Transcript
Hello, who he? Live. From Delaware's most accurate smelling Chancery Court. I'm guessing they're all accurate smelling and there's none that smell good. It's a Thursday game show edition of business pants like I guess it's a game show I don't know if this is a game or not. Joined as always by lord of the BS, Matt mascardi. Where's Doug? Where's duck? Chuck. He was not available today. He quit I think he's busy destroying the anti-walk somewhere and today's clean diaper called March 30th 2023. Our two favorite companies. Starbucks and Disney. I mean, really, they are, aren't they, are they though. We talk about We do well, that doesn't make them our favorite. Well, I mean that we say words about them although this week they might be our favorite for sure. You ready for it? I mean I guess so. Um yeah, you don't seem too enthusiastic. Let's let's let's let's do something. I don't. What do you think? I feel sad. I don't really have a game. I mean, I have a little bit of a game later. All right, I have, I have a mini proxy vote game later. I'm gonna ask you what you think the results were at Starbucks is annual meeting so much of a game, to be honest. But it's, it's it's, it's something. Well, I just I I'm just excited to give you what I think are a couple of talk radio hot takes at the end about Disney, love it. Yeah, let's do this. Let's do this thing. I already played your transition music now. You gotta just gotta go. Here we go. What we're not gonna do. We're talking. Howard Schultz. I'm calling this Howard's Last Stand. If you think this. Is this last stand? This is I mean, can he come back from this? Is he gonna ride a coffee dusted? Pony out into the sunset. He's not eyeing the way I grew does. So he testified in front of the Senate yesterday, but we're not going to get into that because everyone else is covering that they're covering the back and forth between Bernie and Howard. And it's great stuff. Don't get me wrong. But what we're going to do is we're gonna specifically, look at the written testimony, that Howard prepared. For the Congress. Okay. Because I because this is the last stand, and there are some more fake. I just had some more favorite moments here and I just want to honor the man, I want to honor it. Okay? Can we just admit that? That is not the most riveting by line that we've ever done on this show. Why tell me why, We're, we're going to discuss the written testimony. Oh, it's okay. I'll try to prove your own. Okay. Yeah, prove me wrong. So, I'm just gonna pull out my favorite moments of my favorite quotes and we'll just talk about them a little bit. Okay, hope I'm hoping to prove you wrong. I hope this is more riveting. Then yes. Yesterday when you what did you do yesterday? I don't feel like you contributed much. I don't know. I didn't I you even there. I think I was texting during the show. Here we go. First quote, my father, a World War Two veteran held a number of low paying jobs during his life. Is what say, wow for him. Yeah, for Howard Generations. Is saying your dad is a World War, Two veteran, kind of like Zuck saying China. To get a collection. Like it's okay. I can get away with it. I mean, it is that, but it's also like I the greatest generation. Like pull yourself up by your bootstraps. Yeah, it's I mean it in thing, right? Like, you know, I killed knots ease. That's a thing that's he talked about Holocaust blankets already this all on brand. The next one, probably my favorite one. He says in 1960, he had a home Delivery is talking about his dad, he had a home delivery route. Home delivery route, exchanging clean for dirty cloth diapers. Oh, when he slipped on a sheet of ice, fracturing first, his hip And then our family. When he was promptly fired? Okay, there's a lot here. Okay. So first of all, You have to love any official transcript with dirty diapers and it doesn't happen that much. Yeah, never not a lot. It's not a lot of testimony with 30 Diaper, Dirty cloth diapers. I know he does the worst you ever seen a dirty second incredible image. Howard slipping on an on ice with a handful of dirty diapers. I mean that's just so gross. Oh no, that's terrible. It's disgusting. Yeah, third just more amazing, she'll see in poetry fracturing first his hip and then wait for it. Then our family. That fucking ice. Yeah, but it berries a bit beneath the poetry. Then he was promptly fired. Okay. Isn't isn't the point of view. Yeah. It's like if only he was unionized my parents had strong unions and never would let that happen. Number three. He says I grew up in public housing, right? You got to play the poor card. If you're a big billionaire, you just you have ya gotta show that you came from nothing. I like this. Next one says, he says, the image of my dad lying on the sofa and immobilized in a body cast. Has been burned into my memory. Hold on. Yeah, didn't he? Wore a full body cast, I don't know. This is an amazing image to me. I'm, I'm kind of comical too. I'm imagining the movie version, where his dad is being played by Eddie Murphy and he's like, fumbling comedically for the remote control and the tip of his caste is stained and Cool Ranch Dorito dust, you know, it's just a great. You gotta love it. I don't think that's what he's going for and how dare you to mean the the Legacy. Of his