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Comic Wars: How Two Tycoons Battled Over the Marvel Comics Empire--And Both Lost
Embarrassed billionaires tried to keep a lid on this story, but it cried out to be told: how America's greatest comic-book company was driven to the brink of insolvency by warring tycoons and rescued from the abyss by two obscure but wily entrepreneurs.
In the late 1980s, financier Ronald Perelman, worth billions and riding high after his hostile takeover of the cosmetics firm Revlon, bought Marvel Entertainment–legendary creator of Captain America, the Incredible Hulk, Spider-Man, the X-Men, and other superheroes–and he had big plans. He not only began churning out more comic books, he also acquired sports cards and other subsidiaries, impressing Wall Street so much that after he took the company public, Marvel’s market value ballooned to over $3 billion.
Perelman took advantage of the company’s inflated valuation by selling junk bonds, and personally pocketing nearly $500 million. Meanwhile, Marvel’s bank debt rose to more than $600 million. And then came the collapse of the comic-book and trading-card markets.
Enter rival corporate raider, Carl Icahn, who sank a fortune into Marvel’s bonds in an effort to wrest away control of Marvel–and to beat Perelman at his own game. As the competing tycoons went head-to-head, Ike Perlmutter and Avi Arad, two entrepreneurs who ran Toy Biz, a company that depended on Marvel superheroes, realized that their fate hung in the balance. They soon put in motion plans to take control themselves.
Bunkered in The Townhouse, his high-security Manhattan corporate headquarters, Perelman had Marvel declare bankruptcy. Icahn, an avid poker player, had to figure out if his foe was bluffing; the Toy Biz entrepreneurs needed to find a way to save the company they loved from ruin; and a team of killer lawyers representing the banks was faced with recouping their colossal debt. Thus, in United States Bankruptcy Court, began the comic war–as ferocious and outlandish as any of Marvel’s tales of good vs. evil.
Combining meticulous investigative reporting with entertaining storytelling, Comic Wars exposes the actions and motives of two Goliath-style corporate raiders, two innovative Davids, and some of the world’s most prominent banks. It is the rollicking true tale of a unique Wall Street showdown, of Marvel’s surprising emergence from the ashes of bankruptcy, and of its triumphant reinvention as the producer of such hit Hollywood movies as X-Men and Spider-Man.
In the late 1980s, financier Ronald Perelman, worth billions and riding high after his hostile takeover of the cosmetics firm Revlon, bought Marvel Entertainment–legendary creator of Captain America, the Incredible Hulk, Spider-Man, the X-Men, and other superheroes–and he had big plans. He not only began churning out more comic books, he also acquired sports cards and other subsidiaries, impressing Wall Street so much that after he took the company public, Marvel’s market value ballooned to over $3 billion.
Perelman took advantage of the company’s inflated valuation by selling junk bonds, and personally pocketing nearly $500 million. Meanwhile, Marvel’s bank debt rose to more than $600 million. And then came the collapse of the comic-book and trading-card markets.
Enter rival corporate raider, Carl Icahn, who sank a fortune into Marvel’s bonds in an effort to wrest away control of Marvel–and to beat Perelman at his own game. As the competing tycoons went head-to-head, Ike Perlmutter and Avi Arad, two entrepreneurs who ran Toy Biz, a company that depended on Marvel superheroes, realized that their fate hung in the balance. They soon put in motion plans to take control themselves.
Bunkered in The Townhouse, his high-security Manhattan corporate headquarters, Perelman had Marvel declare bankruptcy. Icahn, an avid poker player, had to figure out if his foe was bluffing; the Toy Biz entrepreneurs needed to find a way to save the company they loved from ruin; and a team of killer lawyers representing the banks was faced with recouping their colossal debt. Thus, in United States Bankruptcy Court, began the comic war–as ferocious and outlandish as any of Marvel’s tales of good vs. evil.
Combining meticulous investigative reporting with entertaining storytelling, Comic Wars exposes the actions and motives of two Goliath-style corporate raiders, two innovative Davids, and some of the world’s most prominent banks. It is the rollicking true tale of a unique Wall Street showdown, of Marvel’s surprising emergence from the ashes of bankruptcy, and of its triumphant reinvention as the producer of such hit Hollywood movies as X-Men and Spider-Man.
320 pages, Hardcover
First published April 30, 2002
21 people are currently reading
370 people want to read
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Displaying 1 - 30 of 38 reviews
August 20, 2021
Raviv is able to make the battle for Marvel in the 1990's between billionaires and millionaires an okay enough read detailing all the suits, counter suits, bankruptcies, lawyers, courtrooms, judges, stocks, etc... into this book.
The parts of the book I thought were cleverly done was the use of an actual Marvel comic book page or cover prior to each chapter and each chapter being titled from some words from said comic page.
Not the most exciting read, but if one is interested in this type of book it is there for your reading pleasure. I will most likely never read this one ever again having got the jist of it from this lone reading of it. But it was a book we had in our campus library and I was mildly interested in the drama.
The parts of the book I thought were cleverly done was the use of an actual Marvel comic book page or cover prior to each chapter and each chapter being titled from some words from said comic page.
