ComicMix QuickPicks – January 5, 2009

Luana Haygen

Luana is an animated movie and superhero enthusiast with an eye for detail. She has been drawing and creating fashions since she was a child. She has been routinely helping here at ComicMix since 2009.

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5 Responses

  1. ed zarger says:

    Anyone cover MAFCO Litigation Trust — Distribution of Settlement Proceeds?This was litigation coming about as part of the bankruptcy reorganization plan for Marvel Entertainment Group, from 1998 and actions before.See, if you want to wade through the details. Be warned — some of the pdfs are very large, if you're on dial-up.Speaking NOT as a lawyer, it seems that there were some sizable profits to Mr. Perelman's companies from bonds paid with Marvel money, in the years before Marvel went bankrupt. This repays some of that. My check was dated DEC 24.Maybe this is Mr. Perelman's version of an economic stimulus check, or A Brand New Day.

    • Glenn Hauman says:

      Not that I've seen yet. What was your check covering? What were you owed for?

      • ed zarger says:

        I bought stock in Marvel when they went public, under Perelman's control. The payout from the litigation was for shareholders, in my case.According to the information, in 1996 Marvel filed for bankruptcy protection.Marvel started this litigation action in 1997 as part of the reorganization. It asserted that the defendants breached their fiduciary duties in 1993 and 1994 when certain companies that held a majority of Marvel stock, and these companies indirectly owned by MacAndrews & Forbes Holdings, issued three "tranches" of notes.The defendants allegedly used their positions in Marvel to obtain benefits from the notes which were not shared with Marvel or the other shareholders. (That mostly from the "Notice to Shareholders" pdf at the mentioned web -site.)Not sure that this says much more for most people than that I don't know the particulars myself.

        • Glenn Hauman says:

          I've been reading through the documentation and trying to figure out who's owed for what, since it's not well spelled out. There are customers listed, a few Marvel lower-level execs like former VP of Sales Matt Ragone, and so on… I suppose a few of those Marvel execs were probably stockholders at some level.

          • ed zarger says:

            I doubt you'll find many familiar names. I think I read that the list of stockholders was as of 1998, which is 2 years into bankruptcy. I'd think people closer to the company would have had a better idea that the bankruptcy was coming, and that they'd have sold what they had for at least a little cash before it came.