Exhibit $6$ Marvel Public Debt at the Time of the Reorganization Plan

Sources: Bloomberg, Marvel Entertainment Group, Inc., Disclosure Statement Relating to First Amended Joint Plan of

Reorganization, Wilmington, Delaware, January $28,1997.$

${?}^{\text{a}\text{M}\text{a}\text{r}\text{k}\text{e}\text{t}\text{p}\text{r}\text{i}\text{c}\text{e}\text{s}\text{a}\text{r}\text{e}\text{q}\text{u}\text{o}\text{t}\text{e}\text{d}\text{p}\text{e}\text{r}\text{d}\text{o}\text{l}\text{l}\text{a}\text{r}of\text{f}\text{a}\text{c}\text{e}\text{v}\text{a}\text{l}\text{u}\text{e}\text{.}}$

CTotal number of post$-$reorganization $("$New$")$ shares was $528\mathrm{.}8$ million.

For your benefit, it would be helpful to understand how the case writer came up with the values in the two far right columns of Exhibit $6($no need to show this$).$ Please

perform the following calculations regarding the value of Marvel before and after $($hypothetically$)$ the Perlemen plan.

A$.$ Using all of the bonds as a single combined group, if the bonds are trading as a group at $$0\mathrm{.}18($as they were four days after Perelman approached Fidelity and Putnam$),$

what is the market value of all of the bonds in total?

B$.$ What stock price would make the value of the $77\mathrm{.}3M$ collateral shares equal to the current market value of the bonds trading at $$0\mathrm{.}18?$

C$.$ Despite your answer in part B$,$ the stock price was in the neighborhood of $$2\mathrm{.}50,$ possibly with the anticipation that a significant amount of debt would go away. Using this

price $($$$2\mathrm{.}50),$ what is the market cap of Marvel given the current number of shares outstanding? Create a market value B$/$S where the left hand side is the Net Assets

$($Assets $-$ Liab and Debt...keeps it easy for us$)$ and the right hand side is simply the shareholder equity as just calculated.