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Icahn Group Loses Court Ruling in Marvel Fight

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Reuters

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Mar 25, 1997, 3:00:00 AM3/25/97
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<I><A HREF='http://www.clari.net/'>ClariNet</A> <CLARI-ITEM TYPE>story</CLARI-ITEM> <B><CLARI-ITEM SLUGWORD>BUSINESS-MARVEL</CLARI-ITEM></B> from <CLARI-ITEM FROM>Reuters</CLARI-ITEM></I><BR>
<H1><CLARI-ITEM HEADLINE>Icahn Group Loses Court Ruling in Marvel Fight</CLARI-ITEM></H1>
<I><B><CLARI-ITEM COPYRIGHT>Copyright 1997 by Reuters</CLARI-ITEM></B></I> / <I><CLARI-ITEM DATE>Tue, 25 Mar 1997 3:54:08 PST</CLARI-ITEM></I><P>
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<P> NEW YORK (Reuter) - Carl Icahn has lost a round in court in
his fight for Marvel Entertainment Group Inc. Monday when a
federal judge blocked a group led by the financier from taking
control of the comic book publisher.</P>
<P> A U.S. Bankruptcy Court judge Monday granted a temporary
restraining Monday that prevents a bondholder group led by Icahn
from taking control of the board of directors of Marvel, said
officials representing bondholders and Marvel.</P>
<P> ``Today's court ruling means that Marvel and the banks are
free to explore all options to protect the company's future,''
said a Marvel spokesman. He declined further comment.</P>
<P> Bondholders had planned to replace Marvel's current board
with their own slate of directors on Tuesday, after foreclosing
on 80 million Marvel shares that was collateral for the bonds.</P>
<P> The ruling was just the latest in a battle between Icahn and
Ronald Perelman, who bought Marvel in 1988 when it was a
relatively small comic book publisher. He expanded it with the
purchase of Fleer and SkyBox International trading card
companies.</P>
<P> The ruling will likely delay the implementation of a final
reorganization plan by sending both sides back into court.</P>
<P> Marvel has contended the bondholder group is fronting for
Icahn's interests to ``grab control of the company without
committing a dollar.''</P>
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