"Despite all of the legitimate criticisms that may be leveled at Eisner, especially at having enthroned himself as the omnipotent and infallible monarch of his personal Magic Kingdom, I nonetheless conclude … that Eisner's actions were taken in good faith."
"By virtue of his Machiavellian (and imperial) nature as CEO, and his control over Ovitz's hiring in particular, Eisner to a large extent is responsible for the failings … that infected and handicapped the board's decisionmaking abilities."
"Eisner stacked his (and I intentionally write "his" as opposed to "the Company's") board of directors with friends and other acquaintances who .. were certainly more willing to accede to his wishes … than truly independent directors."
—Delaware Chancellory Judge William Chandler III
Well somebody’s got Michael Eisner’s number.
Here’s a judge who tells it exactly like it is—even going so far as to identify the Disney Board of Directors as Michael Eisner’s puppets.
Chandler’s comments need no elucidation from me—I have pointed out Eisner’s vainglorious paranoia in June 8th’s “Summer Reading: ‘Eisner’ Without the ‘D’” and urge all to absorb the gory details of Eisner’s follies in James Stewart’s wonderful “Disney Wars.”
But his comments should be read.
All those in control of our legal system should think so clearly.
I Am Not Making This Up
The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations.