The Dark Herald explains how Disney CEO Bob Iger has placed the wicked corporation in a perilous legal position concerning the nature of the relationship between the Walt Disney Company and 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.
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 inseperable. It was unbelievable.
The real question now is if Gov. DeSantis and the Florida legislature are simply posturing for conservative voters or if they are serious about dismantling one of the primary engines of evil in the country. Because Bob Iger has foolishly handed them the very tool they need to do it if they have the will.
Read the whole thing, which is a rather fascinating lesson in how corporations have managed to literally place themselves above the law in some states.