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 MARCH 31, 2002



Fixed Charges and Preference Dividends:


Interest Expense - Gross                                     $ 7,873

Interest on Rent Expense                                         178
                                                             --------

   Total Fixed Charges                                         8,151

Preference Stock Dividends                                     4,131
                                                             --------
Total Fixed Charges and Preference Dividends                  12,282
                                                             ========


Earnings

Pretax Income                                                  1,383

Fixed Charges                                                  8,151
                                                             --------
   Total before Preference Dividends                           9,534

Preference Dividends                                           4,131
                                                             --------
Total Earnings                                               $13,665
                                                             ========

Ratio of Earnings to Fixed Charges                             1.68
                                                             ========

Ratio of Earnings to Combined Fixed
Charges and Preference Dividends                               1.11
                                                             ========


     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, 2002,  (i) earnings  were  sufficient  to cover fixed  charges and the
dollar amount of the coverage was $9.5 million and (ii) earnings were sufficient
to cover combined  fixed charges and preference  dividends and the dollar amount
of the coverage was $13.7 million.