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Saul Steinberg sued Walt Disney Co.

February 19, 1986

Steinberg-controlled Reliance Insurance, which sold its stock in Disney two years ago at a "greenmail" premium to end its hostile takeover bid, filed an action in Los Angeles Superior Court alleging that Disney has breached the buy-back agreement by failing to release Reliance and Steinberg from shareholders' lawsuits challenging the $297-million stock repurchase. Among other things, Steinberg asked the court to rescind the agreement, which would enable Steinberg to regain his Disney stock, which has nearly doubled in value. A Disney spokesman said the company had not yet received the lawsuit but believed it to be without merit.

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