Beatrice Welles plans to put the proceeds toward her work to help abused animals, Brown said
In June, the Academy learned that Ms. Welles had placed the Oscar up for auction, citing financial difficulties. It informed her that the "Oscar is not an article of commerce" and that she was obligated to return it, as well as the duplicate, as specified in the terms of the agreement she signed in 1988. Additionally, the Academy offered to aid Ms. Welles financially. In reply, Ms. Welles not only refused to hand over the two Oscars, but instead sued the Academy and Mr. Quinto, "because it had advised Christie's that there was a right-of-first-refusal agreement,'' Quinto said.
Ms. Welles then threatened to declare bankruptcy unless the Academy would allow the auction to proceed as scheduled. Apparently, Ms. Welles has been borrowing heavily against the presumed proceeds from the "Kane" Oscar - which Christie's estimated would bring in between $300,000. and $400,000. Talks are still ongoing between lawyers for the Academy and Ms. Welles' attorney about whether she can now completely withdraw the trophy or, if, once it was announced for sale, both statuettes must be returned to the Academy - for the nominal fee of two dollars.
As late as Tuesday morning, Quinto said, "the Academy renewed its offer to try to so something to assist Ms. Welles financially, if she will deliver the original and replacement Oscars back to the Academy.''
Well, after we shot that scene, Orson gave me the Oscar and said, "keep this." So I did. I kept it
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