Late Wednesday, a regulatory filing revealed that former Marvel Studios CEO Avi Arad had exercised options and sold 3.1 million Marvel shares, about 2/3 of his Marvel holdings, for roughly $60 million. 

In the conference call announcing his departure from Marvel on Wednesday, Arad was asked about his shares, and he emphasized that he had not committed to hold them.  Apparently, as that call was taking place, sales were already under way.    

This is one more degree of separation between Marvel and the man who may have done more than any other to pull it out of bankruptcy and make it a licensing and media powerhouse.