Comic Wars by Unknown

Author:Unknown
Language: eng
Format: epub
Publisher: Levant Books
Published: 2012-06-11T00:00:00+00:00

Dear Marc:

I write in response to your self-serving and altogether offensive letter dated August 4, 1997 ... although I know that neither you nor your client actually believes the rubbish set forth ...

Your letter ignores the many times over the last several weeks that your side has chosen to renegotiate previously agreed upon points. It has not always been easy to discern who is “your side.” Is it the bondholders’ committee, the chairman of Marvel, Marvel, Carl Icahn as purchaser of bank claims, or Mr. Icahn as the self-proclaimed pretender to the chairmanship of Toy Biz?

Then Icahn’s lawyers chose 3:00 A.M. as the time to raise a tough new demand—that Ike and Avi be personally responsible for the accuracy of Toy Biz’s quarterly and annual filings to the Securities and Exchange Commission. This seemed to negate the whole rationale for having a corporation as a legal entity, a fire wall behind which the owners could hide. Mittman strongly advised Ike and Avi not to take any risks of being sued as individuals over SEC filings.

At that middle-of-the-night moment, the banks’ Chaim Fortgang shouted at Icahn’s lawyers that they were trying to renegotiate an “as is, where is” deal, as if this were the quick purchase of a house and the seller refused from the start to consider any repairs or changes. The buyer would have to take things as they were.

Icahn’s man, Weisfelner, shouted right back, saying, “Our side always reserves the right to negotiate until the transaction is complete!”

Yet another Icahn attorney, technically working for Marvel, had told Judge Balick that the deal was falling apart because Toy Biz was unwilling to stand behind its SEC financial statements. Mittman was livid about what he contended was a breach of confidentiality. He fired back:

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