Stan Lee Media

From Wikipedia, the free encyclopedia

Stan Lee Media was an internet based creation, production and marketing company that created branded super hero franchises for applications in all media. It's 165 man animation production studio was based in Los Angeles, California from 1998- 2001.

The company was founded by Spder Man, X-Men, The Hulk and Fantastic Four co-creator Stan Lee with his friend, Hollywood entrepreneur Peter F. Paul in 1998 as Stan Lee Entertainment. It changed its name to Stan Lee Media in July, 1999 when it acquired a public company, trading under the symbol SLEE.

The company subsequently failed, and several executives, including Paul, with convicted of fraud and related crimes. SLM bankruptcy dismissed on Dec 6, 2006 on application of US Trustee for cause. The company was taken back by the shareholders after its dismissal from bankruptcy and has hired a legal and accounting forensic consultant to review all transactions that occurred during bankruptcy and will be vigorously asserting its rights. http://www.stanleemedia.net

The company remained under bankruptcy protection until the US Trustee for the Central District of California moved to dismiss the bankruptcy for failure of the company as Debtor in Possession to comply with basic requirements of filing monthly reports and paying quarterly fees to the Trustee. As of November 1, 2006, all of the officers and directors of the company had resigned or abandoned their positions and the company's lawyers for the Debtors in Possession attempted to obtain court authorization to destroy or dispose of the company's books and records, thereby prejudicing the shareholders of the company.

The shareholders were approached by one of America's foremost whistleblowers on Wall Street corruption (who exposed billions in damages to public investors in unethical business practices) and on November 15, 2006, he was appointed to fill the board and officer vacancies on behalf of the shareholders to begin to remedy all of the misfeasance and possible malfeasance of the company fiduciaries. The prejudicial administration of the company ( failing to maintain the company in good standing with all administrative filings, allowing the corporation to be administratively dissolved by the Secretary of State of Colorado, failing to exercise due diligence in entering into contracts made by the company, failing to assert rights owned by the company that would restore substantial assets to the company, etc) by the Debtors in Possession threatened to eradicate all remaining shareholder value.

The company is now poised to exploit its remaining assets to benefit all shareholders while it reviews its remedies for the misfeasance and malfeasance involved in administering the company since it obtained bankruptcy protection in 2001.