Big Money

Last week Samuel Untermyer prepared a bill for about $1,000,000. William Fox resigned from the presidency of Fox Films and Fox Theatres. Winfield Sheehan said: "The war is over and we are back in the amusement business." And Fox Film announced a 1930-31 production schedule of 52 feature pictures on which $22,000,000 would be spent. The new Fox picture program, temporarily eclipsed by corporate wrangles, included Common Clay, Alcatraz (in which Cinema-horse Rex will play the lead), Are You There? (with Beatrice Lillie), Women of All Nations (with Victor McLaglen) and a comedy by Rube Goldberg, famed cartoonist. With Fox Film and Fox Theatres again amusement enterprises instead of corporate bodies threatened with dismemberment by warring factions, the close of hostilities left victors and vanquished in the following situations:

Winfield Sheehan. Mr. Sheehan emerged as biggest winner. It was reported that he would have been made Fox president except for his steadfast refusal to accept the honor. Said Variety, well-informed theatrical weekly: "Winnie Sheehan . . . has been the backbone of Fox ever since he joined it nearly 20 years ago." Last week Backbone Sheehan emerged as active and unquestioned operating head, was engaged in winding up his eastern affairs preparatory to returning to Hollywood.

Harold Leonard Stuart and John Edward Otterson. were satisfactorily victorious. Their position as friends of Harley Clarke, new Fox head, was obvious through the fact that the Stuart-Otterson plan of Fox financing had provided for Mr. Clarke's company as underwriters of new Fox stock. Mr. Stuart and Mr. Otterson were sure to get back their $27,000,000; to continue as Fox bankers and suppliers; and were probably to become new Fox directors.

Samuel Untermyer had won no legal victory but his million-dollar fee was one of the largest in corporate history. For three months' work he charged approximately $11,000 a day.

Harley L.Clarke emerged with big Fox Film and Fox Theatres technically subsidiaries of his comparatively small General Theatres Equipment, Inc., which held the majority of Fox voting stock. Nothing developed to indicate a connection between Mr. Clarke's utility interests (Utilities Power & Light) and the Fox purchase. It was said that Mr. Courtland Smith, a pro-Sheehan Fox executive (Movietone newsreel) was first to interest Mr. Clarke in the deal.

William Fox, whose "great enterprise'' undoubtedly was taken away from him, made no announcement of his plans. Estimates of the price of his stock ranged from $15,000,000 to $18,000,000. There was also to be created an advisory board, on which Mr. Fox was to serve at a salary of $500,000 a year for five years.

This file is automatically generated by a robot program, so reader's discretion is required.