ABBOTT & COSTELLO (LOU COSTELLO) - CONTRACT SIGNED 08/15/1955 CO-SIGNED BY: PAT COSTELLO, ANNE (MRS. LOU) COSTELLO, RALPH HANDLEY, CHARLES H. STINEFORD, HERBERT L. GOLDEN - HFSID 177684
LOU COSTELLO USES PROCEEDS FROM THE 1955 COMEDY, ABBOTT AND COSTELLO MEET THE KEYSTONE KOPS, TO SETTLE A BANK AGREEMENT LOU COSTELLO, ANNE COSTELLO, PAT COSTELLO and OTHERS Typed Document Signed: "Lou Costello", "Anne Costello" and "Herbert L.
Sale Price $1,020.00
LOU COSTELLO USES PROCEEDS FROM THE 1955 COMEDY, ABBOTT AND COSTELLO MEET THE KEYSTONE KOPS, TO SETTLE A BANK AGREEMENT
LOU COSTELLO, ANNE COSTELLO, PAT COSTELLO and OTHERS
Typed Document Signed: "Lou Costello", "Anne Costello" and "Herbert L. Golden" (Assistant Vice President) for Bankers Trust Company, "Pat Costello Vice President" and "Ralph Handley, Secy." for Cosman Productions, Inc. and "Charles N. Stineford" as Assistant Treasurer and an Assistant Secretary for Universal Pictures Company, Inc., 3p, 8½x13, separate sheets. No place, 1955 August 15. Headed: "Agreement". Contract between Costello and his wife, Anne, Cosman Productions, Inc., Bankers Trust Company and Universal Pictures Company, Inc. in regard to the distribution of the proceeds of the 1955 film, Abbott and Costello Meet the Keystone Kops. In part: "Cosman is indebted to Bank pursuant to the terms of a certain promissory note, dated July 13, 1954, in the original principal amount of $244,537.50, which indebtedness is secured by a mortgage of chattels, pledge and assignment of Cosman's thirty percent (30%) ownership in and to that certain feature-length motion picture entitled ABBOTT AND COSTELLO MEET THE KEYSTONE KOPS, produced and now being distributed by Universal...the Directors of Cosman desire to dissolve Cosman and distribute its assets...Bank does hereby give its approval in writing to said dissolution and does hereby agree with Cosman, LOU COSTELLO, ANNE COSTELLO and Universal that such dissolution shall not be or be deemed to be an event of default under said Cosman-Universal-Bank Agreement or otherwise...In consideration of Bank's approval in writing to such dissolution...LOU COSTELLO and ANNE COSTELLO do hereby expressly agree that...their aforesaid continuing guarantee...shall not be changed in any respect and that said continuing guarantee shall continue in full force and effect on all of its terms...Universal does hereby expressly agree that...its aforesaid continuing guarantee...shall not be changed in any respect....said dissolution by Cosman does not violate the provisions of Article FIFTH of said Mortgage of Chattels, Pledge and Assignment...and LOU COSTELLO and ANNE COSTELLO and Universal specifically agree that upon such dissolution any and all of the rights of LOU COSTELLO and ANNE COSTELLO in and to Cosman's thirty per cent (30%) ownership in and to the motion picture ABBOTT AND COSTELLO MEET THE KEYSTONE KOPS shall be expressly subject and subordinate to the interests of Bank under said Mortgage, Pledge and Assignment." Abbott and Costello Meet the Keystone Kops was a comedy released in 1955, the year of this document. That year, Costello also starred in Abbott and Costello Meet the Mummy. ANNE BATTLERS was married to LOU COSTELLO from 1934 until his death on March 3, 1959. The couple had four children, including a son who drowned just days before his first birthday. With partner BUD ABBOTT, COSTELLO (1906-1959) formed one of the greatest comedy teams in the history of show business. They mastered the straight man/clown relationship, creating a magical chemistry that took them from vaudeville and burlesque to radio, Broadway, film and television. The Abbott & Costello Show aired on radio on ABC from 1941-1946 and on NBC from 1946-1949. Abbott and Costello were also guest hosts of NBC's hour-long live variety show, The Colgate Comedy Hour, seven times between 1951-1954. Their "Who's on First?" routine is enshrined in the National Baseball Hall of Fame. Abbott and Costello split up in 1957 after troubles with the Internal Revenue Service left both men broke. This document evidences Costello's attempts to settle with the I.R.S. - he gained sole access to his Cosman Productions, Inc. to enable him to repay over $234,000 in back taxes, penalties and interest stemming from deficiencies in 1947, 1948, 1949, 1950 and 1951. Lightly creased with folds, not at signatures. Embossed Cosman Productions, Inc. seal at the "y" of Secy., embossed Universal Pictures seal touches the first names of company signatures. Staple holes and two file holes at upper blank margins. Fine condition.
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