non-unionized, father, wishing. He was part of a union because he was fired for slipping with dirty diapers. Don't demean that really like this next one. He's again, these are all quotes from the actual. This is testimony to the US Congress and this is something he says. I just, I love this one, I decided and early age that if I ran a business know, it would be a company based on respect and shared success unlike the company that had fired. My Dad. Wait what? This is some convenient? Early age member. He decided when he was seven that when he ran a Fortune 500 company he would Union busted handout, free bandage. Amazing. I mean, this is just a credibly for two, it is that he imagined the day when he ran a giant global company that I mean, that was when he really a beautiful just amazing how foretold his own future you do, you do have to wonder? like, It does. He is there a billionaire out there? Whose stories starts with I came from a parent who were a billionaire and I remember the day that my dad was fine. This is, this is a very convenient story to me. Well the next generation of billionaires will be like that, right there will be right now there's kids can't say this. What are Skin's gonna say? I remember how Crest Fallen my dad was to testify in front of Congress about union busting, it goes on to say, my vision for Starbucks has always been a company steeped in humanity, respects, like the shared success here is now a good time to point out. That Howard Schultz's. Net worth is 3.7 billion dollars while the Starbucks in media employee took home 12,000 dollars in total Payless year I guess blah blah blah blah blah and how about this steeped in humanity? How does that? And what is that? Is that like a tea bag? Or is that like a dirty diaper? It's dirty. It's definitely heard dirty diaper using the language right there. I don't know, I'm not sure that word smithing is not his thing. Oh no I disagree. He says the term partner is not simply a moniker it really it is though but whatever since 1991 we have, Should Beanstalk which you looked at, Matt. It's not actually voting stock, right? Know most, most of these Equity Awards to employees will power. Stop plans, whatever their non-voting stock. Yeah. So, got to have a say, the people, he Calls the Heart and Soul the company. God forbid, they have a vote. No, no. We're just, we're just giving you a couple of shares and buy a couple. I do mean a couple yes. So he says that they awarded two billion dollars over 32 years and we figured an average of about 100,000 employees per year. Currently, there's over 400,000, we did the math, that's 625 dollars per employee and you know what he says that That they did with this money. Down payment on a home. Child Education Health Care for their parents. They bought weddings and cars. Yeah, the Baristas are not doing that. There's, they're not doing their 25 dollars. If I can't finally get out of this, this testimony, I just wanted this bonus round. These are some of the things that he mentioned in this letter. You ready? Unlike Larry Fink. Unlike Larry Fink. How was? All right, let's all the actual things mentioned in this testimony to congress. Ready to me? Let's go World War Two. Yeah. Covid-19. Oh okay George Floyd oh Floyd makes an appearance school, shootings of Vivaldi and Highland Park double double shootings, the killing of Michael Brown and Ferguson Missouri. Wow, this is a lot of social justice in their aides. No, I'm serious. Hey, and last but not least, of course those dirty diapers. Oh, I should, you know, that was all crammed in that testimony. Hey, and it's not that long of a testament. It's like, no three pages, isn't it? It's not that long. That much testing. I kept searching for 9/11 but I couldn't find it. I'm kind of that's actually really disappointed, okay? You get every major event between 1991 and today. That's what you should be doing. Let's move on from Howard's Last Stand and I'll give you a pop quiz a pop star books and you'll meet quiz. Okay, voting quiz. Here we go. All right, let's do it. Who is the according to according to shareholders, this is kind of like Family Feud. Feud according to shareholders, who was the most hated director? Okay, who is it? Howard hugs. Yeah. Is it new CEO locksmen or semen? Is it board chair. Melody who me Hopsin. Or what about the butter CEO? Business Roundtable director and former BlackRock director Beth Ford? Could it be nominating governance, committee chair, and executive chair at that evil empire, The Lego company, your hand? Nobody likes York and veg store. Or what about the chatbot, CEO Satya Nadella. He's the one who's taking over the world as Microsoft chatbot and finally is, it is the most hated directer at Starbucks pay committee chair and former Domino's, Pizza. CEO, Richard Allison, who stands out to you. Okay, well, two of them. Stand out to me. Go ahead and that would be hugs. Schultz himself, hugs. He's yeah, Holocaust. Hugs, yeah. And nominating governance committee, chairman and your choices. I'll tell you that. If Schultz is stepping down early, my guess is he saw the vote and he was so upset that not only do his own employees hate him, but his own shareholders, hate him, that would be my guess. I'm just guessing The answer is Howard Schultz. Play the incorrect buzzer for yourself. Oh, I