Not the most exciting read, but if one is interested in this type of book it is there for your reading pleasure. I will most likely never read this one ever again having got the jist of it from this lone reading of it. But it was a book we had in our campus library and I was mildly interested in the drama.
October 23, 2007
So I read this book thinking that I'd get a better glimpse into Marvel Comics. My husband has worked for them on several comic titles, and from that interaction I had a million questions about marketing tactics, future of the business, etc. This book answered NONE of them and barely gets us to "present day" operations.
Instead, this book is a line-by-line dissection of the investors' dirty dealings (junk bonds, dummy corporations, acquisitions, etc.) and how it led to incredible instability within the company and the industry. I learned a lot, but this wasn't the "insider's glimpse" that I was hoping for. It was chock full of legal maneuvers and such (although very well translated for the layman) that the company endured under Perelman and Icahn.
if you're into details and how junk bonds and dummy corporations are created everywhere -- including comic books -- then you might enjoy this book. For me, it was SLOW GOING, waiting for the big "aha" moment that didn't come.
Like I said, I started off with incorrect assumptions about the book, so it's my fault that I didn't find what I was looking for.
Instead, this book is a line-by-line dissection of the investors' dirty dealings (junk bonds, dummy corporations, acquisitions, etc.) and how it led to incredible instability within the company and the industry. I learned a lot, but this wasn't the "insider's glimpse" that I was hoping for. It was chock full of legal maneuvers and such (although very well translated for the layman) that the company endured under Perelman and Icahn.
if you're into details and how junk bonds and dummy corporations are created everywhere -- including comic books -- then you might enjoy this book. For me, it was SLOW GOING, waiting for the big "aha" moment that didn't come.
Like I said, I started off with incorrect assumptions about the book, so it's my fault that I didn't find what I was looking for.
November 11, 2020
It's not every day you get to read a distressed debt thriller!
January 18, 2023
Dense yet fascinating, Comic Wars follows the Lawyerpalooza surrounding the ownership of Marvel Comics in the 1990s. Author Dan Raviv presents an accessible ride through a labyrinth that confounded even its architects, presenting the various egos and wallets involved as human beings whose ambitions clashed in ways that reverberate through the marketplace almost 30 years later.
Speaking as someone whose own industry (RPGs) was upended by ripples from this fight, and who had friends who lost their jobs during this fiasco, I couldn't help wishing that Raviv had focused a bit more on the human cost of these billionaire escapades. Honestly, I find it hard to cheer any player in this drama. Aside from True Believer Avi Arad, the various parties in this dispute care more about their reputations and investments than about the thousands of people they put out of work during the course of this mishegoss.
There's grotesque irony in the way that Raviv (who is himself Jewish) presents the belligerents attending various pious ceremonies in between actions that violate the core Jewish ethic of Tikkun Olam: "repair of the world." This idea of bringing justice to an unjust world is central to both Judaism and to the American comic book hero (itself a creation of Jewish creators and publishers); famously summarized in Stan Lee's dictum "With great power comes great responsibility," the ethic undergirds the medium for which the warring parties spend hundreds of millions of dollars and disrupt millions of lives. Nearly all the power players in Raviv's book are either Jewish or Italian, and their expensive rivalries mock the ideals of Judaism, Catholicism, and the superheroes at the core of their dispute. If nothing else, Comic Wars exposes the true religion and cultural legacy of ultra-wealthy people as the worship of wealth extraction - a creed embraced by people of all cultures and faiths, trumping (yes, I use that word intentionally) the beliefs they profess to hold.
Comic Wars, thankfully, has an essentially happy ending - one happier than its author realized at the time. Published in 2002, this book predates the cultural Juggernaut (phrase also used intentionally) of the MCU. Arad - the visionary who saw Marvel's potential value in terms other than dollars and ego strokes - proved the true winner of these Comic Wars. As fascinating and informative as I found this book to be, I recall too well the chaos surrounding them in real life, and the cost of that chaos on my friends, our industry, and myself.
There's still an epic book to be written about the ways in which deep-pocket egotists continue to fuck over the people who create these "Intellectual Properties," the merchants who sell them, and the audience that keeps those dollars flowing. I'm not the person to write that book. I really, hope, though, that someone eventually does. In the meantime, Comic Wars provides an essential glimpse into the sausage factory that keeps the Great American Myth Factory alive.
Speaking as someone whose own industry (RPGs) was upended by ripples from this fight, and who had friends who lost their jobs during this fiasco, I couldn't help wishing that Raviv had focused a bit more on the human cost of these billionaire escapades. Honestly, I find it hard to cheer any player in this drama. Aside from True Believer Avi Arad, the various parties in this dispute care more about their reputations and investments than about the thousands of people they put out of work during the course of this mishegoss.
