By now many have probably heard of Restore the Magic the Nelson Petlz-spearheaded activist campaign to get Disney to change its ways. What many may not have seen is Disney's response to Peltz.

And I wouldn't blame you, with it coming in a non-de-script SEC filing it was easy to miss. So let's take a look here.

We start of strong with a slide talking about the board's achievements as well as how Mark Parker will become the new chairman along with mentioning the most recent addition Carolynn Everson (who was added by another activist Dan Loeb).

Next up is a direct shot at Peltz for his "lack of understanding Disney's business."

A personal favorite slide is that of Disney zooming out to Bob Iger's total performance as CEO instead of Peltzs' very narrow time frame.

The next few slides go on about how Iger has actually created a lot of value for shareholders with acquisitions, more than any other media company.

And this next slide talks about how Disney is effectively at the same net leverage as it was pre-fox deal I don't know that the point was made very well.

Finally, they close with another direct shot at Peltz alleging he has little to no experience guiding Media companies such as Disney and the ones he has have wildly underperformed.

I must say this was somewhat unexpected as I don't usually see large companies respond quite like this. Very odd to see $DIS acting like this, although I can somewhat understand it. Also, feel free to read the report yourself, there are plenty of slides I didn't go over here.

I don't think this really changes my perception of Disney so much, I still think Peltz should at least get the board seat at least until Disney can show its true strength again.