gotta play myself wrong. I'm impressed because you actually I I think you subliminally figured out the game here because I did kind of I loaded one up by saying that one was the Beloved chair at the evil. Empire of The Lego company. It you're you're partially right? It is Oregon you're in big. Yeah. Dorp. Why? It was either gonna Schultz why self or it was gonna be the fact that they have no succession plan and had to bring shorts back? Fine. So this, that's the way it always works, isn't it? The only director with more than 10% votes? Again, that's all next question. Who's the most beloved director at all? Most beloved Oh wow. Most beloved director, the difference between beloved and like next. Most beloved is going to be like 0.1%, it's all you this there are two with 99% of the vote. There are two. Yeah that that's seems about what is slightly more loved. I'm going to say board chair Melody. Who me Hobson? Give yourself to incorrect buzzer again. Oh, the answer is butter, CEO. Beth Ford Orlando Lakes. I don't know why, Why Beth Ford, because you gotta put butter in everything now. And even though Land O'Lakes is mostly fake butter. If you got to put it in everything, but seriously what, what is the mind of the shareholder? What's going on with the mind of the shareholder? Why? I'm pretty sure they just, they literally just vote. Yes, for everybody. And there's like some policy that's like, oh, bad, CEO? Succession plan, just vote. No against the I should accept, you know, Domino's Pizza, former CEO of Richard Alison, gets 94% of the vote, you know, mellody Hobson gets 92%, I don't know, I don't really understand it. You're looking for patterns here patterns. I mean, I I'll tell you this, they're not voting using boards April metrics yet, right? As they should as they should be. Because if they were, they would realize that schultes is the most influential by far, 67% of the influence. Yeah, board. Is Schultz. In fact, I'll tell you, the Ari ran the numbers for me today. I had her redo the numbers for the new Starbucks board. And was he saying he was previously at 67%? He was previously at 67%. Well, of course, step down, according to her, her redo here, he is actually up because two, two directors, actually step down, too long tenure directors, who had a bit of a voice Because of that, he he is now up to 68% despite not being CEO but he's people, he's still on the boarding. Go anywhere. The founder is 2% of the shares. Yes. So he is still the new CEO only has nine percent of total influence. I mean, mellody Hobson up until now Has she still at 8? So, last minute, Melody combined have 17% the rest have, they're just there for the free, you might as well not even be there too. I would, we're voting against dude, who has three percent of the influence. That's the one we don't like, and we really like the other woman who has three percent of the influence down to 2% after every, what's the point? All right. Let's do a quick name this year. Holder vote. I have all the proposals for your mouth. We'll go through these quickly say on page. Just give me just give me a guess. Just say that. That was a. Yes. 85% said yes to say but still it's 15% I you know companies like MSI consider that a bad thing, you think that's five? Yes to say on page 15 percent said no still you pull it. You pull 100 people. Outside of the sky is blue and you can't get 85% of them to agree. That's true. How about this one, a report on plant-based milk pricing. I like that. I'm gonna go with it. There's no report on plant-based. Milk pricing coming out. How many people what percentage do? You think said yes to that one? Oh, that's got to be a solid striving 1.7% closed 5%. How about this one? Oh wow. That's really high. Yeah. CEO succession planning policy Amendment. You were talking about succession planning, a big deal at a company, like this. What do you think, shareholders? I think shareholders. Not gonna pass this, but it's gonna go with, like, 33%. I think you're starting to understand Corporate America 21%, but you're generally, yeah, it's pretty close. How about this, one, annual reports on company operations in China. No, don't forget, this is woke tiktok in the news. Know, we're getting ready to tiktok. Nope, this feels like I'm going with. This is a sub 1%. What? Close enough 4%? So you're right. Oh, that's way too much. What about this one? What the big story at Starbucks is their union busting, an assessment of worker rights, commitments. Oh, that's like one of the nuns proposals. I'm gonna go with 7%. Well, you're way off. Matt, in fact, shareholders at Starbucks have approved this with 51%. Can you believe it? Wow. So what will Vivica say about that? Our our shareholders allowed to have a woke opinion, I don't know. But is that woke? Like they didn't say hi, good question. What? Yeah, and why is it woke to be Pro worker? Why, exactly, because you you on Earth yesterday that this company that rates companies called second vote that they, if you're pro-union, you're considered whoa. Yeah, I mean, because you're not pro, I guess too many workers are diverse, okay? And you don't want them collecting their thoughts and voting. And finally, a creation of a board committee on corporate sustainability. How do you think that one? I'm going to go with. 