Marvel Comics Business Update -- II
and advertising and early indications from these activities suggest that they are beginning to take effect."
Mr. Calamari further said, "The Company is in the process of rebuilding its licensing programs and is currently working closely with its theme park, restaurant and movie and television partners to take advantage of such media exposure. To this effect, the Company has recently appointed Gary Gittelsohn as President of Marvel Studios. Mr. Gittelsohn replaces Mr. Avi Arad who was terminated by Marvel last month. The Company continues to invest in its internet and electronic business and remains one of the most frequented sites on AOL. The Company's first theme restaurant at Universal Studios - Hollywood in Los Angeles County is completed and expected to open in December."
Marvel Entertainment Group, Inc. (NYSE: MRV): Court Will Appoint Trustee to Assist in Chapter 11
NEW YORK, DECEMBER 12, 1997 — Marvel Entertainment Group, Inc. (NYSE: MRV - news) today reported that Judge Roderick McKelvie of the U.S. District Court in Delaware will issue an order to the U.S. Trustee Office to appoint a trustee who will replace the current board of the Company.
Executive Officers of Marvel will remain in place, and will continue to conduct operations consistent with their business plans. The secured lenders have indicated in documents filed with the Court that they have no desire for the Company to change direction, focus or strategy in connection with its business plans, or to run the operation differently from how it is currently being managed. In connection with the appointment of the trustee, Chase Manhattan Bank has agreed to underwrite a new facility which will provide the Company additional liquidity.
JOHN J. GIBBONS NAMED TRUSTEE FOR MARVEL
NEW YORK, DECEMBER 24, 1997 — Marvel Entertainment Group, Inc. (NYSE: MRV) today reported that the U.S. Trustee Office has appointed Hon. John J. Gibbons to serve as trustee. Mr. Gibbons, a senior member with the Newark, N.J.-based law firm of Crummy, Del Deo, Dolan, Griffinger & Vecchione, was a Judge for the United States Court of Appeals for the Third Circuit for more than twenty years. He was Chief Judge from 1987-90.
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The drama continues. Is Carl Ichan out? Is John Gibbons in? Stay tuned to these artices!!! Until next week — same X-day — Same X-web address!!!
Robert
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