Her husband joined the Disney board in 2000 as an independent director, but her position and salary were not disclosed until Aug. 9, 2002.

The larger question is not why the Disney board allowed Mr. Eisner to run the company nearly into the ground.

But that doesn't mean the Disney board didn't make the right decision.

And, as he said, "the Disney board would have loved to get Ovitz on the cheap."

Yet the Disney board recently gave him a $7.25 million cash bonus.

The Disney board is no different.

The Disney board once included Michael Eisner's lawyer, his architect and the principal of his kids' school.

And so, he added, "it's more on the Disney board."

We hope that the Disney board will pursue the opportunity that this proposed combination presents to your shareholders.

The Disney board said it would evaluate the offer, but the company privately began to plot its defense.