There's grotesque irony in the way that Raviv (who is himself Jewish) presents the belligerents attending various pious ceremonies in between actions that violate the core Jewish ethic of Tikkun Olam: "repair of the world." This idea of bringing justice to an unjust world is central to both Judaism and to the American comic book hero (itself a creation of Jewish creators and publishers); famously summarized in Stan Lee's dictum "With great power comes great responsibility," the ethic undergirds the medium for which the warring parties spend hundreds of millions of dollars and disrupt millions of lives. Nearly all the power players in Raviv's book are either Jewish or Italian, and their expensive rivalries mock the ideals of Judaism, Catholicism, and the superheroes at the core of their dispute. If nothing else, Comic Wars exposes the true religion and cultural legacy of ultra-wealthy people as the worship of wealth extraction - a creed embraced by people of all cultures and faiths, trumping (yes, I use that word intentionally) the beliefs they profess to hold.
Comic Wars, thankfully, has an essentially happy ending - one happier than its author realized at the time. Published in 2002, this book predates the cultural Juggernaut (phrase also used intentionally) of the MCU. Arad - the visionary who saw Marvel's potential value in terms other than dollars and ego strokes - proved the true winner of these Comic Wars. As fascinating and informative as I found this book to be, I recall too well the chaos surrounding them in real life, and the cost of that chaos on my friends, our industry, and myself.
There's still an epic book to be written about the ways in which deep-pocket egotists continue to fuck over the people who create these "Intellectual Properties," the merchants who sell them, and the audience that keeps those dollars flowing. I'm not the person to write that book. I really, hope, though, that someone eventually does. In the meantime, Comic Wars provides an essential glimpse into the sausage factory that keeps the Great American Myth Factory alive.
January 27, 2017
This is a shockingly good book. Compelling, with interesting (non-fictional) characters replete with conflict and tragic flaws. A must for comic book fans, who will feel an immediate attachment to the material, but also a wonderful primer on the world of Extremely Shady Finance. Who knew that Marvel's financial crisis in the late 90s would look startlingly like the nation's financial crisis in 2008? And that many of the players-- Bear Stearns, Morgan Stanley Dean Witter, Carl Icahn-- would be the same jackasses who literally gambled the world's economy on their own short term gains?
The fact that the corporate tycoons that are the headliners in the story act like supervillains doesn't hurt either. Ron Perelman (whose name sounds like Peril Man, obviously a bad guy) is a pure vulture capitalist and legal fraud artist, pumping up Marvel's value through unwise expansion and $700 million in debt in order to sell billions in high-risk junk bonds to investors. Carl Icahn is the "corporate terrorist" who recognizes the financial weakness inflicted by Perelman and purchases enough of the company to sue everyone associated with it like a madman while threatening to sell off Marvel's intellectual property for "parts." Finally, Toy Biz founder Ike Perlmutter is there, both championing Marvel as a company and trying to save it from the above two figures, while also proving to be a paranoid control-freak who could easily destroy the company he's fighting to save.
Very well-written and accessible. This is a fun read, filled with tension and absurdity. And I love the cover, where two middle-aged businessmen duke it out while Wolverine, Captain America, and She-Hulk stand nearby and look vaguely embarrassed and Spider-Man narrates the scene.
For more on comics, humanity, morality and the world check out The Stupid Philosopher, aka a place where I put my words.
The fact that the corporate tycoons that are the headliners in the story act like supervillains doesn't hurt either. Ron Perelman (whose name sounds like Peril Man, obviously a bad guy) is a pure vulture capitalist and legal fraud artist, pumping up Marvel's value through unwise expansion and $700 million in debt in order to sell billions in high-risk junk bonds to investors. Carl Icahn is the "corporate terrorist" who recognizes the financial weakness inflicted by Perelman and purchases enough of the company to sue everyone associated with it like a madman while threatening to sell off Marvel's intellectual property for "parts." Finally, Toy Biz founder Ike Perlmutter is there, both championing Marvel as a company and trying to save it from the above two figures, while also proving to be a paranoid control-freak who could easily destroy the company he's fighting to save.
Very well-written and accessible. This is a fun read, filled with tension and absurdity. And I love the cover, where two middle-aged businessmen duke it out while Wolverine, Captain America, and She-Hulk stand nearby and look vaguely embarrassed and Spider-Man narrates the scene.
For more on comics, humanity, morality and the world check out The Stupid Philosopher, aka a place where I put my words.
April 30, 2017
Rating - 8
Very interesting behind the scenes expose on the business of comics and the clash of super-egos; Further evidence that life and entertainment are all about fat pockets and not about the consumer
Writing is simple and fast-paced, cannot feel empathy for an underdog w a net worth of $100MM, and as a reader I am offended for what comes across as a very biased account of what transpired
Very interesting behind the scenes expose on the business of comics and the clash of super-egos; Further evidence that life and entertainment are all about fat pockets and not about the consumer
Writing is simple and fast-paced, cannot feel empathy for an underdog w a net worth of $100MM, and as a reader I am offended for what comes across as a very biased account of what transpired
July 18, 2011
An interesting story, but not very interestingly written. The business stuff is scary but far to dense and complicated. The comic history stuff is often inaccurate and completely misunderstands many things.
