-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nn63AayR6kJypE8y+HnS/qimMpYsne4hVJ6rU8E5BwY+rS+x7u423xxgRocWRFkx NZqttvrsOx8xKgoNa1QLhg== 0000922423-99-001255.txt : 19991103 0000922423-99-001255.hdr.sgml : 19991103 ACCESSION NUMBER: 0000922423-99-001255 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19991102 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MARVEL ENTERPRISES INC CENTRAL INDEX KEY: 0000933730 STANDARD INDUSTRIAL CLASSIFICATION: DOLLS & STUFFED TOYS [3942] IRS NUMBER: 133711775 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47191 FILM NUMBER: 99739851 BUSINESS ADDRESS: STREET 1: 387 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126960808 MAIL ADDRESS: STREET 1: 685 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TOY BIZ INC DATE OF NAME CHANGE: 19941213 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DICKSTEIN PARTNERS INC CENTRAL INDEX KEY: 0000922415 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133537972 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 9 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 MAIL ADDRESS: STREET 1: 9 WEST 57TH STREET CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 AMENDMENT NO. 5 (FINAL) TO SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 (Final) to SCHEDULE 13D Under the Securities Exchange Act of 1934 Marvel Enterprises,Inc. (formerly Toy Biz, Inc.) ----------------------- (Name of Issuer) Common Stock, $.01 par value ---------------------------- (Title of Class of Securities) 57383M 10 8 ----------- (CUSIP Number) Alan S. Cooper Dickstein Partners Inc. 660 Madison Avenue, 16th Floor New York, New York 10021 (212) 754-4000 -------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 29, 1999 ---------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13(d)-1(f) or 13d-1(g), check the following box: |_| Page 1 of 12 pages SCHEDULE 13D CUSIP No.57383M 10 8 Page 2 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON DICKSTEIN & CO., L.P. - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC, 00 (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF 1,240,797 (See Item 5) SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING Not Applicable PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER 1,240,797 (See Item 5) -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER Not Applicable - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,240,797/1/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.7% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- - ------------ /1/ Includes 211,601 shares of Common Stock that the Reporting Person has the right to acquire upon conversion of 203,659 shares of the Issuer's 8% Convertible Exchangeable Preferred Stock (the "Preferred Stock") held by the Reporting Person. SCHEDULE 13D CUSIP No.57383M 10 8 Page 3 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON DICKSTEIN INTERNATIONAL LIMITED - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS WC, 00 (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION BRITISH VIRGIN ISLANDS - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF 226,701 (See Item 5) SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING Not Applicable PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER 226,701 (See Item 5) -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER Not Applicable - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 226,701/2/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.7% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- - ------------- /2/Includes 212,368 shares of Common Stock that the Reporting Person has the right to acquire upon conversion of 204,397 shares of Preferred Stock held by the Reporting Person. SCHEDULE 13D CUSIP No.57383M 10 8 Page 4 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON DICKSTEIN PARTNERS, L.P. - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS AF, 00 (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF Not Applicable SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING 1,240,797 (See Item 5) PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER Not Applicable -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 1,240,797 (See Item 5) - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,240,797/3/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.7% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- - -------- /3/ Includes 211,601 shares of Common Stock issuable upon conversion of 203,659 shares of Preferred Stock that may be deemed to be beneficially owned by the Reporting Person. SCHEDULE 13D CUSIP No.57383M 10 8 Page 5 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON DICKSTEIN PARTNERS INC. - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS AF, 00 (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF Not Applicable SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING 1,467,498 (See Item 5) PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER Not Applicable -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 1,467,498 (See Item 5) - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,467,498/4/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.3% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- - -------- /4/ Includes 423,969 shares of Common Stock