On 9-11 Anniversary, Free Enterprise Action Fund Files Shareholder Proposal Following Disney's Refusal to Sell 9-11 TV Miniseries DVD; FEAOX Sends Disney Board Members DVD of New Documentary Exposing Political Intimidation of Company
For more info contact: Steve Milloy, 301-258-2852, steve@feafund.com
Washington DC, September 10, 2008 - The Free Enterprise Action Fund (Ticker: FEAOX) announced today that it would be filing a shareholder proposal with the Walt Disney Company to increase transparency regarding Disney's political contributions. The FEAOX is concerned that Disney CEO Bob Iger's refusal to sell the DVD of ABC TV miniseries "The Path to 9-11" is evidence that his liberal political views may conflict with shareholders interests.
"Bob Iger's refusal to sell the DVD of the seven-time Emmy-nominated ABC-TV miniseries seems to indicate that his liberal political views come before shareholder interests," said Tom Borelli of Action Fund Management, investment adviser to the FEAOX. "We believe that Igerfs refusal to sell the DVD demonstrates an arrogant disregard for fiduciary responsibility and freedom of political speech," added Borelli.
As described in a new documentary, entitled "Blocking The Path to 9-11," leading Democratic politicians, Clinton supporters and other left-wing political activists launched a successful intimidation campaign against the broadcast of the miniseries -- which was based on the 9-11 Commission Report -- because they felt the program made the Clinton Administration look weak on terror.
Apparently to appease these critics, Disney edited the program before it aired in 2006 and has since refused to sell its DVD version -- even though Disney lost $40 million on the project.
The FEAOX is concerned that the political views of Disney CEO Bob Iger may be key factor in Disney's decision not to sell the DVD. Iger is a long time contributor to the Democratic Party and to Hillary Clinton.
"As another 9-11 anniversary rolls around, it is important for the country to understand the events that led to the terrorist attack," said Steve Milloy of AFM. "By failing to sell the DVD, Iger seems to be denying the public an opportunity to learn from history and denying the company the opportunity to generate much needed revenue -- which is why shareholders hired him in the first place." Milloy noted.
"Disney's board needs to understand the implications of its failure to rein in Iger's political agenda," said Milloy. "Hopefully, watching 'Blocking the Path to 911' will wake the board from its stupor," Milloy added.
The political contribution shareholder proposal asks the company to report to shareholders on the policies and procedures for political contributions made with corporate funds. Transparency will allow shareholders an opportunity to determine if company assets are being used to compliment Iger's political views which can harm the long-term interests of Disney and its shareholders.
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