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Item 344 - Walt Disney Catalog 565 (Sep 2019)

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(we are no longer accepting bids on this item)
Minimum Bid: $300.00
Sold Price: $3,033.75 (includes buyer's premium)

Description


DS, three pages, 8.5 x 11, October 5, 1954. Document headed "Minutes of a Special Meeting of the Board of Directors of WED Enterprises, Inc.," in part: "The Vice-President…presented to the meeting a letter dated May 1, 1954, addressed to Walt Disney Productions and executed for the corporation by Walter E. Disney, President, whereby, among other things, the corporation granted to Walt Disney Productions an option to purchase the corporation's stock in Disneyland, Inc. and stated that the execution of said letter should be ratified. Whereupon, on motion duly made, seconded and unanimously carried, it was resolved that the execution by the President…of the letter…be…ratified and confirmed and declared to be the act of the corporation." The first section is signed by Vice President William H. D. Cottrell and Secretary Nathan Winecoff, and the second section, waiving notice of the special meeting, is signed by board members Walt Disney, Lloyd Wright, William H. D. Cottrell, Nathan Winecoff, and Richard F. Irvine. In fine condition.

Walt Disney formed Walt Disney, Inc. on December 16, 1952, in order to fund and oversee the development of Disneyland; in 1953, changed the firm's name to WED Enterprises, using his initials rather than his full name to avoid confusion with his film production company. He provided the startup money for the park from his own personal fortune, funneled through WED Enterprises. Since it was a separate entity from the Walt Disney Company, the development of the park could be conducted in secret and without disclosure to shareholders. By this document, Walt Disney sells his interest in Disneyland, Inc. to WED Enterprises. This was among the financial machinations happening behind the scenes following ABC's major investment in the park. A remarkable document that helped lay the foundation for Disneyland, which would open on July 17, 1955.

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