September 17, 2024
THE STORY OF HOW THE 1980s "MERGER MANIA" THREATENED TO DESTROY THE COMPANY
Author Dan Raviv noted in the first chapter of this 2002 book, "Ronald Perelman was in a world that was generally profane---both in its language and in its main interest, money---yet he was extraordinarily gracious and generous to various charities, to several colleges, and to the ultra-Orthodox Jewish sect known as the Lubavitchers. He donated millions of dollars to Lubavitch projects, notably a huge school for Orthodox girls in Brooklyn. At fund-raising banquets, he enthusiastically hugged the many rabbis in gray beards and long black coats." (Pg. 5)
Perelman said, "'We look for companies that are strong cash flow generators and are free from major capital expenditure requirements'... If a division of a company had long-range commitments to pay for projects meant to build something great in the future, Perelman would sell that division so that he would have dollars in his hand right away. That attitude hampered every step he took into show business, whether it was Marvel, television production, or the movie industry... in the end, Perelman preferred the short-term cash prize." (Pg. 17)
He points out, "For Ronald Perelman, Marvel became a platform for selling junk bonds. Apparently he did not appreciate that he was the custodian of a distinctive piece of American culture. He and his inner circle did not read comic books as teenagers, and they did not have the time or inclination to start now as grown-up millionaires." (Pg. 29)
He adds, "life under the Perelman regime was no day at the beach. Scott Sassa, the chairman for barely a month, had the woeful duty of announcing in November 1996 that 115 workers were being fired---roughly one-third of the publishing staff in New York. The great Ron Perelman, the man who had confronted the powers-that-were and conquered Revlon, was now the schmuck who could not run a comic book company." (Pg. 63)
He wryly observes, "Comic book fanatics were, of course, fascinated by villains... But it did not take much research or financial sophistication to determine that the real-life bad buy in this context was a billionaire named Ronald O. Perelman." (Pg. 67)
After Marvel went bankrupt, "What was nice for Marvel's operating managers... was that Chase Manhattan and the other lenders agreed to keep the credit line open. So the comic book artists who had survived the bankruptcy could still make a living, and the invoices for paper, ink, printing, and distribution would be paid." (Pg. 162)
Toy Biz entrepreneur Avi Arad, "as he fielded questions from the lawyers and bankers, was pleased to find that a dozen or so were 'geeks'---comic book buyers who actually remembered Stan Lee's promotional slogans, such as 'Make Mine Marvel.' Avi was guiding these people toward seeing the Toy Biz proposal as an effort to preserve a piece of American history." (Pg. 179-180)
He records, "Seeing Perelman, Bevins, and Sassa drive his beloved Marvel into bankruptcy court must have been painful for [Stan] lee, but he said, 'The funny thing is that I thought mainly of the fans. And I knew the fans didn't blame me for it. It was all business! It all had to do with the stock market and deals and trade and business. Nobody thought it was because of me, or because of the writers or the artists or the editors.' Ultimately, Lee found himself more simpatico with Avi Arad. The younger designer had discussed the Marvel Universe with its patriarch, gaining a deeper understanding of the characters' personalities so as to convey them better in toys and action figures." (Pg. 230)
Ultimately, "Marvel's demand to regain the Spider-Man movie rights should have been granted forthwith in 1997, and now in 1999 it was. The long battle was over. Spider-Man's spiritual home, Marvel, had triumphed. Marvel's patriarch, Stan Lee, shared in the celebration. But his good cheer was severely tempered by doing business with Ike Perlmutter... [Lee] already knew and liked Avi, and he assumed that clearly up the bankruptcy meant that some lucrative---and fun---movies would be made at last. Stan was always ready to be a consultant and a producer, and the X-Men movie was planning to launch a tradition by having Stan Lee do a brief, Hitchcock-like cameo as a hot dog vendor." (Pg. 270)
For those of us Marvel fans who watched in bewilderment as the company went through bankruptcy in the 1990s, and are delighted with its current resurgence and popularity at the movies, this book will be a revelatory, fascinating, and inspiring tale.