issuable upon conversion of 408,056 shares of Preferred Stock that may be deemed to be beneficially owned by the Reporting Person. SCHEDULE 13D CUSIP No.57383M 10 8 Page 6 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MARK DICKSTEIN - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS PF, AF (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF 16,667 (See Item 5) SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING 1,467,498 (See Item 5) PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER 16,667 (See Item 5) -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER 1,467,498 (See Item 5) - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,484,165/5/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.4% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- - -------- /5/ Includes 423,969 shares of Common Stock issuable upon conversion of 408,056 shares of Preferred Stock that may be deemed to be beneficially owned by the Reporting Person and 6,667 shares of Common Stock issuable upon exercise of options held by the Reporting Person. SCHEDULE 13D CUSIP No.57383M 10 8 Page 7 of 12 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ELYSSA DICKSTEIN - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x] see Item 5 (b) [_] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) SOURCE OF FUNDS PF, AF (See Item 3) - -------------------------------------------------------------------------------- 5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [_] - -------------------------------------------------------------------------------- 6) CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- 7) SOLE VOTING POWER NUMBER OF 53,550 (See Item 5) SHARES -------------------------------------------------------------- BENEFICIALLY 8) SHARED VOTING POWER OWNED BY EACH REPORTING (See Item 5) PERSON -------------------------------------------------------------- WITH 9) SOLE DISPOSITIVE POWER 53,550 (See Item 5) -------------------------------------------------------------- 10) SHARED DISPOSITIVE POWER (See Item 5) - -------------------------------------------------------------------------------- 11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 53,550/6/ (See Item 5) - -------------------------------------------------------------------------------- 12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Item 5) [ ] - -------------------------------------------------------------------------------- 13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.2% (See Item 5) - -------------------------------------------------------------------------------- 14) TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- - ------------- /6/ Consists of 53,550 shares of Common Stock that the Reporting Person has the right to acquire upon conversion of 51,540 shares of Preferred Stock held by the Reporting Person. Amendment No, 5 (Final) to Schedule 13D Introduction This amends the Schedule 13D dated October 1, 1998 as amended by Amendment No. 1 thereto, dated October 13, 1998, as amended by Amendment No. 2 thereto, dated March 4, 1999 and as amended by Amendment No. 3 thereto, dated August 13, 1999 and as amended by Amendment No. 4 thereto dated October 5, 1999 (the "Schedule 13D"), filed by Dickstein & Co., L.P. ("Dickstein & Co."), Dickstein Focus Fund L.P. ("Dickstein Focus"), Dickstein International Limited ("Dickstein International"), Dickstein Partners, L.P. ("Dickstein Partners"), Dickstein Partners Inc. ("Dickstein Inc."), Elyssa Dickstein, Jeffrey Schwarz, and Alan Cooper as Trustees U/T/A/D 12/27/88, Mark Dickstein, Grantor (the "Dickstein Trust"), Mark Dickstein and Elyssa Dickstein, as Trustees of the Mark and Elyssa Dickstein Foundation (the "Dickstein Foundation"), Mark Dickstein and Elyssa Dickstein, with respect to the common stock, $.01 par value (the "Common Stock"), of Marvel Enterprises, Inc., a Delaware corporation (the "Company"). Dickstein & Co., Dickstein Focus, Dickstein International, Dickstein Partners, Dickstein Inc., the Dickstein Trust, the Dickstein Foundation, Mark Dickstein and Elyssa Dickstein are collectively referred to as the "Reporting Persons." The Company's 8% Convertible Exchangeable Preferred Stock is referred to as the "Preferred Stock." Notwithstanding this Amendment No. 5 (Final), the Schedule 13D speaks as of its respective dates. II. Items 5(a) 5(c) and 5 (e) of the Schedule 13D "Interest in Securities of the Issuer" are amended and restated as follows: (a) The Reporting Persons beneficially own an aggregate of 1,537,715 shares of Common Stock, representing approximately 4.5%/7/ of the Common Stock outstanding. Such shares are directly held by the Reporting Persons as follows:
Common Stock Percentages of Issuable Upon Common Stock Conversion of Beneficially Common Stock Preferred Stock Preferred Stock Owned Dickstein & Co. 1,029,196 203,659 211,601 3.7% Dickstein Focus * * * * Dickstein International 14,333 204,397 212,368 0.7 Dickstein Trust * * * * Dickstein Foundation * * * *