12%. Your your overly optimistic 3%. Oh, before I hand it off to you, Matt, I have a couple of bonus questions. Bonus, what is the favorite drink of both the outgoing and incoming CEO? Wait, is it the same drink? There's the same drink with a variation. Oh, it's the isn't it annoying and always me, it's the doppio macchiato or something. Yeah, give yourself a triple Bell there. They both. They both like the doppio macchiato, the new CEO lacks and he likes it with steamed, skim milk. Oh so stupid. I mean you know you know you just you know he was just asking his kid like he had to fill out his form. He's like just put down what? Howard. Yeah. And at steamed milk, that's some steamed milk. Finally, Matt, before we get out of here, this insipid horrible. Starbucks quiz is my double bonus question for you. We talked a lot about CEO pay ratios, right? Yeah, we do have a new one for you. What is the CEO security perk? To median employee, pay ratio Starbucks, you know I'm gonna oh wow this is this is literally the greatest ratio ever disclosed Howard Schultz Security pay his perk for security to median employee, pay ratio. I mean, historic last year. What is ducks has got to be like, 20 to 1. I'm gonna go with Howard Schultz's nose up, but he did have 3.7 billion and the only reason why we're all gonna remember exactly how many billions Howard Schultz has is because he kept saying stop calling me a billionaire. Yeah, Sanders now Monica only and I can't get it out of my head like, I can't now it's there. I'm gonna say his perk was 71 721, give yourself a buzzer there. His security perked and play Paper is 28 to 1. Oh no, the median pay. The median total competition for these beloved partners that he loves the heart until the company is a measly 12,254. Yeah that agree. I agree that I think they don't like their perks. No matter. What do you have for us before we get the hell? All right here we go. Let's do something else. Yeah, I don't know what's gonna happen. This is not a break. All right? Yeah. Um this is I first of all I got to give you some background because news broke about Disney pulling the wool over Ron DeSantis story. This is really incredible story, but we're gonna go backwards, we start from the beginning. First up Disney gets the Reedy Creek improvement district in 1968? This is the, this is what Ron DeSantis has been attacking effectively, Disney owns the property inside reading Creek, most of it, but their, their own government, they only local residents inside their pay some taxes, but there are very few of those. Otherwise there's no taxes paid inside there. Disney pays for improvements, it's District controlled land, they do waste treatment fire. EMTs. Building codes. They make up their own building codes in their roads. They do all the improvements. Sewage drainage all that stuff. That's all on Disney inside. This Reedy Creek District, okay. Four years. After this thing is created and he pissed them off because he didn't, he spoke out against the, don't say gay bill, right? Well, he didn't say anything first for a while, pissed off his employees, then his employees said, can you say something? And then he said something, and then, DeSantis get yells at Disney, not the employees. He yells at Disney, though. Like the employees, he didn't call Wookie called Disney woke, DeSantis votes, then, to dissolve Reedy, Creek, revoking, its autonomy entirely. And this is to, like, widely been reported to get back at Disney for being woke and taking a stance that kids might not be heterosexual. I don't know if you remember this or not, but was this, an executive order or did it pass through the legislator hugely that pass through the legislature? Okay? With no, they didn't know financial analysis of it. Sure. So first, they literally just said, revoke it, okay? Then before the they said a timeline for like, June of this year. Revoke entirely, then chapek is fired. Yeah. And the Walker Bob Iger boomerangs back. Yeah. And the anti-wolf movement, who previously wanted Bob, I got to leave because he was woke celebrated. That's right. Somehow they celebrated and took credit for getting rid of bobcat and giving us back a wolf that they hated In the first place. Yeah, that that sound is the sound of Vivic, ramaswamy, clapping know. That's the sound of all the anti-wolf idiots. Not doing any level of do, no, due diligence at all. To do. It couldn't even Google the story to see what. Yeah, go ahead. In fact, the real reason why chhapaiya was fired most likely is he had activists investors on the board who are circling who wanted to break up his knee. And he gave a horrendous earnings call and which Christine McCarthy the the current CFO. And then CFO basically was like that was horrendous and we needed to do something about this. It's killing the stock and now they're a vulture Circle. Well, Matt, maybe he wanted to do business in Africa, like, Jack Dorsey at Twitter and Elliot management. Got a pissed off, maybe I think that is not the case. But so what DeSantis has to do here though is when does Santa's dissolve the district? And now shape, it's gone to Santa's, they do a financial analysis and they realize that there's one billion dollars of loans that the taxpayers would have to absorb by dissolving really Creek. So instead DeSantis says taxpayers