Nelson Peltz (Unilever PR pic)
Nelson Peltz, a billionaire activist investor who runs the hedge fund Trian Fund Management, wants Disney to dump board director Michael Froman. Peltz is also suing wedding planners Nicole Braghin and Arianna Grijalba for refusing to give back the $159,000 deposit he gave them for his daughter Nicola Peltz’s wedding to Brooklyn Beckham, the son of David and Victoria Beckham.
Nelson Peltz is in the middle of a proxy fight with the entertainment company. Trian reportedly owns roughly 9.4 million shares of Disney that are currently valued at about $900 million. But Disney does not want Peltz on its board.
Nelson Peltz wants Michael Forman’s seat. In a letter to Disney’s board his firm wrote, “Shareholders need someone in the boardroom who is experienced enough, committed enough and objective enough to insist that Disney live up to its full potential.”
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A few weeks ago in an interview with CNBC’s “Squawk on the Street,” Nelson Peltz cited Disney’s $71 billion acquisition of Fox in 2019 as an example of a mistake that he feels the company made and said that Disney’s shareholder value has eroded in recent years.
As for the lawsuit over Nicoal Peltz’s wedding, England’s the Daily Mail reported that Nelson Peltz is suing party planner Nicole Braghin and her partner, Arianna Grijalba, claiming they are refusing to refund him the $159,000 deposit he gave them. The 2 were approached to takeover the wedding planning just 6 weeks before the big day.
“The celebrity of the wedding couple combined with the anticipated attendance of many high-profile guests required that the wedding planner have the expertise and staffing to plan, coordinate and execute a wedding event of the expected caliber and complexity,” Nelson’s lawyers say in the lawsuit which claims that they failed to do so.
The duo was the second of three different wedding planners who Nicola Peltz used for her wedding and now daddy Nelson Peltz wants his deposit back.