Author Dan Raviv noted in the first chapter of this 2002 book, "Ronald Perelman was in a world that was generally profane---both in its language and in its main interest, money---yet he was extraordinarily gracious and generous to various charities, to several colleges, and to the ultra-Orthodox Jewish sect known as the Lubavitchers. He donated millions of dollars to Lubavitch projects, notably a huge school for Orthodox girls in Brooklyn. At fund-raising banquets, he enthusiastically hugged the many rabbis in gray beards and long black coats." (Pg. 5)
Perelman said, "'We look for companies that are strong cash flow generators and are free from major capital expenditure requirements'... If a division of a company had long-range commitments to pay for projects meant to build something great in the future, Perelman would sell that division so that he would have dollars in his hand right away. That attitude hampered every step he took into show business, whether it was Marvel, television production, or the movie industry... in the end, Perelman preferred the short-term cash prize." (Pg. 17)
He points out, "For Ronald Perelman, Marvel became a platform for selling junk bonds. Apparently he did not appreciate that he was the custodian of a distinctive piece of American culture. He and his inner circle did not read comic books as teenagers, and they did not have the time or inclination to start now as grown-up millionaires." (Pg. 29)
He adds, "life under the Perelman regime was no day at the beach. Scott Sassa, the chairman for barely a month, had the woeful duty of announcing in November 1996 that 115 workers were being fired---roughly one-third of the publishing staff in New York. The great Ron Perelman, the man who had confronted the powers-that-were and conquered Revlon, was now the schmuck who could not run a comic book company." (Pg. 63)
He wryly observes, "Comic book fanatics were, of course, fascinated by villains... But it did not take much research or financial sophistication to determine that the real-life bad buy in this context was a billionaire named Ronald O. Perelman." (Pg. 67)
After Marvel went bankrupt, "What was nice for Marvel's operating managers... was that Chase Manhattan and the other lenders agreed to keep the credit line open. So the comic book artists who had survived the bankruptcy could still make a living, and the invoices for paper, ink, printing, and distribution would be paid." (Pg. 162)
Toy Biz entrepreneur Avi Arad, "as he fielded questions from the lawyers and bankers, was pleased to find that a dozen or so were 'geeks'---comic book buyers who actually remembered Stan Lee's promotional slogans, such as 'Make Mine Marvel.' Avi was guiding these people toward seeing the Toy Biz proposal as an effort to preserve a piece of American history." (Pg. 179-180)
He records, "Seeing Perelman, Bevins, and Sassa drive his beloved Marvel into bankruptcy court must have been painful for [Stan] lee, but he said, 'The funny thing is that I thought mainly of the fans. And I knew the fans didn't blame me for it. It was all business! It all had to do with the stock market and deals and trade and business. Nobody thought it was because of me, or because of the writers or the artists or the editors.' Ultimately, Lee found himself more simpatico with Avi Arad. The younger designer had discussed the Marvel Universe with its patriarch, gaining a deeper understanding of the characters' personalities so as to convey them better in toys and action figures." (Pg. 230)
Ultimately, "Marvel's demand to regain the Spider-Man movie rights should have been granted forthwith in 1997, and now in 1999 it was. The long battle was over. Spider-Man's spiritual home, Marvel, had triumphed. Marvel's patriarch, Stan Lee, shared in the celebration. But his good cheer was severely tempered by doing business with Ike Perlmutter... [Lee] already knew and liked Avi, and he assumed that clearly up the bankruptcy meant that some lucrative---and fun---movies would be made at last. Stan was always ready to be a consultant and a producer, and the X-Men movie was planning to launch a tradition by having Stan Lee do a brief, Hitchcock-like cameo as a hot dog vendor." (Pg. 270)
For those of us Marvel fans who watched in bewilderment as the company went through bankruptcy in the 1990s, and are delighted with its current resurgence and popularity at the movies, this book will be a revelatory, fascinating, and inspiring tale.
September 29, 2019
A shining example as to why beloved companies such as Marvel should never go public.
This is a story about greedy Wall Street types, who don't give a shit about the companies they own.
Hell, the people who owned the majority share of Marvel throughout the time period this book covers never even read a single comic book, or gave a single shit about the characters they owned the rights to either.
Although Disney is a public company, and is now riding the social justice warrior train at the time of this review, I do believe they are smart enough to realize that if they don't start making great none-snowflake movies like the Iron Man movies soon, that the fans will just totally turn off and leave.
People want their characters to be like them, not like the 1% who live in Hollywood... and that's a fact!
This is a story about greedy Wall Street types, who don't give a shit about the companies they own.
Hell, the people who owned the majority share of Marvel throughout the time period this book covers never even read a single comic book, or gave a single shit about the characters they owned the rights to either.
Although Disney is a public company, and is now riding the social justice warrior train at the time of this review, I do believe they are smart enough to realize that if they don't start making great none-snowflake movies like the Iron Man movies soon, that the fans will just totally turn off and leave.
People want their characters to be like them, not like the 1% who live in Hollywood... and that's a fact!
September 12, 2018
Interesting enough read. I'm not a big business guy - I read it as more of a Marvel fan - but it was fascinating to see all the egos at play. It's ridiculous and a little depressing to see how much money gets wasted just so someone can trump someone else. It's all a little sleazy and depressing. I think in light of all that's happened since in terms of Marvel movies, an updated edition with developments to date would be welcome.
June 25, 2017
An impressive book as far as legal and business dealings and details. Big business is can be truly complex, especially when big egos are involved. Although interesting, detailed, and a subject I'm drawn to (the comic book industry), it took me forever to get through this relatively short book because I would read it in bed and it was guaranteed to put me to sleep after a page or two.
January 23, 2018
Great read (as long as you know ahead of time what the book is actually about)!
June 24, 2020
I always love learning about what goes on behind the scenes in comic books unfortunately though this was pretty dry and boring.
June 22, 2021
A real page turner, despite the fact that the book is about a corporate bankruptcy.
December 23, 2021
Not bad, but a bit too much legal jargon and business terminology that makes it hard to keep up with at a certain point. I did learn quite a bit about Marvel history itself which was nice.
January 24, 2022
Interesting topic for sure but what a slog to get through.
