Disney shareholders appeal Ovitz pay ruling
By Gina Keating
LOS ANGELES, Oct 26 (Reuters) - Walt Disney Co. (DIS.N: Quote, Profile, Research) shareholders who sought to hold the company's board responsible for approving a $130 million payday to former President Michael Ovitz have appealed a Delaware court's decision that affirmed the severance package and shielded directors from liability.
In their appeal, filed on Monday in Delaware, attorneys for the shareholders claim that a ruling by Delaware Chancery Court Judge William Chandler III was flawed on procedural and evidentiary grounds and should be overturned.
Ovitz's attorney, Michael H. Epstein, said on Wednesday that the appeal presents "very weak arguments" and that shareholders were "recounting the evidence as they wish it had come in as opposed to how it actually came in."