Mattel Inc. last year vanquished its rival, MGA Entertainment Inc., by winning a $100 million judgment and the rights to MGA’s Bratz doll.

But now the toy company is increasingly concerned that its claim to the money and the doll may be slipping back.

That’s because MGA’s new and largest creditor appears to be first in line to claim those assets. What’s more, Mattel is claiming that the creditor – Omni 808 Investors LLC, which is headed by Beverly Hills investor Neil Kadisha – has ties to MGA’s chief.

“Based on the statements made to the court, it appears that Omni 808 hopes to jump the queue and take belated priority over Mattel’s successful claims against MGA and obstruct Mattel’s rights in Bratz,” said Michael Zeller, a partner in the downtown L.A. office of Quinn Emanuel Urquhart Oliver & Hedges LLP who is representing Mattel with partner John Quinn.

“Mattel does not believe that there is any merit to that position,” Zeller continued.

However, Mattel is vigorously fighting the matter in court and is alleging essentially that Kadisha’s move is part of a plan concocted by MGA’s chief executive, Isaac Larian, to keep the company’s assets out of Mattel’s hands and avoid paying the big judgment.

The situation arose because Kadisha’s Omni 808 bought a loan collateralized by the assets of MGA, apparently including the rights to the Bratz doll. Since that loan is in default, Omni 808 could foreclose and claim its collateral. Omni 808’s secured rights to the assets could challenge Mattel’s court judgment. Theoretically, Mattel could get nothing.

Court documents suggest that Kadisha could be a friendly debt holder because Omni 808 is connected to Larian’s brother-in-law. That raises the possibility that Larian could remain in control of the company.

An MGA spokeswoman said neither Larian nor any of the company’s attorneys would comment for this article. Court documents detailing MGA’s position on its finances have been filed under seal, making it difficult to present the company’s counterargument.

Kadisha’s lawyer, Todd Gordinier, declined to comment for this article. However, in court documents that aren’t sealed, Kadisha argues that Mattel’s allegations are “replete with false and misleading representations.”

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