Storming The Magic Kingdom - Wall Street, The Raiders, and the Battle for Disney

296 Pages·1987·12.188 MB·English

by  John Taylor

TOF1M5NG
^'iCJ

-yf

STORMING THE MAGIC KINGDOM

Storming
THE
Magic
Kingdom
Wall Street, the Raiders,
and the Battlefor Disney
by John Taylor
^^^
ALFRED A. KNOPF NEW YORK 1987
For My Mother and Father and
for Maureen and Jessica
THISISA BORZOI BOOK PUBLISHED BY
ALFRED A. KNOPF, INC.
©
Copyright igSy by John Taylor
All rights reserved under International and Pan-American
Copyright Conventions. Published in the United States
byAlfredA. Knopf, Inc., New York, and simultaneously
in Canada by Random House ofCanada Limited, Toronto.
Distributed by Random House, Inc., New York.
Portions ofthis book were originallypublished in the article "Project Fantasy'' in
Manhattan,inc. magazine; the Los Angeles Sunday Times; and Us magazine.
Grateful acknowledgment is made to Robert H. Knightforpermission to reprint
H
excerptsfrom "Steinberg's Was No Mickey Mouse Caper" by Robert Knight in
the Los AngelesTimes.
Library ofCongress Cataloging-in-Publication Data
Taylor, John.
Storming the magic kingdom.
Includes index.
—
I. Walt Disney Productions Reorganization—.
2. Consolidati—on and merger ofcorporations
United States—Case studies. —5. Tender offers
(Securities) United States— Case studies.—
4. Corporate reorganizations UnitedStates
Case studies. I. Title.
PNiggg.wijT^g igSj 3^4'-^S 86-4614j
ISBN 0-394-54640-7
Manufactured in the United States ofAmerica
First Edition
AUTHOR'S NOTE
This book is based primarily on interviews with partici-
pants in the drama that surrounded what is now the Walt Disney
Company in 1984. Minutes ofboard meetings, personal diaries, corre-
spondence, and appointment calendars were also made available by
some participants. Documents filed as exhibits in lawsuits and deposi-
tionstakenduring thoseproceedings providedadditional information.
The dialogue quoted in conversations reflects the recollection ofpar-
ticipants as to what was said. It is taken from interviews and on
occasion from depositions, and in most instances was confirmed by
other participants.
Many of the individuals who cooperated in this book wish to
remain anonymous. To all ofthem I am grateful. I would like to offer
specialthankstoStanley Goldand RaymondWatson, whogenerously
agreed to interviews extending over several days. I would also hke to
thank Nancy Sweid for her research assistance. I am indebted to
Corona Machemer for her exceptional editing. Finally, I would like
to thankJaneAmsterdam, the editoroiManhattan,inc. magazine, for
enabling me to undertake this project, and for many other things as
well.