It is a sad day in the history of a public company when its best argument is that it previously filed false statements with the SEC.

Ultimately what these companies need to do, whether combined or alone, is fend off creeping market share from SAP, ... and it's probably easier for them to do that combined.

The tilting of the playing field in favor of their hometown corporation makes Pennsylvania an unsafe place for investors. The whole purpose of law is to provide predictability, and what the legislature appears to be doing is to change in the middle of the game the rules that everyone was playing by.

Either he was unsuccessful in recruiting a sufficient number of qualified and talented people, or he is conceding he cannot gain enough support to replace the entire board and seek more modest changes. It's possible in a company that big that seeking more modest changes increases your chance of getting a result.

Institutions from around the world have invested billions of dollars in Pennsylvania's public companies with the expectation that as investors they would be treated fairly. This sort of mid-game rule changing to benefit the home team makes Pennsylvania a dangerous place to invest.

Disney directors would have to be deaf and dumb not to understand they're under a microscope. The shareholders of Disney will examine this process very carefully to understand whether the Disney board has learned anything from the Ovitz matter.