marvel comics turnaround - Turnaround Management Association

Marvel Comics Turnaround Team 2
$617M in claims at $0.70 on the dollar, and a small share of the litigation winnings against Ron
Perelman. Toy Biz won because it preserved itself from what seemed like an inevitable Carl
Icahn-led fire sale, and maintained its lucrative relationship with Marvel. The equity owners even
got a little something – 12M warrants to purchase Marvel shares in the future. The bond holders
got to take the lion’s share of winnings from the Perelman suit, although they ended up not
winning anything in the end. Carl Icahn himself got $3.5M for his legal bills plus some preferred
shares for the new Marvel. 15
Overall, the ruling by the bankruptcy courts amounted to the most equitable, reasonable,
settlement that could have been achieved because it ended up being consistent with the kind of
“rational” analysis that we conducted on what would have been the best outcomes for all parties,
upheld the law, and made all parties share some of the pain and compromise that is common to all
bankruptcy proceedings.
15 Raviv, Dan. Comic Wars. Broadway Books, NY. p. 247-248
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