Billionaire financier Ronald O. Perelman has agreed pay $80 million to settle a lawsuit accusing him of helping to divert $553.5 million in notes when he controlled Marvel.
Perelman, who acquired the comics publisher in 1989, and other Marvel directors were accused of diverting proceeds to his other companies before Marvel’s 1996 bankruptcy.
Noteholders for Marvel, and eventually the company’s litigation trustees, sued Perelman in 1997 for $470.8 million. Perelman, 65, denies any wrongdoing.
This settlement agreement is a result of negotiations of the past two years. A hearing is scheduled for Sept. 11 to consider approval of the deal.
August 8th, 2008 at 10:50 am
HMM..!
So… this is one of the men behind the sinking ship of Marvel in the early 90’s…
80 million sounds like an incredibly cheap deal, if you have practically stolen more than 470 million.
How on earth they couldn’t ramp it up to 100 million I will never know!
August 8th, 2008 at 11:34 am
Good for Marvel. I went to one of the share holders meetings when Marvel was making money back then. Here strolls Perelman, short stocky man, with a cigar in hand. You could just tell he was going to be trouble.