Monday, 10 December, 2018

Stan Lee Socks His Former Company With $1 Billion Lawsuit

Stan Lee Files $1B Lawsuit Against POW! Entertainment for Stan Lee Is Suing Pow! Entertainment, The Company He Co-Founded, For $1 Billion
Adrian Cunningham | 17 May, 2018, 03:37

Comic book legend Stan Lee has filed a lawsuit against his former business partners at POW! Entertainment CEO Shane Duffy and co-founder Gill Champion did not discuss the details of their transaction with Camsing International Ltd., an investment holding company principally engaged in the provision of procurement and assembly services in Hong Kong. Lee said that his co-founders "forged or fraudulently obtained" his signature to allow his name and likeness to be used anytime. He adds that Duffy and Champion "were two of the opportunists" and preyed "on his infirmities while he was in a state of despair". "Inc. the exclusive use of Lee's identity, name, image and likeness".

Lee is seeking an injunction declaring their agreement invalid and unenforceable, with damages in excess of $1 billion.

Lee's lawsuit claims that the defendants cruelly capitalized on Lee being distracted due to the 2017 death of his wife of 70 years, as well as taking advantage of the fact that he suffers from macular degeneration that would have made it virtually impossible for Lee to read any documents relating to the transaction. Lee is also suing his ex-business manager for Jerardo Olivarez for fraud.

Summary: Stan Lee says the company he founded conned him into giving up his name and likeness forever. The deal with Camsing went through when Lee's wife of nearly 70 years, Joan Lee, was dying, say his lawyers, and the comics writer was "in a state of total devastation". However, the documents he signed actually gave POW!

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Lee says a year ago Duffy and Champion, along with his ex-business manager Jerardo Olivarez, whom he's now suing for fraud, asked him to sign a non-exclusive license with POW! for the use of his name and likeness in connection with creative works owned by the company.

What do you think of Lee's lawsuit against POW! There is no question Mr Lee - who, along with his daughter, was and remains a substantial POW! shareholder - clearly understood the terms of the agreements he signed.

Lee seems intent on regaining control of his life. In early April, T.H.R. reported that Lee was the victim of alleged elder abuse, and that various battles were raging within his estate. "Someone else is doing it, NOT me", Lee tweeted out. How do I get them back?

"From now on, I will depend on you, my dear fans, to protect and defend me". You guys are my true superheroes.