Let's see, Walt Disney invented Oswald, produced him for Charles Mintz and then discovered that he owned no stake.... Mintz basically cheated him out of it and everyone in his studio except Ub Iwerks and Carl Stalling. So he turned around and invented Mickey Mouse, which was basically Oswald with mouse ears instead of rabbit ears and went on to fame and fortune.
In the meantime, Mintz produced some Oswald cartoons and then suddenly discovered he didn't own him either, Oswald belonged to Universal Studios. And, according to legend, Walter Lantz won Universal's animation department in a poker game and worked for his own profit for the next forty years, producing a lot of good cartoons, including Woody Woodpecker.
And in the early 1930s he did a lot of Oswald cartoons, using once and future Disney talent, like Clyde Geronimi here, to excellent effect.
In fact, I would go so far as to say that at this stage, Lantz was clearly producing better cartoons than Disney. Dietrich's music is less sophisticated than Carl Stallings, but more effective, and the gags, I think are better. Get thee to the Universal Studios WOODY WOODPECKER AND FRIENDS DVD and take a look for yourself.