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Walt Disney and Bankruptcy

“But for the bankruptcy, Mickey may have never been born.”

At Foley Law, we believe knowledge is power. No matter what financial challenges you’re facing, the lessons of the past—combined with the right guidance—can help you turn setbacks into a financial home run.

  • Walt Disney knew this firsthand. He went bankrupt and lost Laugh-O-Gram Films. Strike One.
  • He created Oswald the Lucky Rabbit, only to lose him due to poor business decisions. Strike Two.

Most people would have walked away.

But Walt didn’t quit—he regrouped, refocused, and created Mickey Mouse, a true home run that changed history. Click to view the original Articles of Incorporation for Walt’s Missouri company, Laugh-O-Gram Films.

Laugh-O-Gram

The Disney Timeline

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Kansas City’s Own, “Thank You, Walt Disney.”
  • 1834 | Walt’s family immigrated from Ireland.
  • 1901 | December 5 – Walter Elias Disney is born in Chicago, Illinois.
  • 1906 | Walt’s family moves to Marceline, Missouri.
  • 1910 | Walt’s family then moves to Kansas City, Missouri.
  • 1917 | Walt graduates from Benton High School.
  • 1918 | Walt works for the American Ambulance Corps in France.
  • 1919 | Walt returns to KC to work at Posman-Rubin Commercial Art Studio for $50 a month.
  • 1920 | Walt and Ub Iwerks start Iwerks-Disney Commercial Artists – it goes belly up.
  • 1922 | May 23 – Walt Disney starts Laugh-O-Gram Films, Inc in Kansas City.
  • 1923 | October 4 – A group of creditors throw Walt Disney’s company, Laugh O Gram Films into bankruptcy to seize the assets to pay the debt. The case was filed in Kansas City, Missouri.
  • 1923 | Walt moves to California to join his brother Roy Disney.
  • 1923 | October 16 – Walt & Roy sign on with M.J. Winkler.
  • 1924 | Disney Bros. Studio was formed.
  • 1924 | June 1 – Ub Iwerks move to California and join’s Walt.
  • 1925 | September 13 – Walt married Lillian Bounds who was secretary and inker.  Lillian was instrumental in morphing the character of Mortimer Mouse into Mickey Mouse.
  • 1926 | Disney Bros. Studio became the Walt Disney Studio.
  • 1927 | Oswald the Lucky Rabbit was born. The rights were sold to Mintz distribution which took over Oswald before Universal took control. Oswald was the precursor to Mickey Mouse.  If you compare Oswald and Mickey you will see that Walt squished Oswald’s ears into mouse ears and stuck a mouse tail on him.
  • 1928 | The bankruptcy case was finalized.
  • 1928 | May 18 – Plane Crazy debuted and failed.
  • 1928 | August 2 – Gallopin’ Gaucho debuted and failed.
  • 1928 | November 18 – Mickey Mouse is born and spends his birthday showing off his talents in Steamboat Willie.
  • 1978 | 50 years later, Mickey Mouse receives his own star on the Hollywood Walk of Fame.
  • 2006 | Oswald the Rabbit finally returns home to the Disney Studio.