Mickey Mouse was created as a replacement for Oswald the Lucky Rabbit, an earlier cartoon character created by the Disney studio for Charles Mintz, a film producer who distributed product through Universal Studios. In the spring of 1928, with the series going strong, Disney asked Mintz for an increase in the budget. But Mintz instead demanded that Walt take a 20 percent budget cut, and as leverage, he reminded Disney that Universal owned the character, and revealed that he had already signed most of Disney’s current employees to his new contract. Angrily, Disney refused the deal and returned to produce the final Oswald cartoons he contractually owed Mintz. Disney was dismayed at the betrayal by his staff but determined to restart from scratch. The new Disney Studio initially consisted of animator Ub Iwerks and a loyal apprentice artist, Les Clark, who together with Wilfred Jackson were among the few who remained loyal to Walt. One lesson Disney learned from the experience was to thereafter always make sure that he owned all rights to the characters produced by his company.
The Home Depot began to branch out of Georgia to Florida in 1981 with stores opening in Hollywood and Ft. Lauderdale. By 1984 The Home Depot was operating 19 stores with sales of over $256 million. To enter the Dallas market The Home Depot acquired Bowater Home Center from Bowater Inc. on October 31, 1984 for $40 million. The increased expansion of The Home Depot in the mid-1980s created financial difficulties with earnings falling at 42% and debt rising to $200 million. The financial difficulties of The Home Depot also caused the stock price to fall. To curb The Home Depot difficulties it opened only 10 stores in 1986 with a stock offering 2. 99 million shares at $17 per share that helped The Home Depot to restructure its debts.