Bondholders Replace Marvel, Toy Biz Boards

Marvel Holdings bondholders said they voted to replace the boards of comic-book publisher Marvel Entertainment Group Inc. and toy maker Toy Biz Inc. The bondholders tapped financier Carl Icahn to be chairman of Marvel, and the new Toy Biz board will hold a meeting to elect a new chairman. The Marvel board will get nine new directors, and Toy Biz will have eight new members on its 11-person board. The vote came an hour after the expiration of a federal order that barred the bondholders from replacing the board. Marvel management has been trying to prevent the bondholders from replacing the board at least until the company emerges from bankruptcy. Marvel filed for Chapter 11 of the U.S. Bankruptcy Code in December amid slowing sales of its comic books.