aren't going to pay for that because that looks bad for me instead to Santa's dissolves. The board of really Greek and installs his own board and we names it. He renames the thing. Yeah you gotta rename the board. I mean like you gotta rebrands. It's too. I'm surprised. He didn't go with something more patriotic but it's like or just something more racist. Yeah, sure. Either way, right, like the no gay board something like that on drag. Yeah. On his board, he installs, basically a bunch of qanon, sick of fans, it's a minister who believes fluoride makes you Gay. Well that mother that's true. It does. That's true. As a minister that was on YouTube saying fluoride makes can make one of the reasons why you never see me without my Colgate toothpaste. That's one of the reasons why I only wash my mouth out with dirty diapers cloth. Diapers, I don't know where you're going with this. Okay, a mother and GOP funder, who half wrote, the don't say gay bill. I she's like a parent's rights Advocate and then three major donors to Ronnie meatball. Sure, it's basically three big donors one day before the meatball board takes power. Disney. And the original Reedy Creek board hand picked by Disney. Over the years inserts, they come, they sign a contract. And basically, codifying, the original boards rights and they do this in public public. Hearings public meeting, do it all, everyone knows, it's reported, whatever. And this is what they write in the contract, it may be the greatest snippet of contract ever written. Well, if there's anything better than this, please share it with us. If you are, and you've seen a funnier more clever, interesting piece of language here or just coded Fu. Really? I mean, the whole thing is, I mean, it's really fantastic. In fact, it requires a little bit of background music. oh, here we go. Yeah. Oh Rocky, this declaration shall be deemed effective as of the effective date and continue to be effective in perpetuity and less. All are certain portions of the provisions of this. Declaration are explicitly terminated as provided elsewhere here in provided whoever that the Perpetual term of this declaration shall continue in effect, okay? So first of all, what they're saying is forever last, this will last forever, unless it's not allowed to last forever. Because it legally forever is a really dicey proposition. So this is this will last forever. This is helping to Define. This is putting a parameter on forever, just laws coming unless forever is illegal in which case it will last quote. Until 21 years, after the death of the last survivor of the descendants of King, Charles the Third King of England living as the date of this declaration. This is just that the car. So it's 21 years, why 21, 21 years after the death of the last survivor of the descendants of Charles, the new, when they signed a contract that said, really Creek will maintain almost all of you. They signed a project that said the authority cannot be revoked, like they, they gave some of 30 to the new board that was like, okay, you guys get the roads, but Disney owned. Everything Disney owns is still under Disney. Autonomy is how they effectively wrote the contract and then they were smart enough to say this will last forever unless forever as a legal. And which case they're just picking, they just picking until King Charles the third's, all of his descendants are dead. Yeah, plus for all you Florida gun nuts and there's a lot of this doesn't, this is not mean you can go out there and kill the whole royal family because, you know, wait 21 years. You still have 21 years. I know you're thinking about it. That's the crazy part. It's still less, and then Ronnie meatball will be gone. So don't even try it a full. Our today, looking to figure out how Disney and King. Charles, the Third might be connected in the past. Like, did he have a cameo and a Disney movie? Did he fist bump? Like, you know, Bob Iger one set of Gala. They did donate to like the Disney Foundation. I couldn't find any obvious one-to-one ties, that this would be a dig somehow they just picked this as far as I can tell. Yeah. And then they go on to say, Even if all of King Charles's descendants are dead. Yeah. The Declaration won't terminate unless Disney decides to effectively sell all the property at owns within the district and 10 miles of the district. Yeah, I think this is lawyer speak for fuck off. This is the ultimate fuck you in a contract and they refer to it as the King, Charles Clause of this should And now it's regal the board. Yeah, woke up. Like today a month and a half, almost two months after this was signed and realized that this was signed. And now they're reading the documents that they just read the document a public forum, okay? They just figured it out when they were trying to figure out what they were supposed to do, right? They just realized they can actually do anything. They don't have any power. I mean, they'll fight this in court for years. I'm guessing. But I probably won't make a difference. It looks like leading to go to the Supreme Court. So here's my drive time hot take finally ready. Is it drive time? I'm a somewhere must be somewhere. Someone's driving. Probably like in. Yeah, like in Spain. So I just need you to become like the ultimate talking head, like a sports talking