Behind every billionaire there is a story!

Financier Ronald Perelman to pay $80-million settlement in Marvel su

Billionaire financier Ronald Perelman agreed to pay $80 million to settle a lawsuit in which he was accused of helping to divert $553.5 million in notes when he controlled comic book publisher Marvel Entertainment Group.

Perelman, 65, and other Marvel directors were accused of moving proceeds to some of his other companies before Marvel’s 1996 bankruptcy. Note holders, and eventually Marvel’s litigation trustees, sued in 1997, seeking $470.8 million in damages.

read the rest published by LA Times here:

http://www.latimes.com/business/la-fi-marvel8-2008aug08,0,4971437.story?track=rss