Man Without Qualities


Thursday, March 04, 2004


The Fall Of The House Of Eisner XI: The Board Journeys Deeper Into The Old Corporate Muddy

The naming of attorney and ex-politician George Mitchell as Chairman of Disney is drawing predictable, bad reviews:

Mitchell "knows absolutely nothing about business," said Morris Mark, head of New York's Mark Asset Management Corp. and a holder of shares in both Disney and its unwanted suitor, Comcast Corp. In Mark's view, Disney's next chairman "needs some combination of vision and experience" in the company's businesses. Disney's best hope of finding such traits, Mark said, would be for Comcast's takeover bid to succeed — leaving that company's CEO, Brian L. Roberts, to fill Eisner's shoes.

The Man Without Qualities believes that Comcast would make better use of Disney's existing assets than current Disney management is doing. But that's far from saying that Comcast is the best owner of Disney. Disney's biggest problem is its failure to create great intellectual property - what Comcast brings is a likely ability to better exploit existing intellectual property.

Nevertheless, Mr. Mark's comment puts Chairman Mitchell in an interesting light. It appears to be quite right that Mr. Mitchell "knows absolutely nothing about business." That means that either (1) the Board has placed a man who "knows absolutely nothing about business" in charge of Disney, which is a fairly clear violation of the Board's fiduciary obligations to the shareholders or (2) Disney still has someone at the helm as de facto Chairman who does know something about business because Mr. Mitchell is just a cat's paw for Michael Eisner - and the "new" appointment is essentially a fiction.

It is getting a little strange and precarious for the individual members of the Board that their best defense to a breach of fiduciary duty law suit is the argument that their vote to appoint the new Chairman is really a fiction. Are these individual Board members actually speaking to their own, personal, attorneys? If they are, they need new attorneys - attorneys not paid by Disney, and with no hope of ever being paid by Disney.

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