- ----------- /7/ Percentages are based upon 33,532,222 shares of Common Stock reported outstanding at August 27, 1999 in the Company's Proxy Statement dated September 3, 1999 for the 1999 Annual Meeting of Stockholders held on September 30, 1999. 8 less than Mark Dickstein 16,667/8/ * * 0.1 Elyssa Dickstein * 51,540 53,550 0.2 Each share of Preferred Stock is convertible into 1.039 shares of Common Stock (subject to certain anti-dilution adjustments), votes generally with the Common Stock as a single class on the basis of the number of shares of Common Stock into which it is convertible, and votes as a separate class on certain matters as provided in the Company's Restated Certificate of Incorporation, to which reference is made for a complete specification of the terms of the Preferred Stock. The following table sets forth the percentages of the outstanding Common Stock, the outstanding Preferred Stock and the outstanding voting power of the Company directly held by each of the Reporting Persons:
Percentage Percentage of Percentage of of Outstanding Common Stock/9/ Preferred Stock/10/ Voting Power Dickstein & Co. 3.1% 1.1% 3.7% Dickstein International less than 0.1 1.1 0.7 Mark Dickstein less than 0.1 -- less than 0.1 Elyssa Dickstein -- 0.3 0.2 Total 3.2% 2.5% 4.5%
(c) From October 29 through November 2, the Reporting Persons sold an aggregate of 2,500,000 shares of Preferred Stock, in each case at a price of $6 3/8 per share as follows: On October 29, Dickstein & Co. sold 385,296 shares; on November 1, Dickstein & Co. sold 1,300,000 shares, 500,000 of which were sold in an open market transaction; on November 2, Dickstein & Co. sold 514,704 shares, Dickstein International sold 200,000 shares and Elyssa Dickstein sold 100,000 shares. Other than the November 1 open market sale of 500,000 shares by Dickstein & Co., the sale by the Reporting Persons of the remaining 2,000,000 shares were effected in privately negotiated transactions. - ----------- /8/ Includes 6,667 shares issuable upon exercise of options held by Mr. Dickstein. /9/ Based upon 33,532,222 shares of Common Stock outstanding. See the previous footnote. /10/ Based upon 18,311,276 shares of Preferred Stock outstanding following payment of an in-kind dividend for the quarter ended September 30, 1999. 9 Except as aforesaid and as set forth in previous amendments to the Schedule 13D none of the persons identified in Item 2 has effected any transactions in the Common Stock during the past 60 days. (e) The Reporting Persons ceased to be the beneficial owner of more than five percent of the outstanding shares on October 28, 1999. Accordingly, the Reporting Persons intend not to further amend their report on Schedule 13D to reflect changes in the facts set forth therein which may occur after the date hereof." III. Item 6 of the Schedule 13D "Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer" is amended by adding the following paragraph to the end of such section. "In connection with the sale by the Reporting Persons of an aggregate of 814,704 shares of Preferred Stock (the "Shares") to Classic Heroes, Inc., Biobright Corporation and Isaac Perlmutter T.A. (the "Purchasers"), on November 2, 1999, certain of the Reporting Persons entered into an agreement (the "Letter Agreement") with the Purchasers pursuant to which, among other things, effective upon the sale of the Shares, each of the Dickstein Entities signatory to the Letter Agreement and Mark Dickstein, as Dickstein Designator (as defined in the Stockholder's Agreement), waive their rights under the Stockholder's Agreement to have a Dickstein Designee (as defined in the Stockholder's Agreement) nominated and/or elected as a Director and that they relinquish all other rights under the Stockholder's Agreement. A copy of the Letter Agreement is annexed hereto as Exhibit 4." IV. Item 7 of the Schedule 13D "Materials to be filed as Exhibits" shall be amended by adding the following Exhibit: Exhibit 4: Form of Letter Agreement dated November 2, 1999 between Mark Dickstein, Dickstein & Co., L.P. Dickstein Focus Fund L.P. Dickstein International Limited, Elyssa Dickstein, Jeffrey Schwarz and Alan Cooper as Trustees U/T/A/D 12/27/88, Mark Dickstein Grantor and Mark Dickstein and Elyssa Dickstein, as Trustees of the Mark and Elyssa Dickstein Foundation and Classic Heroes, Inc., Biobright Corporation and Isaac Perlmutter T.A. 10 SIGNATURES After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Date: November 2, 1999 DICKSTEIN & CO., L.P. By: Alan S. Cooper, as Vice President of Dickstein Partners Inc., the general partner of Dickstein Partners, L.P., the general partner of Dickstein & Co., L.P. By: /s/ Alan S. Cooper ----------------------------- Name: Alan S. Cooper DICKSTEIN FOCUS FUND L.P. By: Alan S. Cooper, as Vice President of Dickstein Partners Inc., the general partner of Dickstein Partners, L.P., the general partner of Dickstein Focus Fund L.P. By:/s/ Alan S. Cooper ----------------------------- Name: Alan S. Cooper DICKSTEIN INTERNATIONAL LIMITED By: Alan S. Cooper, as Vice President of Dickstein Partners Inc., the agent of Dickstein International Limited By: /s/ Alan S. Cooper ----------------------------- Name: Alan S. Cooper DICKSTEIN PARTNERS, L.P. By: Alan S. Cooper, as Vice President of Dickstein Partners Inc., the general partner of Dickstein Partners, L.P. By:/s/ Alan S. Cooper ------------------------------ Name: Alan S. Cooper 11 DICKSTEIN PARTNERS INC. By: Alan S. Cooper, as Vice President By: /s/ Alan S. Cooper ------------------- Name: