What exactly is going on inside Disney’s mail room?
All over the U.S., concerned shareholders are wandering out to their mailboxes, looking in vain for their 2004 Walt Disney Company annual report and proxy statement. Which have yet to show up in many parts of the country.
Now keep in mind that these proxys were initially filed back on January 27th. And — in years past — Disney shareholders have always received their annual reports and proxys at least one month prior to the company’s annual meeting. Which meant — if things had followed their usual pattern — that Disney shareholders should have received this year’s info packet on or about February 3rd of this year.
But — as was reported in Chuck Oberleitner’s “Got Proxy” article yesterday — there still seem to be a significant number of Disney shareholders out there who still have yet to receive this year’s info packet. People like Jon R., who wrote in yesterday to say:
You can add my name to the list. Got the Annual Report today. No Proxy was in the envelope!
As well as CP173 who — over on the JHM discussion boards — wrote in yesterday to say:
I’ve held stock in WDC since the mid-80’s, and I hold the certificates (well, actually, they’re in a safety deposit box, but you get the idea.) As of last night, I still don’t have an annual report nor a proxy statement.
Want to guess how I’m going to vote?
Yes, an awful lot of people out there are starting to get angry about their AWOL Disney info packet. Particularly in light of that other Disney-related piece of mail that suddenly turned up in their mail boxes earlier this week.
Now how many of you out there have heard about this letter that Disney’s board of directors just sent out? The one that defends Michael Eisner’s record and goes to great lengths to poo-poo everything that Roy Disney and Stanley Gold have been saying about Disney’s CEO.
Well, that letter is dated February 6th. Yet it’s already been received by hundreds of thousands of Disney shareholders around the country. And then we have the 2004 proxy — which was filed ‘way back on January 27th — which has yet to be received by a significant number of Disney shareholders.
Now isn’t it interesting that the letter which defends Michael Eisner’s record actually manages to make it out into millions of Disney shareholder’s hands very quickly. While the company’s 2004 proxys (which would actually allow shareholders to vote “No” on the issue of re-electing Disney’s controversial CEO) are still slowly making their way through the U.S. Postal system.
Yes, yes, I know all about the different U.S. Postal rates. Which is why I’m assuming that last Friday’s letter from Disney’s Board of Directors went out via First Class mail, while the info packet containing the corporation’s 2004 annual report and proxy statement possibly went out in bulk mail. Or maybe it’s traveling by Pony Express.
Whatever it is that’s actually going here … All I’m saying is that — in my eyes, anyway (as well as in the eyes of the hundreds of Disney shareholders who are still waiting to receive their 2004 info packets) — it looks bad. That the senior management of the Walt Disney Company seems to be doing everything within its power to give Michael Eisner the inside edge in this situation. Whether it be through sending a letter whizzing through the U.S. Postal system which sings the CEO’s praises … Or perhaps by putting a slight stall on sending out this year’s proxy statements.
One would honestly hope that Disney’s CEO wouldn’t stoop to these sorts of tactics in order to retain his powerful position within the Mouse House. But — given all that’s at stake here — I guess I shouldn’t begrudge Mr. Eisner his attempt at gaining the home court advantage.
Your thoughts?