March 14, 2017
I'm done, and by done, I mean I have closed the book and am not going to continue. It really is a sad attempt to take a true story, and weave some actual storytelling into it, to make it more dramatic, but it just comes off as dull. I really wanted to know the whole story, but the writing and style are awful to follow. The writer tries to make the characters larger than life, much like the comic characters Marvel created, but it just comes off as trying way too hard. Now I'm searching for online sources to fill in the gaps and finish the information for me. It could have been done much better, and it could have still been made interesting, but in this one, it falls flat.
October 8, 2018
I'm generally a pretty big fan of comics behind the scene stuff. I love reading about the Image Comics exodux of the 1990's, Jim Shooter's behind the scenes comic company creations, and the Marvel Bullpen of Stan Lee. I picked up Comic Wars because the idea of reading about Marvel escaping from bankruptcy sounded pretty cool. Unfortunately, the behind the scenes comics stuff in this book was really about people not involved with comics. The result was a book that read more like a lengthy Forbes magazine profile than anything I'd read on a comics content provider.
Comic Wars follows Marvel from the purchase of Ronald Perelman, to its bankruptcy, to its attempted coup by Carl Icahn to its successful rescue by Toy Biz through the hands of Ike Perlmutter and Avi Arad. Of those main cast of individuals, Perelman and Icahn are both corporate raiders (or corporate terrorists to some), and Perlmutter is also a multi million dollar businessman who happens to run a Toy company. The only guy that really shows an interest in comics is Avi Arad, who sees them as a great vehicle to make movies, which he'll then use to sell more toys.
The rest of the individuals we spend much time with are bankers, lawyers, and judges. At times, it's difficult to separate people, and once you go it's still difficult to figure out who would actually be the best option to Marvel. Raviv makes a point to share how all the main players, including most of the bankers and lawyers are Jewish middle aged millionaire males. What's at stake for them are the value of their shares, the junk bonds they can use as collateral, and control of boards of directors. A few times a new editor is named at Marvel, but the decision making by these guys rarely takes into account what their actions do the comics.
Besides a one page comic reprint at the start of each chapter, the rest of the book is the story of the financial power struggle behind the scenes. As such it was pretty dry and not exactly what I'd hoped for. However, it also felt very well researched and pretty informative on how the world's richest people and gamble on giant corporations with little to no effect on their day to day lives.
Comic Wars follows Marvel from the purchase of Ronald Perelman, to its bankruptcy, to its attempted coup by Carl Icahn to its successful rescue by Toy Biz through the hands of Ike Perlmutter and Avi Arad. Of those main cast of individuals, Perelman and Icahn are both corporate raiders (or corporate terrorists to some), and Perlmutter is also a multi million dollar businessman who happens to run a Toy company. The only guy that really shows an interest in comics is Avi Arad, who sees them as a great vehicle to make movies, which he'll then use to sell more toys.
The rest of the individuals we spend much time with are bankers, lawyers, and judges. At times, it's difficult to separate people, and once you go it's still difficult to figure out who would actually be the best option to Marvel. Raviv makes a point to share how all the main players, including most of the bankers and lawyers are Jewish middle aged millionaire males. What's at stake for them are the value of their shares, the junk bonds they can use as collateral, and control of boards of directors. A few times a new editor is named at Marvel, but the decision making by these guys rarely takes into account what their actions do the comics.
Besides a one page comic reprint at the start of each chapter, the rest of the book is the story of the financial power struggle behind the scenes. As such it was pretty dry and not exactly what I'd hoped for. However, it also felt very well researched and pretty informative on how the world's richest people and gamble on giant corporations with little to no effect on their day to day lives.
October 17, 2013
In the early 1990s, Marvel comics was a superstar of the industry. With several fan-favourite artists, they were selling huge numbers of comics with alternate covers and luxurious production values, they were raking in money as fans and speculators coudln't get enough.
A couple of years later, they were in bankruptcy court. What happened?
This book tells us, in dramatic detail. When Marvel's original owner, Marty Goodmon, sold the company, he sold it to New World, who may have known something about publishing, but nothing about comics - the buyer thought he was getting Superman. Soon later the company landed in the hands of Ron Perelman, a multi-billionnaire who built his fortune on taking companies (like Revlon) and gutting them for every penny, then selling them and moving on. Ina flurry of junk bonds and speculative financing, Marvel fell between Perelman and rival financier Carl Icahn, with Ike Perlmutter (of the little company Toy Biz) and his pal Avi Arad getting caught in the crossfire.
Huge sums of money, played like poker chips, were at stake among men whose wealth was already incalculable. They didn't need more money, but they didn't want to lose. Lawyer got into the act, fighting each other like foul-mouthed schoolboys. Judges assigned to the case started fighting each other. It looked for a while as if Marvel would not - could not - survive.
And one thing was clear: no one involved cared in the least about comics.
Raviv has made this a fascinating tale, in which I became more appalled by the cutthroat world of big business than ever. The product didn't matter, much less the fans, the creativity, the livelihoods and the business of comics.
