Financier Carl Icahn proposed a rights offering for $350 million new shares of Marvel Entertainment Group Inc. open to all Marvel stock- and bondholders in an alternative rescue plan for the struggling comic book publisher. Icahn--in a letter to Marvel's board and its largest shareholder, Ronald Perelman's Andrews Group--threatened to sue if Marvel files for bankruptcy protection or goes ahead with Andrews' plan. Andrews Group proposed that it buy 410 million new shares for 85 cents each. Executives of Marvel and Andrews Group had no immediate comment.
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