[reapersaurus]

From another board - he got it in an email to stockholders of Disney:
(slightly trimmed for space)

Although not all of our registered supporters are shareholders of record, we wanted to make sure every one of you had the opportunity to see Roy and Stan's urgent message being released today.

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AN OPEN LETTER TO OUR FELLOW DISNEY SHAREHOLDERS

FROM ROY E. DISNEY AND STANLEY P. GOLD

Roy E. Disney
Stanley P. Gold

January 27, 2004

Dear Fellow Walt Disney Company Shareholders:

Now is the time for all Disney shareholders to take the first step to bring needed change to The Walt Disney Company. We ask each of you to join us in our campaign to change senior management’s and the Board’s “business as usual” attitude at Disney.

Join us in voting NO on the re-election of Michael Eisner, George Mitchell, Judith Estrin, and John Bryson as Directors at the Wednesday, March 3 Annual Meeting of Shareholders in Philadelphia.

Eight weeks ago, we resigned from the Board of Directors to vividly demonstrate our dissatisfaction with the direction and management of The Walt Disney Company. Our resignation letters, which can be easily accessed on our website www.savedisney.com , describe in detail our reasons. In particular, our ongoing concern is that the Company's senior management has been unable to generate long-term growth and performance and that the Board of Directors has failed to hold management accountable for its failures.


SEND A MESSAGE TO EISNER AND THE BOARD

By just saying NO you will send a message the Board of Directors cannot ignore. By withholding your vote from these four directors - who we believe are representative of what is wrong at Disney - you will force the Board to recognize the widespread conviction that serious changes in both senior management and the Board are necessary.

NO ON EISNER AND NO ON ESTRIN, MITCHELL AND BRYSON

We are seeking a NO vote on Michael Eisner and also a NO vote on George Mitchell, Judith Estrin and John Bryson because they symbolize, respectively, the poor management, poor governance, poor compensation practices, and lack of board independence that are impeding the development of long-term shareholder value at The Walt Disney Company.

MICHAEL EISNER (poor management): Since the death of Frank Wells in 1994, Michael Eisner has been unable to manage growth or achieve performance levels that were once commonplace at The Walt Disney Company. Since 1995, Return-on-Invested Capital has declined by 63% from 18% to 7%. Return-on-Equity has declined by 80% from 22% to 6% and Return-on-Assets has declined by 79% from 10% to 3%. While the Company’s stock has improved in recent months, it is important to note that since January 1996, an initial investment of $10,000 in Disney stock would have grown to only $11,497 over the 8 years ending December 2003, as compared to an investment in Dow Jones which grew to $20,191 (or 75% greater than Disney).

Mr. Eisner has failed to formulate a viable long-term strategy. Instead of investing wisely the cash flow produced by the company over the past ten years, those resources have been squandered on many failed projects, the most recent of which is the $5.2 billion acquisition of the Fox Family Channel.

He has built theme parks using copies of rides found elsewhere and built other attractions that fail to spark the imagination and excitement our guests and customers have a right to expect from Disney. The dismal financial results at Disney’s California Adventure and Disney's Studio Paris are testimony to this flawed strategy.

The revolving door of executives has also led to an enormous loss of creative talent - once the clear hallmark of Disney.

While these activities may provide a short-term (in many cases, very short) boost to revenues, they have the long-term effect of dissipating what has made The Walt Disney Company great. If this process is allowed to continue, Disney will wind up “just another entertainment company”— and will never be able to recover its hard-earned reputation for providing unparalleled quality family entertainment and exceptional value to its guests and customers.

that's the first half