Lucky thing that, while reading, I already knew from hindsight that Marvel had survived.
http://www.randomhouse.com/features/c...
Sometimes I wondered how Raviv knew the personal details he describes - my best guess is that Ike Perlmutter was his source of information.
Sometimes Raviv plays the action up like a comic book of old, and the analogy gets a little strained. But the chapter headings are terrific.
A couple of years later, they were in bankruptcy court. What happened?
This book tells us, in dramatic detail. When Marvel's original owner, Marty Goodmon, sold the company, he sold it to New World, who may have known something about publishing, but nothing about comics - the buyer thought he was getting Superman. Soon later the company landed in the hands of Ron Perelman, a multi-billionnaire who built his fortune on taking companies (like Revlon) and gutting them for every penny, then selling them and moving on. Ina flurry of junk bonds and speculative financing, Marvel fell between Perelman and rival financier Carl Icahn, with Ike Perlmutter (of the little company Toy Biz) and his pal Avi Arad getting caught in the crossfire.
Huge sums of money, played like poker chips, were at stake among men whose wealth was already incalculable. They didn't need more money, but they didn't want to lose. Lawyer got into the act, fighting each other like foul-mouthed schoolboys. Judges assigned to the case started fighting each other. It looked for a while as if Marvel would not - could not - survive.
And one thing was clear: no one involved cared in the least about comics.
Raviv has made this a fascinating tale, in which I became more appalled by the cutthroat world of big business than ever. The product didn't matter, much less the fans, the creativity, the livelihoods and the business of comics.
Lucky thing that, while reading, I already knew from hindsight that Marvel had survived.
http://www.randomhouse.com/features/c...
Sometimes I wondered how Raviv knew the personal details he describes - my best guess is that Ike Perlmutter was his source of information.
Sometimes Raviv plays the action up like a comic book of old, and the analogy gets a little strained. But the chapter headings are terrific.
April 28, 2009
Once upon a time, Marvel Comics almost went bankrupt. No, it wasn’t solely the result of falling profit margins – although that certainly didn’t help matters. Rather, it was in danger of imminent collapse when a certain corporate raider by the name of Carl Icahn – most famous for tearing apart TWA, U.S. Steel, and Texaco – bullied his way into the Marvel boardroom, and attempted to suck dry Marvel Comics like a modern pirate aboard a commercial shipping vessel off the coast of Somalia. (Of course, much could be said about the ludicrous over-speculation of the collecting frenzy of the early 90s, and the predominant narrative and artistic tripe that Marvel – if not the industry as a whole -- was churning out on a weekly basis.)
Whether or not comic books are your thing – or if you just like the block-bluster movies Marvel Studios is putting out these days – Raviv’s narrative is a bona-fide page-turner that will leave you speechless at the corporate greed that possesses many members of the mega-wealthy elite. If the collapse of U.S. economy in the last year and half is any indication, corporate greed just may be a thing of the past (one can only hope), and Raviv’s meticulous research is likely one of the most thorough autopsy of wheelin’-and’dealin’ gone almost completely and horribly wrong.
But like all good tales, there is a knight in shining armor: Ari Avad. I’ve seen his name alongside “producer” on most Marvel comics-turned-movies in the past decade. And nowhere has his praise been more highly sung than here. It is no faint praise to claim that Avad is to Icahn as Peter Parker is to Norman Osborn. (And no doubt he’d love that comparison.)
For those of you (like me) who weren’t paying the least bit attention to comic books in for most of the late 80s and 90s, but who have a financially savvy mind, this book is one that will be hard to put down.
Whether or not comic books are your thing – or if you just like the block-bluster movies Marvel Studios is putting out these days – Raviv’s narrative is a bona-fide page-turner that will leave you speechless at the corporate greed that possesses many members of the mega-wealthy elite. If the collapse of U.S. economy in the last year and half is any indication, corporate greed just may be a thing of the past (one can only hope), and Raviv’s meticulous research is likely one of the most thorough autopsy of wheelin’-and’dealin’ gone almost completely and horribly wrong.
But like all good tales, there is a knight in shining armor: Ari Avad. I’ve seen his name alongside “producer” on most Marvel comics-turned-movies in the past decade. And nowhere has his praise been more highly sung than here. It is no faint praise to claim that Avad is to Icahn as Peter Parker is to Norman Osborn. (And no doubt he’d love that comparison.)
For those of you (like me) who weren’t paying the least bit attention to comic books in for most of the late 80s and 90s, but who have a financially savvy mind, this book is one that will be hard to put down.
April 3, 2012
Scary saga about the clash of business tycoons, who hadn't basically ever read a single page of a comic book, but found Marvel anyway interesting pick because of its peculiar numbers. In this book you will discover what brought Marvel to bankruptcy and what kind of powers struggled to gain the control over it by paperwork, just to make more profit by exploiting its weaknesses and assets, without exhibiting a bit of interest to the creative and real value adding aspect of the company. What kind of life is this these stock and bond market businessmen lead? They live for a work almost 24 hours a day, think only about numbers and zeros they might add (or subtract, given the case) to their bank accounts (without really harming their financial positions and lifestyles) and casually chat with their potential business partners or enemies (again, given the case...) about everything (but comics) over the lunch break while at the same time pondering how to outsmart and beat them, without basically having a clue about the actual companies they are fighting over. I define that really scary. Playing such a persistent game with people's lives and dreams (depending on the perspective, whether you're insider or outsider in the entire story) because of the egos, and of how much fortune they personally might yield of it? Do not talk to me about the pocket money they give for their philanthropic causes, please - that would be quite a hypocrisy.
