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Who owns the rights to the 1994 unreleased Fantastic Four movie?

Best I can find, Avi Arad purchased the full rights before it could be released, but I'm unclear if this was a purchase he made with his own money, or was a purchase he made acting for Marvel with Marvel's money.

If it's the second, that should mean that Disney owns the movie, 100%, and could release it, yes?
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