In later generations, Marvel superhero movies were popular, and Cang Yaozu also knew something about the development history of Marvel.

In early 1989, Ronald Perelman spent $82.5 million to acquire Marvel Entertainment, which was originally owned by New World Pictures. After two years of operation, Perelman managed to get Marvel public in 1991. In June 1992, Marvel founder Martin Goodman died.

Perelman exemplifies his cunning in Marvel's comic book releases, with a card in the plastic sleeve of each comic book, and collectors will have to buy the same piece multiple times if they want to collect all five different designs. Like the game of eating little raccoon instant noodles when I was a child, the same model also has Alipay's Jiwufu, but Alipay's kind of is already a digital collection card. Whether it is a digital container card or a physical container truck, it is a powerful tool to attract money.

Using the collection of cards to consume the buying enthusiasm of Marvel fans, and using the sales of comics to drive up the Marvel stock price, this is Perelman's plan. The higher sales figures of Marvel Comics successfully pulled up Marvel's stock price, which soon broke through the $30 per share mark. In 1993, the Marvel stock price reached $34.25.

The stock price met expectations, and Perelman began his next move. He issued public bonds with a total face value of $894 million, and the collateral was Marvel (MEG) stock. By selling the bonds at a discount, Perelman quickly raised more than $700 million in cash.

After getting rich, Perelman began to "play a big game" and started a crazy "buy, buy, buy" mode: he bought Fleer sports card company for $265 million in the context of the sluggish sports card market. Perelman then bought a 46 percent stake in ToyBiz, a European card company Panini Stickers for $158 million, and Heroes World, a comic strip direct sales channel, and Skybox for $150 million.

Perelman intends to create a layout of the entire comic industry chain that spans the upstream and downstream, presumably to replicate Disney's successful model. In addition to acquisitions, they are still acquisitions, and this series of acquisitions has depleted $700 million in cash.

Perelman was as fierce as a tiger, but what he feared the most was coming. Since 1993, the comic industry has been hit by the rise of video games, the Internet and television networks, and soon fell into a downturn. By 1996, comic sales had fallen by 70 percent, and Perelman's card collection model was already in a huge bubble, and the enthusiasm of fans would always fade, and the card collection market was gradually declining.

The entire comic book industry almost collapsed. Marvel is having a hard time, and so is DC Comics. With the exposure of a series of suspicious transactions and the bursting of the financial bubble, Marvel's stock price collapsed, falling from $35.75 to $2.375 per share, a plunge of almost 15 times, and Marvel was also burdened with hundreds of millions of dollars in huge bank debt, and the situation was precarious.

There is always one of the darkest moments in every Marvel story: the sky is gloomy, in a horrible ruin, the hero is on his knees, and the villain is laughing wildly, ready to put the protagonist to death.

At this time, Marvel needs a hero to save the world!

So is Stan Lee, the legendary father of Marvel, this hero? According to the information gathered by Melissa, just a few days ago, the underfunded Stan Lee teamed up with the rock king Michael Jackson to launch an acquisition of Perelman for Marvel.

Michael Jackson wanted to play Spider-Man and did not hesitate to buy Marvel for this. It's amazing, Spider-Man dancing with Billie Jean, can you imagine what to do when you run into a villain, singing "Beat it" gorgeously to avoid it? Wow, this picture is so beautiful, I can't even look at it.

Of course, it won't be that simple, and Perelman doesn't want Stan Lee to return to the Marvel board. I finally got this old man away, what, old man, do you want to restore? Impossible, absolutely impossible. As a result, Perelman offered a high price, and Stan Lee had to retreat.

Is Marvel worth money now? It's really not worth it, the comic book distribution market is visibly sluggish, the investment in film and television adaptation is high and the risk is high, and Marvel is in huge debt. So is Marvel unpopular right now? Not really.

There is a way for flies to bite eggs with seams. Marvel has many beloved superheroes, and now they are in a desperate situation. Ordinary people will worry about the risk, but the risk will be bigger, and the famous Wall Street wolf Carl Icahn has his eye on Marvel.

Carl Icahn is the best at taking dips and splitting profits. His plan is to get control of Marvel, and then license all of Marvel's valuable superhero IPs at a high price, and then leave the market at a profit.

As for Perelman, he wants to continue to tell stories with the capital market to cheat money by reorganizing Marvel with his own toy company.

Whether it is splitting good assets and leaving the market for profits, or restructuring companies to tell stories and cheat money, although they are different business directions, they are all for their own interests, not Marvel's interests, which is why Perelman and Carl Icahn are not welcomed.

If you can only choose one person from two people to support it, then most shareholders will choose to support Karl Ikan, and there is no harm if there is no comparison, and Karl Icahn still takes into account the rights and interests of each shareholder, and it is all for profit.

Perelman, on the other hand, has lost the trust of his shareholders, and this guy has made a lot of money over the years by issuing a large number of junk bonds, while Marvel's debt has piled up.

Cang Yaozu came to Citigroup on December 10, and then he spent a week in Silicon Valley, and now it's December 17. As far as Cang Yaozu knows, on December 27, Ronald Perelman will file for Marvel's bankruptcy reorganization, which is mainly due to the struggle of the Marvel board of directors, Carl Icahn obstructs Perelman from reorganizing Marvel, Perelman cannot tolerate Carl Icahn splitting Marvel, and the contradiction is irreconcilable. At this time, Marvel was troubled internally and externally.

Perelman has lost the trust of most shareholders. Karl Icahn, however, has some followers. As a result, Perelman is likely to be preparing a bankruptcy restructuring plan now.

Cang Yaozu has ordered Melissa to buy Marvel's various debts at a premium, whether it is bank equity mortgage, zero-coupon bonds, junk bonds, or Marvel's shares, all of which are among the acquisitions.

Junk bonds are high-risk bonds, and the junk bonds issued by Marvel are currently depreciating and seriously undervalued, and the returns after purchase are extremely high. As for the risk, that is, Marvel goes bankrupt and loses all its money. But it is still difficult for Marvel to go bankrupt, after all, he has a huge number of superhero IPs, and he is the only two comic giants in Citigroup, although the comic market has collapsed very badly, and Marvel's way out is also blurred.

After several days of acquisitions, there has been a lot of volatility in the market. While Melissa was making acquisitions from the public market and various banks, Cang Yaozu also contacted Avi Arad and Isaac Perlmutt through Dr. Avery Harari. They were all Israelis and had some daily interactions.