EXHIBIT 12


Statement re:  Computation of Ratios


                            MARVEL ENTERPRISES, INC.

                     RATIO OF EARNINGS TO FIXED CHARGES AND
      RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

                         SIX MONTHS ENDED JUNE 30, 2000



Fixed Charges and Preference Dividends:


Interest Expense - Gross                                      15,733

Interest on Rent Expense                                         480
                                                             --------

   Total Fixed Charges                                        16,213

Preference Stock Dividends                                     7,545
                                                             --------
Total Fixed Charges and Preference Dividends                  23,758
                                                             ========


Earnings (Deficit):

Pretax Loss                                                  (26,078)

Fixed Charges                                                 16,213
                                                             --------
   Total Deficit before Preference Dividends                  (9,865)

Preference Dividends                                           7,545
                                                             --------
Total Deficit                                                (17,410)
                                                             ========

Ratio of Earnings to Fixed Charges                              ---
                                                             ========

Ratio of Earnings to Combined Fixed
Charges and Preference Dividends                                ---
                                                             ========


For the  purposes  of the ratio of  earnings  to fixed  charges and the ratio of
earnings to combined  fixed  charges and  "preference  dividends,  earnings were
calculated  by adding  pretax  loss,  interest  expense,  the  portion of rents"
"representative  of an interest  factor  and,  in the case of the latter  ratio,
preference dividends. Fixed charges consist" of interest expense and the portion
of rents representative of an interest factor. During the six months ended "June
30, 2000, (i) earnings were  insufficient  to cover fixed charges and the dollar
amount of the  coverage"  deficiency  was $26.1  million and (ii)  earnings were
insufficient  to cover combined  fixed charges and preference  dividends and the
dollar amount of the coverage deficiency was $26.1 million.