Marvel Sues Chase, Others Over Financial Collapse
Marvel Entertainment Group Inc. said it is suing financier Ronald Perelman, two Toy Biz Inc. shareholders and Chase Manhattan Corp., alleging they’re responsible for the financial collapse of the comic book publisher.
The lawsuit seeks to allow Marvel to take control of the Toy Biz board, strip New York-based Chase and other banks of their collateral and assess damages against Perelman and others for the “alleged improper and collusive scheme,” the company said.
The lawsuit comes a few weeks after an agreement--designed to bring the company out of bankruptcy--between Marvel Chairman Carl Icahn and some of its lenders collapsed because not enough banks supported the plan.
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