A verbal contract isn't worth the paper it's written on. [Attributed].
"Louis Burt Mayer" was a Russian born, Canadian-American film producer. He is generally cited as the creator of the "Star system (filmmaking)/star system" within Metro-Goldwyn-Mayer (MGM) in its golden years. He was one of the founders of Academy of Motion Picture Arts and Sciences/AMPAS famous for its "Oscars" Academy Award. Known always as Louis B. Mayer and often simply as "L.B.", he believed in wholesome entertainment and went to great lengths so that MGM had "more stars than there are in the heavens".
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