"At the beginning of February, Disney in the hands of an entrenched Michael Eisner and his go-along board was worth about $24 a share. When Comcast bid, the market determined that Disney in the hands of Comcast would be worth $27 a share. And now the board is suggesting that Disney in the hands of anybody but Eisner would be worth $30 a share.
"In the late bull market, investors used to talk about a premium associated with a superstar executive. Investors would shell out more for a company run by Jack Welch or Warren Buffett. In the case of Disney, the reverse seems to be true. There is a $12 billion Eisner discount."