Former Disney (NYSE: DIS) chief Michael Eisner has canceled his Conversations with Michael Eisner show on CNBC to devote more time to his business ventures. Through his investment fund Tornante, Eisner has stakes in baseball card icon Topps, along with other start-up type ventures.

The ever prideful Eisner made it clear that he was canceling the show of his volition, but the statistics suggest that he wouldn't have lasted much longer. The show was averaging just 100,000 viewers per episode.

I don't think anyone will miss this one too much. My favorite episode -- for comedic reasons -- was the one where he interviewed former Home Depot (NYSE: HD) CEO Robert Nardelli and the two commiserated about how mean shareholders are to executives and how just because a stock does nothing for years while you're CEO, that doesn't mean that you shouldn't get a nine-figure severance package.

This one looks like a case of Mr. Eisner resigning to avoid being impeached -- just like he did at Disney.

Three proxy advisers have now spoken out against the $9.75 private equity offer for Topps Company Inc (NASDAQ: TOPP). What an ugly mess this has become -- playing out much more like a soap opera than a day at the ballpark. Let's review:

• In March, Topps gets an offer to be acquired for $9.75 a share from an investment group led by Michael Eisner's Tornante Co. and Madison Dearborn Partners.
• Topps agrees to the offer.
• In May, Upper Deck steps to the plate with a $10.75 a share counter offer.
• Yesterday, Upper Deck withdraws its offer based on "flawed" negotiations from Topps.
• Topps files with the SEC today, saying Upper Deck misled the company with its offer.

Topps is now due to vote on the original offer from the investment group, but three proxy adviser firms -- Proxy Governance, Institutional Shareholder Services and Glass Lewis & Co, have all recommended rejecting the deal.

Wedbush Morgan said in June that they believe Topps shares are worth between $11.50 a $12.00. With that in mind, along with the proxy firms' lack of support, the chances of this deal getting done for under $10 a share are not looking realistic.