More Schadenfreude

Can Disney’s Michael Eisner pull a rabbit out of his hat (or more accurately, a mouse out of his ass)? This story shows he won’t go without a fight:


Sander Morris Harris analyst David Miller, who was at the meeting, said he believed it was unlikely a white knight would emerge to rescue Disney from Concast, but other options remained.

“There were other defensive and offensive measures moves Disney can make,” he said, speculating that Disney could raise additional cash by shoring off its radio properties and offer a dividend.

Then again, selling valuable assets to gain cash sounds like, at best, a very temporary defensive measure — and one likely to further decrease shareholder value in the medium term.

Does anyone see how he can survive?


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