible return.
When Ovitz was hired, it was a good time to sell.

I don't agree with people who say Roy Disney didn't do anything. I think if it wasn't for him that Eisner would be getting a new contract with Disney for many more years.

I don't agree with people who say Roy Disney didn't do anything. I think if it wasn't for him that Eisner would be getting a new contract with Disney for many more years.

At his current age and situation, that would be very unlikely. His retirement at the end of his current contract was pretty much a foregone conclusion, which I'm sure was very well known to Disney and Gold. The reason why I think their campaign hasn't really achieved their goals is that it was really about trying to shift the principal influence over succession away from Eisner and towards themselves. A big part of accomplishing that would have been to significantly accellerate Eisner's departure, probably with Iger and some of his other primary lieutenants departing as well. None of that has happened.

About the only item of any significance that I think their campaign really accomplished was to mobilize some of the institutional investors into making a statement about corporate governance via the no-confidence vote last Spring. If Disney and Gold hadn't put the idea of that kind of a no-confidence vote out there, it certainly is very unlikely that it would have happened. I'm not sure even then that it would have happened had the Comcast proposal not sparked concern about the company's vulnerability. I think they sort of accomplished one of their short term goals, but for reasons that didn't have much to do with the core reasons for their campaign. Other than that, their efforts have really just been kind of an odd curiosity.

-Jeff

The updated SaveDisney.com website has arrived, with a couple of messages, first, from Roy...

http://savedisney.com/red_message.asp





Eisner has to go, and soon - and he must NOT remain in any way affiliated with the Company. Iger is NOT an acceptable substitute. This constant cutback of services as a way to profit must stop and be reversed. And the magic must be restored.

So that's our program for the year ahead. Stick with us, bring along your friends and fellow dreamers, and we WILL accomplish it... we WILL Save Disney.

And from Merlin Jones...

http://savedisney.com/news/editorials/mj010305.1.asp





As a collective, SaveDisney Supporters share Walt's strength of hope and vision -- and perseverance (or as he may have put it “stick-to-it-tivity").

The Wonderland war will never be over so long as we remember the dream. And the dreamer... He was the one who said, “It's kind of fun to do the impossible."

Happy New Year to all who realize that impossible things are happening every day!

By no means is the battle over!!! And that is a GOOD thing :)

Did anyone catch on the SaveDisney.com website that the next Annual Shareholders' meeting is coming up in a month, VERY SOON, and where it is in 2005? February 11, in Minneapolis! Anyone wanting more information should check out SaveDisney.com and look for the link to this subject matter. If any stockholders of Disney stock want a proxy ballot, you can download one from the link at the article I just mentioned.

Voting your proxy SOON should be interesting, so pass the word to any other Disney stockholders about this matter.

We haven't received our Annual Report yet, either, although it's available for viewing via SaveDisney.com link, as well.

The annual report and proxy ballot just appeared on the web site on Thursday. I'd guess that they may have been mailed the same day. I'm not expecting to see mine for another week. Of course, even though I'll vote it over the Internet as soon as it comes in, there's a good chance that I'll turn my ballot in in person, in the frozen tundra. (Oy, I'm nuts, aren't I?)