Perelman, firms sued over Marvel restructuring
NEW YORK, July 24 (Reuter) - A lawsuit has been filed against financier Ronald O. Perelman and companies that he controls for allegedly misleading bondholders concerning a planned financial restructuring of Marvel Entertainment Group Inc (MRV), lawyers for the plaintiffs said Thursday.
The civil complaint, which is seeking class action status, was filed in a federal district court in Alabama. It named Perelman, and Mafco Holdings, MacAndrews & Forbes Holdings and Andres Group, said the law firms of Milberg Weiss Bershad Hynes & Larach LLP and Donaldson & Guin LLC.
The law firms said the complaint was filed on behalf of persons who bought or otherwise acquired certain bonds secured by the stock of Marvel from October 8 to November 12, 1996.
The complaint alleges that the defendants violated securities laws by ``making materially false and misleading misrepresentations and omissions about a contemplated financial restructuring of Marvel by Perelman and his companies, according to the law firms.
The suit alleges that the defendants failed to disclose that they had a pre-determined plan in which Perelman, as controlling shareholder, would cause Marvel to issue to affiliated entities ``hundreds of millions of newly-issued common shares of Marvel'' on highly preferential terms.
The allegedly undisclosed plan directly contradicted statements by the defendants around October and November last year in which they supposedly promised or implied that Marvel would be financially restructured on terms that would be generally beneficial to its investors, the law firms said.
The law firms said that the suit seeks to recover unspecified amount of damages on behalf of the bondholders.
Perelman and his companies could not be immediately reached for comment.
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Comments anyone?? Now, who wants to start their own comic book business??? (...Skippy says his uncle has a barn...) The real life rule is to get your finances straight. It's a business first and foremost. And if you ever ask for loans from private investors, make sure Carl Ichan is not among them!
Just my opinion.
BTW - I did read on the net that both Fleer and Panni are for sale - exactly as I predicted. If anyone has the official announcement on Fleer and Panni, post it in the discussion area here, or email it to me at kds@gnc.net
Robert
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