Camsing International, the Hong Kong company that controls POW! Entertainment, has hit back at claims that Stan Lee was tricked into selling the company he founded. The feted comic book creator, Lee last week announced a $1 billion lawsuit against Camsing in California.
Lee claimed that unscrupulous business partners took advantage of his declining eyesight in order to swindle him, and to hand over an exclusive right to use his name to the Hong Kong company.
In a statement, Camsing said that it had seen the copy of Lee’s lawsuit, as published by media including Variety. But said that Camsing has not been served with the complaint, and “nor has the filing been confirmed by the listed courthouse.”
“The complaint is completely without merit. In particular, the notion that Mr. Lee did not knowingly grant POW! Entertainment the exclusive rights to his creative works or his identity is so preposterous that the Company has to wonder whether Mr. Lee is personally behind this lawsuit.
“There is no question that Mr. Lee–who along with his daughter was and remains a substantial POW! Entertainment shareholder—clearly understood the terms of the agreements he signed. The evidence, which includes Mr. Lee’s subsequent statements and conduct, is overwhelming and the Company looks forward to presenting it in court. When and if the complaint is properly served, POW! Entertainment will respond in a timely and appropriate manner through legal channels.”
Listed on the Hong Kong Stock Exchange, Camsing is an investment holding company with entertainment interests spanning animation, film, TV, game, theme activities, as well as the sales of IP derivative products. For the year to June 2017 it had revenues of $373 million (HK$2.93 billion) and net profits of $5.74 million (HK$45 million).
Earlier, Lee brought a similar suit against Jerardo Olivarez, a former publicist and business manager to Lee. The suit accused Olivarez of draining Lee’s accounts of $1.4 million and using his blood to create a commemorative stamp without Lee’s consent.