For the last few years Michael Wolk has quietly worked to advance the multi-billion dollar copyright infringement lawsuit that claims Walt Disney Co. does not own the rights to iconic Stan Lee-created superhero characters it acquired from Marvel Entertainment, like Spider-Man, X-Men, The Incredible Hulk and The Fantastic Four.
Before Wolk got involved, the minority shareholders of a company Lee founded in the 1990s had for a long time unsuccessfully litigated over these characters, but Wolk has not been dissuaded.
“We are in the right here,” says Wolk in an interview. “No court has ever addressed or ever decided who is the owner of the characters—all of the prior litigation got dismissed for reasons that have nothing to do with who owns the characters.”
Wolk is not a shareholder of Stan Lee Media, which spent the years 2001 to 2006 in bankruptcy court, nor is he a lawyer in the case. Rather Wolk is an investor who has organized a small group to financially back Stan Lee Media’s legal claims that it owns these iconic characters. Wolk says his primary investor is one of the nation’s biggest hedge funds, billionaire Paul Singer’s Elliott Management. “Elliott Capital hedge fund has been providing financial support to help [Stan Lee Media] since 2011,” says Wolk.
Read the full article: Forbes.