That's right folks, apparently there is some followup to our earlier news item - Spider-Man (co-)creator sued for $750m.
LOS ANGELES --(Business Wire)-- Jan 28, 2009 On January 27th a press release issued by persons falsely claiming to speak on behalf of Stan Lee Media Inc ("SLMI") falsely presented the details of a California court ruling in the case QED v Nesfield. Despite assertions by certain "plaintiffs" against Stan Lee in New York, Stan Lee, POW! Entertainment ("POWN") and QED Productions' interest in copyrights and trademarks owned by them may remain with POW!, QED, and Lee, according to a decision handed down by a Federal Court in Los Angeles on January 27th, 2009. Terms and phrases used in the press release referring to Stan Lee as "looting" the company are completely unfounded and nowhere in the ruling does it mention anything of this nature, according to Mark Williams, counsel for POW! Entertainment. We invite you to read a copy of the ruling which is on public record with the California Federal Court of Los Angeles.
The California ruling states that further proceedings will be necessary in this case. Any reasonable person reading the ruling would find it impossible to conclude that shareholders of SLMI could potentially reap a billion dollars, according to Williams. POW! still retains the rights to Stan Lee's name, likeness and works created while at POW!. In fact, the Court held that Stan Lee, POW! and QED still have the right to have an alleged agreement between Stan Lee and SLMI from 1998 declared void.
With regard to the lawsuit filed on Monday, Jan 26th in New York by purported shareholders of SLMI (three of the four plaintiffs are not shareholders), the entire basis of the suit is based upon this alleged agreement. SLMI breached the agreement in 2000 - 2001, and it was terminated. The agreement is also void under California law. These facts show a complete lack of a basis for the suit in New York.
The case in California is not concluded, and the press release issued by the New York plaintiffs is false. When the California case is concluded, Stan Lee believes that justice and truth will prevail, and the illegal acts of those associated with the "plaintiffs" in the New York suit will be exposed -- the "plaintiffs" in the New York suit and the California case are all friends and cohorts of Peter Paul, who was a founder of SLMI and is awaiting sentencing for manipulating the stock of SLMI which is what led to its downfall and bankruptcy in 2001.