Posted on 04/27/2022 4:01:43 PM PDT by Coronal
In a statement quietly posted April 21, Disney informed investors that despite the recent law abolishing its special tax district by 2023, the state of Florida can’t actually do that unless it also covers all outstanding debts associated with the district. Subsequently, the company told investors it intends to conduct business as usual for the time being.
In the statement, first reported by WESH in Florida, officials for the Reedy Creek Improvement District — the official name of the tax district in which Disney operates its Florida theme parks and also functions as the local government — assured investors that under the terms of the 1967 law that established the district:
“Unless otherwise provided by law, the dissolution of a special district government shall transfer title to all of its property to the local general purpose government, which shall also assume all indebtedness of the preexisting special district.”
Specifically, the statement notes that “In the Reedy Creek Act the State of Florida has pledged to the holders of any bonds issued by the District: (1) that it will not limit or alter the rights of the District … until all such bonds together with interest thereon, and all costs and expenses in connection with any act or proceeding by or on behalf of such holders, are fully met and discharged.”
As a result, the statement says, Disney intends to continue “present operations” in Reedy Creek. Disney also said it is exploring “its options” in the meantime.
(Excerpt) Read more at yahoo.com ...
Waiting for stockholders to fire management with cause. It seems to me that bad management decisions have caused stockholders financial harm and damaged the Disney brand for years to come. A more recent and boneheaded decision was refusing to remove a few minutes of LG….. scenes to satisfy foreign censors. And how many dollars were lost on that decision alone?
How so?
I would be willing to bet that the tax breaks Disney gets on the theme parks are pretty massive and won't be impacted much by this legislation.
You dont have to violate a stature for the state to enact new legislation to One’s detriment? The state can give, and the state can taketh away via legislation.
Shut off the water, gas, electricity....
You know the same stuff they would do to us if we refused to follow the law.
You got a permit for that tunnel and sex dungeon...
Which would immediately be challenged and be tied up in litigation for years. And don’t be too certain that Florida would win.
What law exactly is Disney refusing to follow?
RELINQUISH the property to the state???
Didn’t see that coming.
Kelo their butts.
That is to protect the investors, not Disney. What it is saying is that if the tax status is lost, Disney has to pay the investors.
Laws are made and can be altered at any time.
ha. Disney doesn’t govern Florida.
Disney loses.
People planning on taking their kids to Disneyland, supporting these pedophiles and twisted misfits, should be publicly scorned and mocked.
If they cant end the district by current law then they can just change the law.
Your words “If the county . . ." is uncertainty.
Your words “they'll likely” is doubt.
Your words “stuck with the debt too” is fear.
Reading your analysis DeSantis is definitely shakin’ in his boots. I know I am.
Disney will always have to pay for these utilizes and protection unless the start their own Mickey Mouse fire department.
That’s what they did.
For the record, Disney deserves anything they get. They’ve quite thoroughly shot themselves in the foot. All I’m saying is, compared to many Florida cities WDW is very well run.
CC
Disney's best hope is to get Satan to contact John Roberts and tell the justice to have the Supreme Court vote to pass a federal law prohibiting DeSantis from being a governor and the Florida legislature from being a state legislature.
It could happen just this way; been done before.
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