Disney holders won a round against Steinberg.

A California appellate court upheld a preliminary injunction granted last summer against a group led by New York financier Saul P. Steinberg, requiring Steinberg to place in trust his profits of about $60 million received in a so-called greenmail transaction until a shareholders’ lawsuit is resolved. The Disney shareholders sued both the Steinberg group and Walt Disney Productions directors to recover the sum paid when Disney repurchased Steinberg’s stake in the company to end an unfriendly takeover threat last year. Attorneys for Steinberg said they have not seen the order and do not know yet whether they will appeal.