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16 - CAPE GAZETTE, Friday, Nov. 19 - Nov. 22, 2004 Disney Continued from page 1 check when entering the Court. Pockets are emptied, cell phones are switched off and briefcases are opened. Once through a metal- detecting body scanner, Eisner, his attorneys, reporters and spec- tators climbed a winding marble staircase to the second-floor courtroom. Eisner and the legal teams entered the courtroom; a dozen reporters took chairs in the courtroom lobby to watch the pro- ceedings on a wide-screen, closed circuit television. Court resumed the trial at 9:03 a.m. that morning, the fifth week of court proceedings on the Disney Co. case, which began Oct. 20 and was originally sched- uled for completion at the end of November. The case is moving slowly, though, and Court of Chancery Chancellor William B. Chandler III has cleared his December calendar-to make room for it. Local attorneys with cases pending in court of Chancery have had to move those cases to Dover or Wilmington because of the slow-moving Disney case. "It's not real different forthe local attorneys," commented Katrina Sears, who works in the Recorder of Chancery's Office. "Generally, the Wilmington cases come to Sussex. It's less often that the Sussex cases go to Wilmington, but it's not unheard of. I don't think many of the local attorneys have been inconve- nienced by this case. A lot of the hearings are being conducted at one of the Court of Common Pleas courtrooms across the Circle in Georgetown." It was the beginning of Eisner's third day of testimony in the Disney Co. shareholders' suit against him, former Disney Co. President Michael Ovitz and sev- eral former and current Disney Co.board members. As he sat in the witnesses' chair with a bottle of water on the table in front of him, Eisner responded to questions about the Oct. 1, 1995 hiring of Ovitz a s company president and the five-year con- tract Ovitz signed in December of that year. Under oath, Eisner told the court about his conversations a year later with Disney operations chief Sanford "Sandy" Litvack about whether it was possible to scrap the terms of the contract after it became apparent that Ovitz was not performing to expecta- tions. "Sandy Litvack told me consis- tently that there was no basis for cause for terminating Ovitz and breaking the contract," Eisner said. He added that the contract was to give Ovitz $39 million in cash and stock options valued at $100 million. "I would have preferred the money go to Disney," said Eisner. "The options didn't matter that much. Those were just a blip." Eisner said no Disney Co. board resolution was obtained for Ovitz' firing or for Ovitz receiving the benefits from a non-fault termina- tion. "We never had a special execu- tive session," Eisner said. "I told the board what it was going to cost. We talked about the whole situation, but it was a long time ago, and I just cannot remember all of it. I'm confident it hap- pened, I just can't hear the exact words ringing in my ears." Eisner testified that he met with Litvack and Ovitz to finalize the terms for the non-fault termina- tion; terms, which Eisner said I Ovitz agreed to. He was to remain on the job until Jan. 31, 1997. Eisner then told about how Ovitz immediately began spread- ing bad information about his sep- aration from Disney, and that angered Eisner. He said he was furious with Ovitz and sent him a scathing email letter Dec. 16, 1996. "I was about as mad as I've ever been," Eisner told the court. "It was an incredible betrayal. We'd done all we could for him, and he just threw it right back in our face. So I sent this email and I was venting." By Dec. 27, 1996, Ovitz' attacks against the credibility of Jim Cresson photo i Disney Co. changed the date of his departure. Eisner told how what he called Ovitz' "betrayal" led to his immediate departure from the company Dec. 27, 1996 after 14 months on the job. In retrospect, Eisner called Ovitz an "agent, a salesman who stretched the truth." The plaintiff shareholders claim that Eisner cut a deal with Ovitz so that he could leave Walt Disney co. with the non-fault termination. The Disney Co. board of direc- tors claims that Eisner was advised by company counsel Litvack that Ovitz could not be fired for cause and that the con- tract should be honored. Georgetown resident Bill Whelen waited outside the Court of Chancery, Nov. 17, to ask Walt Disney CEO Michael Eisner whether he could pro- vide 60 or so stuffed Mickey Mouse characters to give to A.I. duPont Hospital for Chil- dren. Whelen Said he is a member of St. Paul's Episco- pal Church in Georgetown and the church collects do- nated stuffed animals and characters for the hospital. A Disney Co. public relations agent told WheIen that he would see that Eisner got the message. "With Disney execu- tives right here in George- town, I figured it made good sense to ask about some Mickeys for the kids," Whelen said. Bruce Uliss and Steve Malcom REFRESH YOUR HOME WITH COLOR Whether you're planning to sell your home or simply looking for a way to rejuvenate your living space, the easiest way to make an immediate and dramatic differ- ence is to modify the interior color with paint. Color trends have changed considerably since avoca- do and gold were the "must-have" kitchen colors of the 1970%. What colors are in vogue with home designers this year, and where are they being used in the home? Red stimulates the senses and is Often selected for dining rooms because it is commonly believed to increase the appetite. This year's red is a clear coral hue, which promotes feelings of well being, enjoyment and humor. Coral is also a good choice for your workout room or children's playroom because it makes occu- pants feel energized and cheerful. The very lightest red tint -- blush- ing pink -- is also showing up in the dining room, as vell as in the living room and home office. The newest trend in blue is characterized as "hope blue," a pure color with a therapeutic, calming influence. It's a popular choice for bedrooms and bath- rooms because it promotes feel- ings of tranquility, comfort and restfulness. Another c01ming color trend is true green, which has i balancing effect when used in bathrooms and bedrooms. For professional advice on all aspects of buying or selling real estate, consult "The Results Team" at .Long and Foster. Call Bruce at (302) 542-7474 or Steve at (}2) 542-7473 or both at (800) 462- 3224 (ext. 474) or email them at bruce@resultsteamonline.com, or