David Maisel was hired as chief operating officer of Marvel Studios as he had a plan for the studio to self-finance movies. Marvel entered into a non-recourse debt structure with Merrill Lynch that was collateralized by certain movie rights to a total of 10 characters from Marvel's vast vault. Marvel got $525 million to make a maximum of 10 movies based on the company's properties over eight years, according to the parameters of the original deal. Those characters were: Ant-Man, The Avengers, Black Panther, Captain America, Cloak & Dagger, Doctor Strange, Hawkeye, Nick Fury, Power Pack and Shang-Chi. Ambac insured the movies would succeed or they would pay the interest payment on the debt and get the movie rights collateral. Initially Marvel Studios was in talks with Universal Pictures as a possible distributor, as Universal owned the film rights to both Hulk and Namor during that time. Negotiations dragged on, so the studio began talks with Paramount Pictures. In the second quarter of 2005, Merrill attempted to back out of full financing of each movie, demanding that Marvel finance 1/3 of the budget. Marvel took back rights in five foreign territories from Paramount for pre-sell to meet that demand. On September 6, 2005, Marvel announced the Merrill Lynch financing deal with Paramount was on as marketer and distributor. Also, the parent company changed its name from Marvel Enterprises, Inc. to Marvel Entertainment, Inc. to reflect the change to self-production. The studio moved to a new location over a Mercedes-Benz dealership in Beverly Hills. Maisel was also named vice-chairman of the studio, but reported to Isaac Perlmutter. In October 2005, Michael Helfant joined the studio as president and chief operating officer. In November 2005, Marvel gained the film rights to Iron Man from New Line Cinema. Marvel revealed that it had regained the film rights to Hulk from Universal in February 2006, in exchange for letting Universal own the distribution rights to The Incredible Hulk and the right of first refusal to pick up the distribution rights to any future Marvel Studios-produced Hulk films. In April 2006, Thor was announced to be a Marvel Studios production. Lions Gate Entertainment subsequently dropped the Black Widow motion picture project it had since 2004 giving the rights back to Marvel. Maisel and Arad fought over the rate of movie releases and strength of characters in the movie line up. Perlmutter supported Maisel and thus,