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In re Marvel Entertainment Group, Inc. v. Chase Manhattan Bank

209 B.R. 832 (1997)

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In re Marvel Entertainment Group, Inc. v. Chase Manhattan Bank

United States District Court for the District of Delaware

209 B.R. 832 (1997)

Facts

Marvel Entertainment Group, Inc. (Marvel) (debtor) was an entertainment company. Eighty percent of Marvel was owned by three holding companies, collectively known as Marvel Holdings. Marvel Holdings raised $894,000,000 through the issuance of bonds. The bonds were secured by 80 percent of Marvel’s stock and 100 percent of the stock of two of the three Marvel Holdings companies. In separate proceedings, Marvel and the Marvel Holdings companies filed for reorganization under chapter 11 of the bankruptcy code on the same day. The bondholders committee (bondholders) (creditor) sought to have the bankruptcy court in the Marvel Holdings proceedings lift the automatic stay to permit the bondholders to foreclose on the shares that secured the bonds. The Marvel Holdings court lifted the stay, and the bondholders received control of the shares. The bondholders notified Marvel of their intention to vote the Marvel shares to replace Marvel’s board of directors. Marvel filed an adversary proceeding seeking a temporary restraining order and a preliminary injunction prohibiting the bondholders from voting the shares. The bankruptcy court held that the bondholders could not vote the shares without first seeking relief from the automatic stay. The bondholders appealed the case to the district court.

Rule of Law

Issue

Holding and Reasoning (McKelvie, J.)

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