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Could Lawsuits Spell Trouble For Marvel Entertainment (MVL)
More News related to MVL
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Barron's had a interesting column on Marvel Entertainment (NYSE: MVL) this weekend and how potential lawsuits could impact its billion-dollar character franchises, including Spider-Man, The Incredible Hulk and X-Men.
Lawsuits originating from earlier agreements Marvel Entertainment had with bankrupt Stan Lee Media, founded by Stan Lee and Peter Paul, may prove that Stan Lee Media has rights to half of Marvel's profits on films like Iron Man and The Incredible Hulk.
Marvel vehemently disagrees with Stan Lee Media's Peter Paul's claims and Marvel is quick to note that Peter Paul has several felony convictions. Peter Paul was convicted for manipulating the shares of Stan Lee Media.
So to sum up, even if Peter Paul's claims aren't likely to earn half of Marvel's profits, the claims have raised questions about Marvel's title to its billion-dollar character franchises.
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Stan Lee Media v Marvel
for the real story- accepted by the SEC in an "unusual 13D filing" by Jim Nesfield against Marvel management-as referred to in the Baron's article, read what Jim Nesfield, new Chairman of Stan lee Media describes as a collusion between Stan Lee and Marvel 45% shareholder and Chairman Ike perlmutter to defraud shareholders, bankruptcy court of SLM and lenders to Marvel by hiding Styan Lee's assignment of his co-creator's rights, and all other rights he owned in October 1998 to Stan Lee Media
trouble for Marvel
How can Lee now make public proclamations that what he did was a work for hire? When he sued Marvel, here is what he said: 14. Under the Agreement the Defendants were given the right and assumed the obligation to commercially exploit Mr. Lee's characters, as well as his name. In order to facilitate these rights and obligations, Defendants received a conditional assignment of Mr. Lee's rights in his many world famous and hugely popular characters, and Mr. Lee was entitled to share in the profits from any live action or animation television or movie production based on these characters and other Marvel characters, as well as profits from the exploitation of any ancillary rights associated with such film or television productions, including toys. 15. Throughout his relationship of more than sixty years with Defendants, during which Mr. Lee permitted Defendants to exploit his superhero characters on the understanding that they would share in the profits derived therefrom, Mr. Lee reposed trust and confidence in Defendants to, among other things, deal with him fairly and in good faith, and to pay over to him a portion of the profits derived from such commercial exploitation. ======= As you see, Lee made a conditional assignment of his rights. He asserted then what he denies now after getting paid off by Marvel. Spider Man got his. He got over $10 mil and share of profits. What about the SLM investors, Stan? What about your Oct. 1998 contract with SLM?
Stan Lee Media and Marvel
It is too bad that Marvel has not told its investors of what happened in a Colorado courtroom a few months ago. Stan Lee fought the takeover of SLM by the investor group led by James Nesfield. Lee lost, and the judge ruled that the group had the votes for the takeover. You are also about to find out something interesting about the looting of assets in the SLM bankruptcy.
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Marvel's Latest 10(b)5 Violations??
bill galloway on Jul 10, 2008 11:53 AMComment by Richard Land, Spokesman, Marvel google news comment Marvel Response to Barron’s Article - Jul 1, 2008 A cursory review of Marvel's "Spokesman's" response to the Barron's article reveals an ongoing policy by Marvel to publish material misstatements and omit to make material statements that accurately represents the facts as Marvel knows it regarding Stan Lee's creator's rights as assigned to Stan Lee Media in Oct 1998. Mr Land, one of the dimmer lights in the investor relations "flak" field, has a mantra that Stan Lee never claimed any rights to his characters- ever- because he has always confirmed his character creations were work for hire for Marvel from 1961-1968- before he ever signed his first contract with Marvel. Marvel and Mr Land know this is a material false statement because Stan sued Marvel in 2002 and stated clearly in his complaint that he made a conditional assignment of his rights to his world famous characters to Marvel and therefore expected to share in the profits derived from his characters- aside from that claim in a federal court that resulted in Marvel paying Stan more than $10 mm in a "sealed" settlement, Marvel's own Exec VP in charge of legal in 1998 swore in a deposition that Stan and his lawyer demanded the new contract Marvel gave him in Nov 1998 or else he would sue Marvel for his ci-creator's rights! This explains why Marvel replaced an ironclad lifetime assignment/employment agreement voided in August 1998 with a non-exclusive lifetime employment rights assignment in November that let Stan compete with Marvel using Marvel's key assets to do so! When will the SEC take action on these false statements and the continued payments to Lee under the fraudulent contract he induced Marvel to enter into in Nov 1998 30 days after assigning everything he owned to SLM?