When Marvel Comics collapsed into bankruptcy in 1996 it didn’t produce only legal filings and creditor lists — it sparked an all-out corporate war that read like a studio thriller. Avi Arad, then the hard-driving CEO of Toy Biz and a rising powerbroker in comics-to-film licensing, joined forces with fellow Israeli-American investor Isaac Perlmutter to resist a cadre of corporate raiders led by Carl Icahn and Ron Perelman. The fight was a bruising struggle over control of a beloved cultural catalog: boardroom votes, leveraged buyouts, and last-minute dealmaking produced what the record calls a “complicated” arrangement that ultimately put Toy Biz and its principals in control of Marvel. Crucially, that takeover included regaining cinematic and merchandising leverage — the rights to Spider-Man and other heroes that Marvel had previously sold off — setting the stage for the company’s recovery and new emphasis on film and licensing.
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