LaSalle National Bank v. Perelman

OPINION

McKELVIE, District Judge.

This is a commercial case. In 1993 and 1994, Marvel Holdings Inc. (“Holdings”), Marvel (Parent) Holdings Inc. (“Parent”) and Marvel III Holdings Inc. (“Marvel III”) (collectively, the “Marvel Holding Companies”) issued a series of notes secured by stock of their subsidiary, Marvel Entertainment Group, Inc. (“Marvel”). The directors of the Marvel Holding Companies used the $550 million in proceeds from the notes to pay dividends to their parent corporations. Less than three years later, on December 27, 1996, Marvel and the Marvel Holding Companies filed…