1933 Technicolor Wizard Of Oz Eshbaugh

The Wizard of Oz (1933)
It was 1932 when Eshbaugh purchased the rights to the Oz books from Frank Josyln Baum
He secured the rights from Technicolor to use their 3-strip process (red, green, and blue) and planned the first short to be released in 1933. 
Technicolor preventing Eshbaugh’s Oz from getting release
1933, Samuel Goldwyn sought to buy the rights to the first book, The Wonderful Wizard of Oz, offering $40,000 for Frank J. Baum. So F.J. Baum had no incentive to let them stay with Eshbaugh
the rights lapsed and Goldwyn purchased the rights on January 26, 1934. Goldwyn would later sell these rights to MGM on February 18, 1938, getting $75,000, nearly twice what he paid for. MGM would then go on to make the 1939 adaptation and the rest is history
Other source material
https://archive.org/details/WizardOfOzX264
The archive has deemed this public domain
though there could still be some issues with the released of a later version on a Wizard Of Oz 70th anniversary release. All copyrights belong to there original prospectives. This is a intense situation that most people don't know about. I find this story to as fascinating as the film itself. Here is a old copy of the video for viewing. It is unclear if Eshbaugh ever made any money off this film. As he was unable to release the film and it fell into the public domain.