bring the rainbow flag.
Quote-- edited
The Dark Herald
Employees, (selected for their loyalty and obedience to Mickey the Great Terrible), are installed in these “cities.” (Bay Lake and Lake Buena Vista) And they are the ones who in theory control the Reedy Creek Improvement District.
This was clearly and obviously a legal fiction.
HOWEVER, it was a legal fiction that Disney absolutely and under all circumstances had to observe. The Chinese wall separating the Walt Disney Company from the Reedy Creek Improvement District had to be as big as the Great Wall of China.
And yesterday Bob Iger bulldozed through it.
During the question-and-answer portion of the Disney Annual Investor Meeting, an already flustered Bob Iger answered a question that at first seemed like it was from a friendly or at least neutral quarter.
An Ameriprise Financial Advisor asked, ‘What are you doing to protect stockholder value because of the Reedy Creek problems with the State of Florida?’
Iger went into a long and rambling answer that demolished fifty years of carefully cultivated legal fiction. He briefly and biased covered the history of the Florida Anti-Grooming law and Disney’s hysterical reaction to it. And then said, ‘The governor of Florida got angry and decided to retaliate’, (here is the kill quote) “including the naming of a new board to oversee the property and the business.”
Disney’s Chinese Wall was completely blown up.
Done.
It is ended. It is over.
Bob Iger acting in his capacity Chief Executive Officer at an official stockholder function effectively admitted that the Reedy Creek Improvement District was directly connected to the Walt Disney Company. There was no effort at conflation at all. “…oversee the property and business.” He has now stated that the two were inseparable. It was unbelievable.
Legally, Ron DeSantis did not punish the Disney Company at all, not even a little bit. He dissolved a special tax district with absurdly overreaching powers and replaced it with one that had the normal powers you’d expect a Florida special tax district to have. Legally, Disney wasn’t affected at all because the Walt Disney Company had no legal control over Reedy Creek.
Yes. Yes, I know it was an obvious sham but before the law, it was not a sham. However, when the Chief Executive Officer of the Walt Disney Company admits that there was no separation between these two entities, then Disney just lost the tent pole of any legal argument they had.
The silly mess that Disney got up to right before the old district was disbanded probably just took one in the head. The “cities” of Bay Lake and Lake Buena Vista can now be dissolved without any difficulty at all. IF that happens, the billions owed in municipal “tax-free” bonds will instantly be dissolved and land on Disney. Oh, and those tax-free bonds would then become taxable debentures.
This could easily be interpreted as a confession of securities fraud, so I honestly don’t have clue what will happen next.
Quote-- edited
The Dark Herald
Employees, (selected for their loyalty and obedience to Mickey the Great Terrible), are installed in these “cities.” (Bay Lake and Lake Buena Vista) And they are the ones who in theory control the Reedy Creek Improvement District.
This was clearly and obviously a legal fiction.
HOWEVER, it was a legal fiction that Disney absolutely and under all circumstances had to observe. The Chinese wall separating the Walt Disney Company from the Reedy Creek Improvement District had to be as big as the Great Wall of China.
And yesterday Bob Iger bulldozed through it.
During the question-and-answer portion of the Disney Annual Investor Meeting, an already flustered Bob Iger answered a question that at first seemed like it was from a friendly or at least neutral quarter.
An Ameriprise Financial Advisor asked, ‘What are you doing to protect stockholder value because of the Reedy Creek problems with the State of Florida?’
Iger went into a long and rambling answer that demolished fifty years of carefully cultivated legal fiction. He briefly and biased covered the history of the Florida Anti-Grooming law and Disney’s hysterical reaction to it. And then said, ‘The governor of Florida got angry and decided to retaliate’, (here is the kill quote) “including the naming of a new board to oversee the property and the business.”
Disney’s Chinese Wall was completely blown up.
Done.
It is ended. It is over.
Bob Iger acting in his capacity Chief Executive Officer at an official stockholder function effectively admitted that the Reedy Creek Improvement District was directly connected to the Walt Disney Company. There was no effort at conflation at all. “…oversee the property and business.” He has now stated that the two were inseparable. It was unbelievable.
Legally, Ron DeSantis did not punish the Disney Company at all, not even a little bit. He dissolved a special tax district with absurdly overreaching powers and replaced it with one that had the normal powers you’d expect a Florida special tax district to have. Legally, Disney wasn’t affected at all because the Walt Disney Company had no legal control over Reedy Creek.
Yes. Yes, I know it was an obvious sham but before the law, it was not a sham. However, when the Chief Executive Officer of the Walt Disney Company admits that there was no separation between these two entities, then Disney just lost the tent pole of any legal argument they had.
The silly mess that Disney got up to right before the old district was disbanded probably just took one in the head. The “cities” of Bay Lake and Lake Buena Vista can now be dissolved without any difficulty at all. IF that happens, the billions owed in municipal “tax-free” bonds will instantly be dissolved and land on Disney. Oh, and those tax-free bonds would then become taxable debentures.
This could easily be interpreted as a confession of securities fraud, so I honestly don’t have clue what will happen next.
