Miracleman: Neil Gaiman's Writer's Agreement
The more interesting section of the contract is section three which details the character copyright. Eclipse made it very clear that the writers and artists owned their own work (ie: Gaiman owned the copyright to his scripts/stories) and Eclipse split the copyright to the characters between themselves, 2/3 to Eclipse and 1/3 shared between the writer and artist. This is consistent with what Alan Moore wanted, however the confusion arose later because the Miracleman/Marvelman copyright should have, rightly, belonged to the creator, Mick Anglo. At the time of the Quality deal, and the resulting Eclipse deal, it was understood that Quality publisher, Dez Skinn, had secured the copyright from Anglo, a claim that Anglo has since denied.
When Todd McFarlane paid $25,000 for all of Eclipse's copyrights, film, remaining stock and inventory, he believed that he was buying the rights to Miracleman, hence the McFarlane statue and the plans to include MM in Spawn, with the view of an on-going feature. I can't say that I would have been excited by a McFarlane drawn Miracleman, going on the image that was released, as it just doesn't look like Miracleman to me.
What McFarlane appears to have bought is the American trademark to the logo and nothing more. It's a complex situation, but appears to have been resolved, to a degree, with Marvel Comics (of all people) cutting a deal with Anglo directly. Hopefully, one day soon, we'll be able to buy omnibus sized reprints of the classic Alan Moore, Garry Leach, Alan Davis, Rick Veitch, Neil Gaiman and everyone else's stories, but I won't hold my breath. However it wasn't that McFarlane wasn't warned, as shown in the letter that came with the acceptance of the offer, it was down to McFarlane to do his due diligence in regards to ownership of the characters, and that could have been done as easily as reading the contracts that were signed.