Alan S. Cooper MARK DICKSTEIN By: /s/ Mark Dickstein ------------------- Name: Mark Dickstein ELYSSA DICKSTEIN By: /s/ Elyssa Dickstein ------------------- Name: Elyssa Dickstein ELYSSA DICKSTEIN, JEFFREY SCHWARZ, AND ALAN S. COOPER AS TRUSTEES U/T/A/D 12/27/88, MARK DICKSTEIN, GRANTOR By: /s/ Alan S. Cooper ------------------- Name: Alan S. Cooper MARK DICKSTEIN AND ELYSSA DICKSTEIN AS TRUSTEES OF THE MARK AND ELYSSA DICKSTEIN FOUNDATION By: /s/ Mark Dickstein ------------------- Name: Mark Dickstein 12 EX-4 2 LETTER AGREEMENT CLASSIC HEROES, INC. BIOBRIGHT CORPORATION ISAAC PERLMUTTER T.A. P.O. Box 1028 Lake Worth, Florida 33460-1028 November 2, 1999 Mark Dickstein Dickstein & Co., L.P. Dickstein Focus Fund L.P. Dickstein International Limited Elyssa Dickstein, Jeffrey Schwarz and Alan Cooper as Trustees U/T/A/D 12/27/88, Mark Dickstein, Grantor Mark Dickstein and Elyssa Dickstein, as trustees of the Mark and Elyssa Dickstein Foundation c/o Dickstein Partners Inc. 660 Madison Avenue, 16th Floor Ladies and Gentlemen: We have discussed with Dickstein & Co., L.P., Dickstein International Limited and Elyssa Dickstein (the "Sellers") our proposed purchase from the Sellers of an aggregate of 814,704 shares (the "Shares") of 8% cumulative convertible exchangeable preferred stock, par value $0.01 per share, of Marvel Enterprises, Inc., a Delaware corporation (the "Company"). You are members of the Investor Group under the Stockholders' Agreement dated as of October 1, 1998 by and among the Company, Avi Arad, you, the Perlmutter Entities, Chase, Morgan Stanley, and Whippoorwill (the "Stockholders' Agreement"). Capitalized terms not defined in this letter have the same meanings here as they do in the Stockholders' Agreement. You have informed us that, effective upon the Sellers' sale to us of the Shares, each of you, as Dickstein Entities, and Mark Dickstein, as Dickstein Designator, waive your rights under the Stockholders' Agreement to have a Dickstein Designee nominated and/or elected as a Director. You have also informed us that, effective upon the Sellers' sale to us of the Shares, you relinquish all your other rights under the Stockholders' Agreement. Mark Dickstein, as Dickstein Designator, agrees that if any part of the foregoing waiver and relinquishment is ineffective, then he shall, at any time when permitted to make designations under the Stockholders' Agreement, designate an individual named by the Investor Group Designator as the Dickstein Designee. We are relying, in purchasing the Shares from the Sellers, on the waiver and relinquishment referred to above. With respect to those of you who are Sellers, we are also relying upon your acknowledgment of the following: (i) that, until Mark Dickstein's resignation as a member of the Company's Board of Directors, you had, or had access to, information about the Company as a result of Mr. Dickstein's service on the Company's Board of Directors and otherwise that was the equivalent of the information about the Company which we have, or to which we have access, as a result of Isaac Perlmutter's service on the Company's Board of Directors and otherwise; (ii) that your decision to sell us the Shares has been made without reliance on, or solicitation by, us, our representatives or the Company; (iii) that the price at which you intend to sell us the Shares is a price at which you would sell the shares, on the same terms, to any willing buyer at this time (regardless of whether we believe the shares are worth more than the sales price); and (iv) that, except for the payment of the purchase price for the Shares, we will have no liability to you arising from your sale to us of the Shares. We acknowledge that you will have no liability to us arising from the Sellers' sale to us of the Shares, other than your obligations under this letter and the Sellers' obligation to deliver the Shares to us free and clear of any encumbrances or adverse claims. Please indicate your agreement to the foregoing by signing below. Very truly yours, CLASSIC HEROES, INC. By: __________________________________ Name: Isaac Perlmutter Title: President BIOBRIGHT CORPORATION By: __________________________________ Name: Isaac Perlmutter Title: President ISAAC PERLMUTTER T.A. By: __________________________________ Name: Isaac Perlmutter Title: Trustee AGREED: _________________________________________ Mark Dickstein, in his individual capacity and as the Dickstein Designator DICKSTEIN & CO., L.P. By: Dickstein Partners, L.P. By: Dickstein Partners Inc. By:__________________________________ Name: Alan S. Cooper Title: Vice President DICKSTEIN FOCUS FUND L.P. By: Dickstein Partners, L.P. By: Dickstein Partners Inc. By:__________________________________ Name: Alan S. Cooper Title: Vice President DICKSTEIN INTERNATIONAL LIMITED By: Dickstein Partners Inc. By:__________________________________ Name: Alan S. Cooper Title: Vice President ELYSSA DICKSTEIN, JEFFREY SCHWARZ AND ALAN COOPER AS TRUSTEES U/T/A/D 12/27/88, MARK DICKSTEIN, GRANTOR By:__________________________________ Alan S. Cooper Trustee MARK DICKSTEIN AND ELYSSA DICKSTEIN, AS TRUSTEES OF THE MARK AND ELYSSA DICKSTEIN FOUNDATION By:___________________________________ Mark Dickstein Trustee -----END PRIVACY-ENHANCED MESSAGE-----