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May 22 (NBD) -- China's Camsing International Holding Limited ("Camsing") issued an announcement Monday morning, confirming that Stan Lee, the father of Marvel, has filed a lawsuit against its subsidiary POW! Entertainment in the U.S., but the company hasn't received related documents. 

The Hong Kong-listed company would definitely give a second thought to its deal to buy POW! Entertainment if it had a second chance, as it is now facing a compensation claim of up to 1 billion U.S. dollars due to the acquisition.  

Lee is best known to the world as the co-creator of Marvel's multi-billion dollar portfolio of super heroes, including Spider-Man, the X-Men, the Avengers, Black Panther and the Fantastic Four.

In late October of last year, Camsing acquired 100 percent stake in POW! Entertainment for 11.5 million U.S. dollars. POW! Entertainment, founded by Lee, primarily engages in multimedia production and licensing.

Lee is suing POW! Entertainment and other parties for fraud, claiming they conspired to gain the exclusive right to use his name, identity, image and likeness on a worldwide basis in perpetuity in a fraud scheme. 

From Camsing's newest business performance report, NBD found the company's net assets was worth around 460 million HK dollars (about 586 million U.S. dollars) as of December 31, 2017, which was merely 1/17 of the 1-billion-U.S. dollar compensation claimed by Lee. 

NBD tried to interview Camsing, but no response has received as of the press time. However, in a previous announcement, the company said it is ridiculous for Lee to say he knows nothing about his signing over the exclusive right to use his identities and works, and Lee's claim has no legal basis. 

Later on Monday, Camsing delivered a new statement saying it has lodged a claim against Lee through the High Court of the Hong Kong Special Administrative Region, seeking indemnities for damages caused by the false accusations. 

Entertainment lawyer Liu Kai with Hunan Wen Sheng Law Firm told NBD that according to some foreign media reports, Lee claimed POW! Entertainment took advantage of his declining eyesight. If Lee really couldn't read the terms of the contract due to his deteriorating vision or had no capability to sign a contract, the contract should be signed in the presence of his family member or legal representative, or should obtain their ratification afterwards. 

However, if Lee's vision was not that bad and the contract expressed the true intention of both parties, Lee would have no concrete evidence to prove the fraud. In that case, he would have a little chance of winning the case, the lawyer held.  

Email: lansuying@nbd.com.cn