Disney's argument is that everything was valid before the Governor signed the new law. The Governor's argument is what you just stated - the CFTOD board had invalidated the agreement using new statutory language. Hence, the legal dispute.
Gotcha. I don’t see the FL legislature taking that type of action to resolve this. Just my opinion, DeSantis and his minions just got checkmated. For a myriad of reasons, but most paramount, DeSantis intends to run for president. On top of that, this is all very anti-business/not business friendly, which is unlike the Republican Party, and the state senators/reps need people to vote for them. Further attacking a long standing widely loved entertainment conglomerate with malicious legislation isn’t the wisest move for attracting voters.
The lawyers are taking everybody to the cleaners. The Haunted mansion quote is appropriate "Welcome Foolish Mortals" say the attorneys.
How can it be considered checkmate if they have the power to do just as I suggested, with little to no effort? I would suggest it is a very wise move for attracting voters because the state went blood red the last election cycle despite DeSantis (and company) campaigning on sticking it to that same "widely loved entertainment conglomerate."
Disney can fight pretty much all of this in court and most likely win. That is why. All it’s going to do is stretch this out and that is not what DeSatan and his cronies want, we’re coming up on an election year.
You're right about that. The lawyers will win in this no matter what.
There is no evidence they will "most likely win." I could understand believing that if you're locked in a media echo chamber, but it is very naive to believe a political party that controls pretty much every lever of state government is not going to be able to achieve its political goals through legislation.
Wouldn't that also impact a bunch of others, like Universal too? Or, any large company that has an agreement.
Thankfully the courts aren’t completely controlled by that political party.
It was reported that what was signed between Reedy Creek and Disney (the day before HB9B was enacted by the state) is a "development agreement" as outlined and discussed in Chapter 163 of Florida's state statutes.
There was a 30 year Development Agreement and a "perpetual" covenant of restrictions. They're separate documents. Someone more versed in this stuff can better explain the difference than me.
US Constitution, Article I, Section 10 states that no state shall pass any Law impairing the obligation of contracts.
The wheels of justice are slow, delaying a decision past 2024 is a win for Disney and a loss for the Governor (who’s goal is to look good in a presidential campaign) so it is in fact extremely essy to see Disney get the win.
Yes. How many businesses with more than 60k+ employees in Florida have development agreements? I bet there's just one, maybe two.
Politically, if I was the Republicans, I'd take my chances as (1) I think everyone would see this for what it is - a singular dispute with one particular business, and (2) I don't think anyone interested in bond values would care. I don't think bond values would drop at all.
I can’t tell if you’re purposely being so narrow in your responses. Why would Disney attack the state and possibly cause themselves more problems when they could pull a move like they did. Now they may not have a choice, it doesn’t make their legal standing any less.
It depends on how you count them. But, it's the same issue. If you're counting Universal Orlando as all of NBC Universal, it's going to be included. If you're only counting the parts that run the park, Disney can do the same accounting and get the number under 60K through different paper entities.
During the brief period when it appeared the bonds would be dumped on the counties, they suffered. Then they held as it became clear that was an issue and would be prevented. Changing the environment so that all government contracts in FL are subject to the whim of whomever is currently elected instead of the underlying assets would destroy that market.
