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A Disney investor claims the company created a “far-reaching” financial risk by opposing the Florida Parental Rights in Education Act, which critics dubbed the “Don’t Say Gay” bill.
Friday, investor Kenneth Simeone filed a 22-page lawsuit demanding Disney turn over internal records. Simeone filed the lawsuit as a “books and records” action, which would allow him access to documents he could use to later sue company directors.
He argues the entertainment brand knowingly jeopardized its bottom line by opposing a bill that prohibits teachers from discussing genitalia with young children.
The basis of his argument is that the advocacy of perverted curriculum ultimately cost the brand its special tax district.
In March, Gov. DeSantis signed a bill to repeal the Reedy Creek Improvement District, which Disney operated since the 1960s.
The district allowed Disney to set its own taxes and building codes and order infrastructure improvements for the theme park and its surrounding areas.
The dissolution of Reedy Creek could cost Disney billions in additional debt, reports the New York Post.
So, it would appear that opposing the bill did indeed stir a “far-reaching financial risk.”
“The financial repercussions from Disney’s actions, and resulting harm to the company and its stockholders, have been swift and severe,” Simeone alleged.
Bob Chapek was CEO at the time of the Florida-Disney tug-of-war. Initially, Chapek avoided comment on the bill. But the swift backlash from employees, the press and former CEO Bob Iger caused Chapek to wobble.
Ultimately, Disney led the public charge in opposition to the bill.
Ironically, the board ousted Chapek in late November to reinstate Iger as CEO.
Elsewhere, the Financial Times reported on December 2 that Florida lawmakers could reverse course on revoking Disney’s special tax status. However, DeSantis’ deputy press secretary has since called the report inaccurate.
If only Disney hadn’t supported teachers promoting genital mutilation to impressionable second-grade children.