steve@resultsteamonline.com. 16 - CAPE GAZETTE, Friday, Nov. 19 - Nov. 22, 2004 Disney Continued from page 1 check when entering the Court. Pockets are emptied, cell phones are switched off and briefcases are opened. Once through a metal- detecting body scanner, Eisner, his attorneys, reporters and spec- tators climbed a winding marble staircase to the second-floor courtroom. Eisner and the legal teams entered the courtroom; a dozen reporters took chairs in the courtroom lobby to watch the pro- ceedings on a wide-screen, closed circuit television. Court resumed the trial at 9:03 a.m. that morning, the fifth week of court proceedings on the Disney Co. case, which began Oct. 20 and was originally sched- uled for completion at the end of November. The case is moving slowly, though, and Court of Chancery Chancellor William B. Chandler III has cleared his December calendar-to make room for it. Local attorneys with cases pending in court of Chancery have had to move those cases to Dover or Wilmington because of the slow-moving Disney case. "It's not real different forthe local attorneys," commented Katrina Sears, who works in the Recorder of Chancery's Office. "Generally, the Wilmington cases come to Sussex. It's less often that the Sussex cases go to Wilmington, but it's not unheard of. I don't think many of the local attorneys have been inconve- nienced by this case. A lot of the hearings are being conducted at one of the Court of Common Pleas courtrooms across the Circle in Georgetown." It was the beginning of Eisner's third day of testimony in the Disney Co. shareholders' suit against him, former Disney Co. President Michael Ovitz and sev- eral former and current Disney Co.board members. As he sat in the witnesses' chair with a bottle of water on the table in front of him, Eisner responded to questions about the Oct. 1, 1995 hiring of Ovitz a s company president and the five-year con- tract Ovitz signed in December of that year. Under oath, Eisner told the court about his conversations a year later with Disney operations chief Sanford "Sandy" Litvack about whether it was possible to scrap the terms of the contract after it became apparent that Ovitz was not performing to expecta- tions. "Sandy Litvack told me consis- tently that there was no basis for cause for terminating Ovitz and breaking the contract," Eisner said. He added that the contract was to give Ovitz $39 million in cash and stock options valued at $100 million. "I would have preferred the money go to Disney," said Eisner. "The options didn't matter that much. Those were just a blip." Eisner said no Disney Co. board resolution was obtained for Ovitz' firing or for Ovitz receiving the benefits from a non-fault termina- tion. "We never had a special execu- tive session," Eisner said. "I told the board what it was going to cost. We talked about the whole situation, but it was a long time ago, and I just cannot remember all of it. I'm confident it hap- pened, I just can't hear the exact words ringing in my ears." Eisner testified that he met with Litvack and Ovitz to finalize the terms for the non-fault termina- tion; terms, which Eisner said I Ovitz agreed to. He was to remain on the job until Jan. 31, 1997. Eisner then told about how Ovitz immediately began spread- ing bad information about his sep- aration from Disney, and that angered Eisner. He said he was furious with Ovitz and sent him a scathing email letter Dec. 16, 1996. "I was about as mad as I've ever been," Eisner told the court. "It was an incredible betrayal. We'd done all we could for him, and he just threw it right back in our face. So I sent this email and I was venting." By Dec. 27, 1996, Ovitz' attacks against the credibility of Jim Cresson photo i Disney Co. changed the date of his departure. Eisner told how what he called Ovitz' "betrayal" led to his immediate departure from the company Dec. 27, 1996 after 14 months on the job. In retrospect, Eisner called Ovitz an "agent, a salesman who stretched the truth." The plaintiff shareholders claim that Eisner cut a deal with Ovitz so that he could leave Walt Disney co. with the non-fault termination. The Disney Co. board of direc- tors claims that Eisner was advised by company counsel Litvack that Ovitz could not be fired for cause and that the con- tract should be honored. Georgetown resident Bill Whelen waited outside the Court of Chancery, Nov. 17, to ask Walt Disney CEO Michael Eisner whether he could pro- vide 60 or so stuffed Mickey Mouse characters to give to A.I. duPont Hospital for Chil- dren. Whelen Said he is a member of St. Paul's Episco- pal Church in Georgetown and the church collects do- nated stuffed animals and characters for the hospital. A Disney Co. public relations agent told WheIen that he would see that Eisner got the message. "With Disney execu- tives right here in George- town, I figured it made good sense to ask about some Mickeys for the kids," Whelen said. Bruce Uliss and Steve Malcom REFRESH YOUR HOME WITH COLOR Whether you're planning to sell your home or simply looking for a way to rejuvenate your living space, the easiest way to make an immediate and dramatic differ- ence is to modify the interior color with paint. Color trends have changed considerably since avoca- do and gold were the "must-have" kitchen colors of the 1970%. What colors are in vogue with home designers this year, and where are they being used in the home? Red stimulates the senses and is Often selected for dining rooms because it is commonly believed to increase the appetite. This year's red is a clear coral hue, which promotes feelings of well being, enjoyment and humor. Coral is also a good choice for your workout room or children's playroom because it makes occu- pants feel energized and cheerful. The very lightest red tint -- blush- ing pink -- is also showing up in the dining room, as vell as in the living room and home office. The newest trend in blue is characterized as "hope blue," a pure color with a therapeutic, calming influence. It's a popular choice for bedrooms and bath- rooms because it promotes feel- ings of tranquility, comfort and restfulness. Another c01ming color trend is true green, which has i balancing effect when used in bathrooms and bedrooms. For professional advice on all aspects of buying or selling real estate, consult "The Results Team" at .Long and Foster. Call Bruce at (302) 542-7474 or Steve at (}2) 542-7473 or both at (800) 462- 3224 (ext. 474) or email them at bruce@resultsteamonline.com, or steve@resultsteamonline.com.