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Technology Stocks : Apple Inc.

AAPL 271.84

-0.4%

Dec 31 3:59 PM EST

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To: Marc Newman who wrote (20825)	11/17/1998 5:42:00 PM
From: RX4PROFIT	Read Replies (1) of 213177

Marvel <MVL.N> must pay $1.5m to APPL <<WASHINGTON, Nov 17 (Reuters) - Comic book publisher and toy company Marvel Enterprises Inc. said it must pay $1.5 million to Apple Computer Inc. for a license Marvel had to use the name Apple. In 1995 Marvel licensed the Apple name from the computer company to use on electronic learning aids and other toys in exchange for at least $3 million in royalty payments, Marvel said in its quarterly report filed on Monday with the Securities and Exchange Commission. Shortly after the license began on January 1, 1996, Apple revealed "certain financial difficulties" it was having which "effectively forestalled" Marvel's use of the Apple name, Marvel said in its SEC document. Then in July 1997 Marvel began an arbitration proceeding against the computer company seeking the return of the $1 million advance it paid to Apple and a declaration that no further royalty payments were due. Apple, however, asserted its right to receive the remaining $2 million in royalties, Marvel said. The dispute ended earlier this month with the issuance of an arbitration award that obligated Marvel to pay $1.5 million to Apple, Marvel's SEC filing said. Marvel Enterprises was born after Marvel Entertainment Group Inc <MRVGQ.OB> was acquired by Toy Biz Inc <TBZ.N>. Toy Biz changed its name to Marvel Enterprises and the trading symbol for its common stock on the New York Stock Exchange was changed to MVL. The plan of reorganization for Marvel Entertainment Group was confirmed on July 31 by the U.S. District Court for the District of Delaware, which administered the Marvel Entertainment Group Chapter 11 bankruptcy cases.>> 11:38 11-17-98

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