"Stan Lee Media" wants $5 Billion from Marvel

ICv2 is reporting that Stan Lee Media (which Stan Lee himself has nothing to do with) has filed a $5 billion lawsuit against Marvel Entertainment on the basis of "co-ownership" of all the properties created by Stan Lee while he was at Marvel.

Stan Lee Media was the poster child for everything that was wrong with the seamy over-hyped portion of the Internet boom, and its collapse in 2001 led to a number of convictions. Stan Lee managed to extricate himself from what the New York Post called "the unsavory bunch that surrounded the 80-year-old cartoonist and drove his name and company, Stan Lee Media, into the ground." Lee formed Pow! Entertainment in 2002 where he has had some success with his new independent projects like the Who Wants To Be A Superhero? TV series, and Lee also currently serves a Publisher Emeritus with Marvel.

UPDATE - 3/20

Marvel Entertainment, Inc. reported that a claim was filed today in United States District Court for the Southern District of New York by Stan Lee Media, Inc. The claim against Marvel Entertainment alleges that nine years ago Stan Lee transferred to Stan Lee Media ownership of a number of Marvel comic book characters he co-created. Marvel believes that the claim against it is without merit and that it will prevail in this dispute.

Stan Lee Media was recently in bankruptcy and is being sued by Stan Lee. In his suit, Mr. Lee is challenging the legitimacy of the management of Stan Lee Media. Mr. Lee is a long-time employee of Marvel and its predecessor companies and currently serves as Publisher Emeritus of Marvel Comics. Mr. Lee commented that, “I do not support this action and believe the suit to be baseless.”