head. Sure. I don't know what that means, but go ahead. First up on this hour at the top. Is this only possible because Susan Arnold and Christine McCarthy staged a coup to bring back? Bob, Iger, who's deeply connected to the Reedy Creek board. Is this a Coup maneuver by Disney Damien over to you. I've always wanted to do that. I don't know what you're talking about. What do you mean is this is a come over? I mean, Jane Addams who's on the Reedy. Creek board was a Disney public affairs executive during Igor's tenure years ago. Yeah, Donald Greer has served on this board for 75 since 1975. Sure, eight years after. But to be fair to be fair, what else is Donald Greer going to do? I asked him Max. Britto was selected the board in 2016. I see, oh, Lauren Haynes president, since at least 2019, when I was CEO, they all probably knew chapek sure. She was head of parks and Susan Arnold Christine McCarthy. Basically, get together and get rid of chapek. Put Geiger back. Do you think iger's first call is to this reading Creek District board saying, what can we do to maintain autonomy that shape picked up for us? Wait. So when was this contract written in enacted? You're saying in early 2023. If a few months ago, February, 8th 2023, you think, iger's behind this, Well, maybe the box, maybe the Reedy Creek board was pissed off and they did it on their own. They could have. But it seems a little unlikely that Disney's not involved. Yeah. But if considering, they're mostly Disney picked, but if you're Donald Greer, has been on that board since 1975 and you're about to lose your job. Aren't you going to be pissed off? What else is Donald Greer gonna do? If not sit on the Reedy Creek board, right? I think it's, I think it's Donald Greer. Who did this? Well, I can imagine a scenario in which in November, they fired shaping and tiger comes in and asks, Susan Arnold. Has anybody talked to the Reedy Creek? People about this pending legislation? Yeah. And then they find out, no one's talked to them yet like they're just, if there are quotes from early mid last year of them saying, we're just watching, just like you. Yeah, we're we're watching as we go. So then Eiger says, let's call them. Let's figure out what we can do. Let's strike a deal to Give them autonomy and then DeSantis can't do anything about it and then some clever lawyer. Lawrence Hames. The president of the Reedy Creek board is a lawyer. Sure. Some clever lawyer writes this King Charles clause in there and then they passed the end of the Royals. Yeah, one day, they passed it. One day before. The new board is installed. Look, this is why you don't want to mess with a company that its job is creativity, right? Because this is a very creative solution imagineers. It is either this one or their best movies This question number two. Yeah, there was a first question. Yeah, that was kind of the question. Yeah. Was it a coup number two? Good is Eiger. A secret genius. I don't think he's a secret. He just seemed. I mean, he's just so beloved and he seems to get it done and he's cool. And, but that's not being a genius. Be cool. And beloved is like an idiot can do that makes movies about lions and fish. I don't know. I don't really care. You tell me. Is he a secret genius? Here's what I want to know. Yeah, question three and my final question. Yeah. Oh the last yeah go ahead go ahead. Which board committee is responsible for the interactions with Reedy Creek. I said it has to talk to Reedy Creek at some point, right? Well, it's questioned the audit committee know, I would guess it was audit, the proxy was released on February 10th, the contract was signed on February 8th Reedy, Creek is not in any filing. This contract is not an any final, 10K, no, not in the 10K, it is not an 8K, it's not in the deaf. 14 is nowhere, right? You think that this represents a clear and present risk to the company? If this doesn't go through because DeSantis is people, DeSantis had empowered his people to actually act on if Disney wanted to like, make a ride and there was going to be a brown person. Who is like the ride was about. This board. Could have said, no, that's a disastrous had empowered them, right? They would had to get approval from this board to do and build anything going forward. If it's the audit committee Sapphire cats is the audit chair. She's the she's the CEO of Oracle. Do we think that Sapphire cats? This is saffron, cats is doing Look, I'll just leave you with this that. This no matter what, you know, who isn't control of this, which committee which board members, this is what we do know that. A Ron DeSantis was played by a board whose majority influence is controlled by women. Wow. Which is very rare know. Because despite the fact that Bob Iger has 22% of influence in the Disney board, the women make up 56% of influencing. He got played by women, which is he got? Absolutely. Oh, because as we know Women are Smarter by the data. So there you go. Played by the Dei, that's all we got. That's our Disney schultzy. I don't even know what that was. It was something something really. If you like that, come back tomorrow, where we're going to wrap up the week and we should have already the day to Queen and maybe just maybe he was, maybe maybe not, we don't know. But some of us will be here until then goodbye.