Credit: Inside The MagicIn the battle for control of the Walt Disney Company, one activist firm, Blackwells Capital, alleges that the House of Mouse is lying to millions and has documents to prove their stance. Here’s what we know.
Blackwells Capital Alleges That Disney Is Lying to Shareholders, Withholding Information
According to new information sent out by billionaire activist Balckwells Capital, the Walt Disney Company withholds information beneficial to the truth behind closed doors. That information is being withheld from Disney’s most important assets: its shareholders.
Blackwells Capital, an alternative investment management firm specializing in global public securities, was established by Jason Aintabi, the Chief Investment Officer, in 2016. The company’s primary focus lies in collaborating with boards and management teams to unlock value for various stakeholders, including employees, shareholders, and communities. Leveraging their extensive experience, the principals at Blackwells Capital have held operational roles and served on the boards of diverse enterprises spanning real estate, insurance, energy, technology, media, and private equity sectors.
Blackwells Capital is headquartered in New York and holds a significant shareholder stake in The Walt Disney Company. In January 2024, Aintabi disclosed that Trian, which boasts approximately $3 billion worth of Disney stock, had put forth a slate of nominees for the board. Among these nominees are Jessica Schell, Craig Hatkoff, and Leah Solivan. Schell is expected to lend her expertise in media and content, and Hatkoff will provide support in real estate and strategic asset review. At the same time, Solivan will contribute insights into physical, spatial computing, and AI-driven experiences.
According to new information released by Blackwells Capital, Disney appears to be lying and withholding information to its shareholders. The activist firm sent out Green slides in the form of information that is publically available to anyone and everyone. Per the official information sent out by Blackwells Capital:
ALL SHAREHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING GREEN PROXY CARD AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE PARTICIPANTS, AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS IN THE COMPANY, BY SECURITY HOLDINGS OR OTHERWISE
Shareholders of the Company will receive the definitive proxy statement and a GREEN proxy card. These documents and other relevant materials are publicly available at no charge on the SEC’s website at http://www.sec.gov/. Furthermore, upon request, the Participants will provide copies of the definitive proxy statement free of charge once it is available. Shareholders interested in obtaining copies can submit requests to Blackwells Onshore I LLC.
Blackwells Capital’s proposed nominees aim to replace Maria Elena Lagomasino, a former banking executive, and Michael Froman, head of the Council on Foreign Relations, on Disney’s board. Additionally, Blackwells Capital advocates for the board to explore the possibility of spinning off Disney’s real estate holdings into a Real Estate Investment Trust (REIT) and increasing investments in virtual and augmented reality technologies.
Encouraging Disney shareholders to support its slate of candidates over those proposed by Disney or Trian, Blackwells Capital emphasizes its objective of ensuring the board comprises individuals capable of making decisions that will benefit shareholders over the long term.
Furthermore, Blackwells Capital discloses that ValueAct has been earning fees for managing Disney Pension Funds since 2013. Blackwells Capital has also suggested that the Walt Disney Company be split into three separate companies, which is an idea that has Disney shareholders scratching their heads.