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Non-Tech : Marvel Entertainment (MRV) - Turnaround in Sight!
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To: Urlman who wrote (242)6/28/1998 11:32:00 PM
From: Martin Wormser  Read Replies (1) of 251
 
Judge paves way for hearing on Marvel/Toy Biz plan

By Rita Farrell

WILMINGTON, June 25 (Reuters) - A federal judge has approved a settlement by the trustee of Marvel Entertainment Group Inc. (MRVGQ - news) with Chase Manhattan Corp. (CMB - news), the agent for secured lenders, despite objections by investor Carl Icahn.

In a 20 page decision, McKelvie said he found the terms of the settlement sought by the court-appointed trustee John Gibbons were ''fair and reasonable.'' He rejected objections by unsecured creditors, including Icahn and Marvel's equity holders, who said the settlement would cost them money.

''The court finds that this speculative loss does not unfairly impact unsecured creditors,'' McKelvie said.

Under the third revised reorganization plan that will be considered by McKelvie next week, Marvel and Toy Biz would merge and the shares of the new company would be distributed to creditors.

Secured lenders would be paid 70 cents on the dollar for their $617 million claims. Equity holders would receive 12 million warrants. Four million would be exercisable at $12 a share for six months; three million warrants for convertible preferred stock would be exercisable at $10.65 a share for six months; and five million warrants would be exercisable at $18.50 a share for four years.

Equity holders could also recover 70 percent of the proceeds from the lawsuit against Perelman, court papers say.
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