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


                        THREE MONTHS ENDED MARCH 31, 2001

Fixed Charges and Preference Dividends:

Interest Expense - Gross                                             8,020

Interest on Rent Expense                                               199
                                                                   --------
   Total Fixed Charges                                               8,219

Preference Stock Dividends                                           3,968

Total Fixed Charges and Preference Dividends                        12,187
                                                                   ========

Earnings (Deficit):

Pretax Loss                                                         (8,437)

Fixed Charges                                                        8,219
                                                                   --------
   Total Deficit before Preference Dividends                          (218)

Preference Dividends                                                 3,968
                                                                   --------
Total Deficit                                                        3,750
                                                                   ========

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 three months ended
March 31, 2001,  (i) earnings were  insufficient  to cover fixed charges and the
dollar amount of the coverage deficiency was $8.4 million and (ii) earnings were
insufficient  to cover combined  fixed charges and preference  dividends and the
dollar amount of the coverage deficiency was $8.4 million.