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



                               NINE MONTHS ENDED SEPTEMBER 30, 2001

Fixed Charges and Preference Dividends:

Interest Expense - Gross                                             23,350
Interest on Rent Expense                                                930
                                                                    --------
   Total Fixed Charges                                               24,280

Preference Stock Dividends                                           11,957
                                                                    --------
Total Fixed Charges and Preference Dividends                         36,237
                                                                    ========

Earnings (Deficit):

Pretax Loss                                                         (24,181)

Fixed Charges                                                        24,280
                                                                    --------

   Total Deficit before Preference Dividends                           (570)

Preference Dividends                                                 11,957
                                                                    --------
Total Deficit                                                       (12,527)
                                                                    ========

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 nine months  ended
September 30, 2001,  (i) earnings were  insufficient  to cover fixed charges and
the dollar amount of the coverage deficiency was $12.5 million and (ii) earnings
were  insufficient to cover combined fixed charges and preference  dividends and
the dollar amount of the coverage deficiency was $12.5 million.