The Delaware Supreme Court granted shareholders in the Mickey Mouse empire another gnaw at the apple when it partly overturned a Court of Chancery opinion dismissing suits filed over Michael Ovitz's $140 million severance package. "One can understand why Disney stockholders would be upset with such an extraordinarily lucrative compensation agreement and termination payout awarded a company president who served for only a little over a year and who underperformed to the extent alleged," concluded the court.
February 15, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Delaware Supreme Court granted shareholders in the Mickey Mouse empire another gnaw at the apple when it partly overturned a Court of Chancery opinion dismissing suits filed over former Disney President Michael Ovitz’s $140 million severance package.
The high court reversed Chancellor William B. Chandler III’s dismissal of shareholder derivative lawsuits that were filed to recover severance payments made to Ovitz after he left the House the Mouse built in 1996.
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