Search for: "Michael Ovitz"
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18 Mar 2008, 11:08 pm
The former duty requires a director to take an active and direct role in the context of a sale of a company from beginning to end. [22] Disney Lastly, a $140 million executive compensation and severance package of former Walt Disney Company President Michael Ovitz was the basis for the breach of fiduciary duty suit against Disney's officers and directors. [23] Shortly after Ovitz joined Disney, it became apparent that there was a "disconnect" between… [read post]
9 Apr 2009, 5:00 am
As the Disney case illustrated (the contract for Michael Ovitz), the board can have very little information about compensation and the impact of compensation and still meet their fiduciary obligations under Delaware law. [read post]
21 Mar 2007, 10:24 pm
In fact I feel certain that very few people in the park that day gave a passing thought to Michael Ovitz and a case called In re Walt Disney. [read post]
25 Apr 2011, 3:26 pm
Chandler has written many important and influential opinions during his tenure, such as the Disney case challenging Michael Ovitz's pay. [read post]
22 Nov 2009, 7:20 pm
That's why, so many years later, I read with wry amusement today's decision by a Delaware court in the case filed by Disney shareholders against its Board of Directors over the hiring of uberagent Michael Ovitz as Disney's CEO and the granting to him of a $140 million severance package when the Board gave him "the boot" 14 months later. [read post]
27 Apr 2007, 6:05 am
A good recent example was the Disney case where, despite all the sturm und drang over the employment contract given to Michael Ovitz (the one that reportedly resulted in the payment of $140 million for slightly more than a year of work), the terms were never examined for fairness. [read post]
15 Oct 2010, 5:56 pm
That case concerned the compensation agreement made between Disney and its short-term CEO Michael Ovitz. [read post]
17 Aug 2010, 6:51 am
Surely, one could always engage in a protracted fight over what happened, and whether what happened constituted "cause".)So if I'm a board member, I'm probably wondering whether it's better to tell Hurd to go pound sand, and risk a protracted and potentially embarassing lawsuit with Hurd, or give Hurd a relatively moderate severance package (this isn't a Michael Ovitz-size debacle, no matter how you slice it) and risk criticism from the media… [read post]
31 Oct 2006, 6:21 am
Earlier this year, the Delaware Supreme Court held that Walt Disney directors were not liable in the shareholder lawsuit over the severance package for former executive Michael Ovitz, despite "sloppy practices" by the board. [read post]
21 Dec 2021, 1:57 pm
An example of board members participating in addressing management responsibilities arose when Michael Eisner, the CEO of Walt Disney, utilized the chairman of Disney’s compensation committee and another experienced director to handle the employment negotiations with Michael Ovitz and his advisers.[4] Such an interactive relationship between certain directors and members of management helps ensure the quality of the flow of information to the Board and is… [read post]
28 Aug 2008, 5:01 pm
(Editor’s Note: This article appeared in the New York law Journal this week.) [read post]
19 Nov 2021, 10:47 am
The need for effective stress testing is exemplified by the recent breakdowns in the governance structures of Wells Fargo, Volkswagen, Credit Suisse, and Boeing, among others, with this focus on the governance structure going back to the well-known Walt Disney Shareholder Derivative Litigation involving the hiring and the subsequent termination of Michael Ovitz. [read post]
30 Nov 2015, 4:04 am
Notably, the meaning of “not in good faith” was pivotal in the lengthy and costly litigation arising from the Disney corporation’s termination of Michael Ovitz. [read post]
15 Feb 2024, 1:23 pm
Disney President Michael Ovitz walked away with a $130 million severance payment after just over a year of work. [read post]
