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Thoughts from San Diego on Law, Politics, and Culture
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October 30, 2003
Juicy Corporate Law By Tom Smith I admit it. A lot of corporate law cases are boring. So much the better when something juicy comes along. No I'm not talking about Kozkiwski's party for his (second) wife's birthday, complete with well-oiled male models. I'm talking about the Disney/Ovitz matter going back to court. This case was brought by none other than our local plaintiff's canine Bill Lerach on behalf of the long suffering shareholders of Disney, complaining about the $100 million plus severance payment that Michael Ovitz got when he left Disney, as everybody knew he would as soon as he signed on there. The Delaware courts will get another chance to decide how stupid a Board can be and still be protected by the business judgment rule. Case law establishes that profoundly stupid is not stupid enough. How about Unbelievably-stupid-to-the-tune-of-more-than-$100 million? We shall have to wait and see. As Fortune magazine wisely notes, the atmospherics are different now, in a post-Enron, post-WorldCom, post really tasteless ice sculpture etc. etc. world. |