Magenta Panther
Well-Known Member
Actually Walt did defraud shareholders. The evidence is clear. Walt was successfully sued by Clement Melacon in 1953 because Walt was illegally siphoning off money from Walt Disney Productions (the public company owned by shareholders) to Walt's private company, Walt Disney Incorporated (which later became WED).
Walt had his legal team quickly settle the case in January, 1955 so that the results of the settlement could be hidden from public view and Melacon was forced not to disclose any details of the settlement. Although Walt's legal team originally attempted to stop the Melacon lawsuit by asking the court to require Melacon to post a security deposit of $65,000. The ruse didn't work.
Walt knew that had the case gone to trial his unethical and illegal business practices would be made public therefore a quick settlement was certainly in his best personal interest and in the best interest of Walt Disney Productions.
https://law.justia.com/cases/california/court-of-appeal/2d/127/213.html
Walt's brother Roy feared that this scenario would again occur and he urged Walt to clean up his act. And sure enough in 1965 under threat of a shareholder lawsuit, Walt was forced to sell parts of WED to TWDC. In that case lawyers from both sides (TWDC and WED) got together and worked out a private deal to avoid bad public relations for both parties. And precisely because of the WED fiasco, Roy and Walt did not speak with each other for several years, although they did reconcile after Walt finally agreed to divest part of WED to avoid another lawsuit.
http://www.nytimes.com/1987/05/10/books/tales-from-the-fable-factory.html?pagewanted=all
Also I'll point out that when Walt proposed the WED deal to Walt Disney Productions Board of Directors, three members of the board resigned in protest because they knew the deal was dishonest.
Here's a quote from the Bob Thomas book, Building a Company – Roy O. Disney and the Creation of an Entertainment Empire:
"Even talk of family squabbles and arguments is brought to light, including a time in the early 60’s, where Walt and Roy stopped talking to each other for several years."
This is all public information which is well documented. It's not a matter of interpretation or debate.
Give me a break, of course it is. Your interpretation is that Walt was a dirty crook, which is your way of getting attention around here, whereas Joshua Kennon disagrees; therefore, a debate. As per Kennon, everything Walt did in that event WAS LEGAL. His intent was NOT to defraud shareholders, it was to get a fair share of the profit his company was generating. And as Kennon pointed out, Walt's actions ended up BENEFITING shareholders. There was indeed a rift between Roy and Walt over WED, and Roy had good reasons to be upset over the arrangement; but in the end, they settled the matter and reconciled when Walt gave Roy a peace pipe for his birthday and wrote him a heartfelt letter ending with "I love you."
https://www.disneyavenue.com/2017/02/the-time-walt-disney-passed-peace-pipe.html
You may have some of the legal particulars of this matter right, but your desire to paint Walt as an evil money-grubber is where you blow your credibility, dude.
You appear to be quoting from the thoroughly discredited Walt Disney "biography" "Walt Disney: Hollywood's Dark Prince", which tells me a lot. You also say a lot of ridiculous things to rile people up around here, which also blows your cred. You've wasted enough of my time on such stuff, I can tell you, and while I won't ignore you (something I don't do on principle), you're not getting any more attention from me; your sourcing from "Dark Prince" clinched that. Have a nice day.