Look in the historical archives of the SEC's EDGAR online database of financial statements and locate the 2004 financial statements for The Walt Disney Company. In Note 4 to the financial statements, Disney briefly outlines a rather complicated lease it arranged in regard to the Disneyland Paris theme park assets of Euro Disney. To summarize:
• The theme park assets are owned by an unnamed financing company.
• A wholly owned subsidiary of Disney, called Disney SCA, has leased the theme park assets from the owner under a 12-year, non-cancelable lease.
• Euro Disney has subleased the theme park assets from Disney SCA.
1. With this leasing and subleasing, who will actually use the theme park assets?
2. Regarding the lease agreement between the owner of the assets and Disney SCA, does it appear that the lease includes a bargain purchase option?
3. Why do you think Euro Disney just didn't lease the theme park assets directly from the owner?