Rave : 1998 : Light at the end of the tunnel?
The legal and financial maneuvring continues as Marvel looks to find a way to continue into the future. You might have heard that Marvel's shares have been suspended from trading on the main board.
I read the two page detailed explanation of the agreement just recently made between Marvel and ToyBiz. I have three University Qualifications and I help run a business. After reading the official story, I couldn't figure if Marvel was going to move into selling refrigerators, or had just taken out a Hit on the Energiser Bunny. Fortunately, Pat O'Neill was around to translate. Here's the simplified version of the latest news... And I have to suggest that it looks positive...
Marvel and Toy Biz have agreed to settle their dispute regarding control of Toy Biz and Marvel's charge that Toy Biz had conspired with Marvel's secured creditors and former Marvel controlling shareholder Ron Perelman to bankrupt the comics publisher.
Marvel has dropped the charges, in return for Toy Biz agreeing to sweeten the deal in its proposed reorganization plan for Marvel by offering Marvel's bondholders (led by financier Carl Icahn) the right to purchase stock in the merged Toy Biz/Marvel that would result from that reorganization.
The settlement does not affect the conspiracy charges against Perelman.
Bottom line: Expect the bankruptcy court to approve the Toy Biz reorganization plan over the summer, bringing Marvel out of bankruptcy by year's end.