Judge Stephen V. Wilson of the United States District Court in California today ruled that Stan Lee and Arthur Lieberman violated both the bankruptcy laws of the United States and the Orders of a Federal Bankruptcy Judge when they unlawfully transferred to POW and themselves assets belonging to Stan Lee Media Inc. (SLMI).
Stan Lee, Arthur Lieberman and Marvel enterprises are being sued for looting the Estate of Stan Lee Media, Inc. in Chapter 11 Bankruptcy protection from 2001-2006. Martin Garbus, Esq., on behalf of shareholders of SLMI filed a Shareholder Derivative action on January 26, 2009 in Manhattan federal court claiming 50% percent ownership in such mega-popular Super Hero entertainment franchises as Spider Man, Iron Man and the X-Men.
This order places at issue all of the highly publicized ventures that QED, and its publicly traded parent POW Entertainment, announced in jointly exploiting Stan Lee Media Estate assets including The Drifter and The Accuser with Liberty Media, IDT, Sprint Mobile, Vidiator and the Disney Company, among others. Announcements regarding these relationships based on the assets looted from Stan Lee Media, Inc. were used to promote the publicly traded stock of POW Entertainment (POWN).
This is an extraordinarily victory for the shareholders of Stan lee Media. If the Court further agrees with the shareholders of SLMI, they will be entitled not only to recover $1 billion dollars plus but also a 50% interest in the future profits that Marvel makes from the Marvel characters created by Stan Lee.