Disney Had Good Reason to Fire Ovitz, Witness Says
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Walt Disney Co. should have fired Michael Ovitz rather than paying him &#36;140 million in severance, a legal expert testified on Thursday in support of shareholders suing the Disney board.
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Walt Disney Co.'s multimillion-dollar contract with Michael Ovitz was unreasonably generous and one of the most lucrative ever, a compensation expert testified on Monday for shareholders suing the board to recover as much as &#36;200 million.
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Michael Ovitz initially wanted a signing bonus of $50 million to join Walt Disney Co. as its president in 1995, a compensation expert who advised Disney during negotiations with Ovitz testified Tuesday.
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Walt Disney Co.&#39;s board of directors went on trial on Wednesday, on shareholder accusations that it merely rubberstamped a decision to hire Michael Ovitz and allowed
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Walt Disney chief executive Michael Eisner yesterday told a Delaware courtroom how he had appeared on television praising his former second-in-command Michael Ovitz even as he was plotting his departure from the company.
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Michael Ovitz said he fought and begged to stay on at Walt Disney Co. until his good friend and boss Michael Eisner pushed him out, the former Disney president, now at the center of a shareholder lawsuit, testified on Wednesday.
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Michael Ovitz staunchly defended his efforts as president of the Walt Disney Co. on Thursday in between biting exchanges with the attorney representing shareholders in a &#36;140 million lawsuit.
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Description: In a closely watched trial in Delaware, former Hollywood agent Michael Ovitz took the stand yesterday to defend his tenure as president of the Walt Disney Company in the mid-&#39;90s.
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Michael Ovitz, Walt Disney Co.&#39;s former president, Monday said that protecting himself financially against an early termination from the entertainment giant was an important point during his contract negotiations.
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GEORGETOWN, Del. - The terms on the options Walt Disney Co. gave its former president Michael Ovitz when he was hired were less generous than the terms for many other industry executives, a former compensation consultant testified Wednesday.
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A Walt Disney Co. director testified Tuesday that he believed Disney chief executive Michael Eisner had the authority to fire Michael Ovitz as the entertainment giant&#39;s president.
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Michael Ovitz, Walt Disney Co.&#39;s former president, said Friday he was mistaken in his previous testimony that his annual bonus was tied to Disney chief executive Michael Eisner&#39;s bonus.
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Walt Disney Co.'s  board of directors went on trial on Wednesday, on shareholder accusations that it merely rubberstamped a decision to hire Michael Ovitz and allowed him to walk away months later with a &#36;140 million severance package.
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Michael Ovitz wanted a &#36;50 million signing bonus to become president of the Walt Disney Co., but the directors who eventually hired him were not willing to make that kind of outlay, an executive compensation expert testified Tuesday.
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GEORGETOWN, Del.  - Walt Disney Co.'s board of  directors went on trial on Wednesday, on shareholder  accusations that it merely rubberstamped a decision to hire  Michael Ovitz and allowed him to walk away months later with a  $140 million severance package.
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LOS ANGELES/NEW YORK  - The trial of a lawsuit by  Walt Disney Co. shareholders who accuse the board of directors  of rubberstamping a deal to hire Michael Ovitz in 1995 and then  giving him $140 million in severance pay will open on  Wednesday, putting a spotlight on standards for corporate  responsibility.
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Walt Disney Co. could have fired Michael Ovitz as president without paying him $140 million in severance, a law professor testified Thursday in the trial of an investor lawsuit seeking return of the money.