Marvel Comics Business Update I

The complaint further alleges that Chase, in its capacity as agent bank for a series of bank loans, lent Perelman material assistance in undertaking a series of collusive and improper activities designed to injure Marvel's estate. Marvel asserts that, as a consequence of Chase's improper conduct, the Court should strip the banks of their secured status and otherwise equitably subordinate the banks' estimated $710 million in loans. The lawsuit also seeks a determination that Toy Biz' recently announced plan to merge Marvel and Toy Biz was unauthorized by Toy Biz' rightful board and, therefore, a nullity. Marvel's claims against Dickstein center around his alleged improper interference with the recently announced settlement among Marvel and the banks.

Marvel said the improper conduct of the defendants makes the filing of this lawsuit critical to its continuing efforts to save the Company from liquidation. The complaint also alleges that the defendants have not only committed egregious acts against the Company, but have consistently resisted good faith and reasonable efforts to resolve disputes and put Marvel on a track to emerge from bankruptcy. Most recently, Marvel, the standby purchasers, and Chase entered into a formal settlement agreement, but Chase failed to deliver the necessary two-thirds vote for approval. The standby purchasers had already committed $385 million in cash and deposited said funds into an escrow account, based on Marvel's understanding that Chase, as agent bank, would deliver the requisite bank syndicate support.

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OK, now I want your BEST translation of what Carl is saying!!! Please place your translated quote in the discusion for this article and then I may add my two cents worth!

Robert

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