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  "notes": "Uses an illustrative metaphor of mice/ducks digging a hole to represent the board's actions.",
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      "text": "The Board has been using a NOBO list of shareholders for nearly a month to solicit millions of votes. However, the Board refuses to let Blackwells conduct an in-person review of the NOBO list even though we made a proper request under Delaware law. The Board also claims Disney spent approximately $533K for the list. For Blackwells and Trian to get access to a digital copy of the NOBO list, the Board is demanding we reimburse Disney the entire $533K amount. This means Blackwells and Trian are apparently being asked to completely subsidize the Board's use of the NOBO list",
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      "text": "Recent actions by the Disney Board, in response to pressure from shareholders suggests a certain entrenchment",
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      "text": "Disney has entered into an information sharing agreement with ValueAct",
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      "text": "The Board appears to be trying to prevent Blackwells from speaking to the same shareholders as the Board",
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      "text": "Blackwells demanded to inspect records of The Walt Disney Company pursuant to Section 220 of the Delaware General Corporation Law to which Disney responded that to obtain inspection of the books relating to ValueAct we “must show ... that a credible basis exists upon which wrongdoing or mismanagement can be inferred”",
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      "text": "SHAREHOLDER RESPONSIVENESS",
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