December 28, 2007
As a comic book geek and a corporate investigator, this book has so far been an interesting read. Don't let the Spiderman on the cover fool you, this book is really more about the machinations of some of America's top corporate raiders, Marvel just happened to be the company caught in the middle. The author tries to make an emotional connection the comicbook fan base by pointing out on various occasions how the people involved didn't care about the fate of Spiderman, the Hulk or the Fantastic Four and empasizing how close Marvel came to being liqudated or sold to some media conglomerate (in case you're wondering, DC considered it for about 2 seconds before running screaming in the opposite direction because of all of the debt Marvel was carrying). But really, this isn't surprising. The likes of Ron Perelman and Carl Icahn are rarely interested in the substance of the companies they target, beyond turning them into money makers. What's interesting for me is that I started reading Marvel comics right around the time this was going on, and didn't have a clue the company was in such dire straits. I vaguely remember being in high school and looking into investing in companies that I was interested in and being shocked to find that Marvel was trading at less thatn $2. Now I know why.
September 1, 2012
I typically do not read non-fiction (feels like I just used a double negative) but in this case the subject matter intrigued me. This tells the story about Marvel Comics' bankruptcy and as the title indicates how two tycoons (who are still really rich and well known btw) lost it to a toy company.
The best part for me was how it ended up and how the new "buyer" saw the importance and power of the characters and the Marvel brand. One of the principles from the toy company was keenly interested in turning the properties into movies and we all know how well that turned out.
Like the window it provided into the world of high finance and the American court system (in regards to business transactions).
Enjoyable and a relatively quick read.
The best part for me was how it ended up and how the new "buyer" saw the importance and power of the characters and the Marvel brand. One of the principles from the toy company was keenly interested in turning the properties into movies and we all know how well that turned out.
Like the window it provided into the world of high finance and the American court system (in regards to business transactions).
Enjoyable and a relatively quick read.
June 22, 2010
With my interest and love of comics, I was curious how Marvel go into trouble financially after being on top of the industry for so long. One of the aspects of the book centers around the unique aspects of the consumer side of the comic industry and how those that bought and owned the Marvel failed to recognize this and it almost put Spiderman and his pals on the bankruptcy auction block, and it almost destroyed the industry. However, the good side is how two business men (one being a fan of Marvel) wound up with control and then (as I see it) transformed this media industry.
All of this transpired in the 1990's. I wonder how well is measures in today's world of corporate troubles.
All of this transpired in the 1990's. I wonder how well is measures in today's world of corporate troubles.
December 4, 2014
Insightful, funny and horrendous legal narrative of Marvel's 1990s bankruptcy crash trials; and how two founders of the smaller, more profitable Toybiz fought off an attack among two Goliath parasites. The author translates legalese into common logic and where this book falls down (in the latter chapters), is also his accomplishment, as in the long, protracted nature of the conflict.
I registered this book at BookCrossing.com!
http://www.BookCrossing.com/journal/12954933
I registered this book at BookCrossing.com!
http://www.BookCrossing.com/journal/12954933
February 24, 2015
Fascinating - I remember a lot of what happens in this book from the nervous consumer angle, and then there was a point when I wasn't really paying attention to the legal wrangling; I'm not sure how much of it would have been printed in things I read anyway. Tells a story of greed and rich men who fly in the face of Warren Buffet's advice about "knowing about what you invest in," while also giving a clearer picture of what led Marvel to the re-organization of 2000 and the forces that shaped even what they're doing now.
February 12, 2009
Pretty good book. Not the information I was looking for exactly. I wanted more of a look at the mechanics involved and something a little more judgemental. After all Pearlman managed to take a 50+ year old solvent company with the potential to be worth billions, check the grosses on the Spider-Man and X-Men films, and screw it all up. Still worth a read if you are of a certain age and more than a casual fan of comics or any toher creative industry.
February 13, 2015
The story here is interesting, but the writing is poor. The author repeats information again and again, often within the same chapter and certainly between chapters. If he stopped telling the reader the same thing repeatedly (and honestly, he often states the same facts in the exact same way multiple times), the book would be half the length.
February 19, 2008
"Fascinating at times, but dragged down by a detailed accounting of the terrifically complex bankruptcy case of Marvel Comics. The views of the personalities and habits of NY billionaires like Ronald Perlman and Carl Ichan add a lot. And the good guys win!"
June 26, 2010
Interesting book. The author does a good job explaining in plain English the corporate games that occurred. One thing that is clear from this book is the incredible level of greed the people at the top exhibit, while pretending they are there to help out troubled companies.
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