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1990's Captain America, directed by Joel Schumacher and written by Stan Hey, is certainly one of Marvel's classics, if not a pretty good, fun predecessor to the MCMU [1]. Arnold Schwarzenegger was a brilliant actor for Cap, accent or not, and it even inspired the film's iconic subplot of internment during the war; so much so he was actually nominated for an Oscar (among four others the film got).

However, things could have been a lot different. When the film rights were purchased by Cannon in 1984, Death Wish director Michael Winner was attached to direct, but creative differences and usual studio mess-ups led to Winner dropping out, among the directors. Joseph Sargent, Albert Pyun, and Tobe Hooper were among those floated around, but ultimately Schumacher got the director's chair

What if Schumacher never got to or turned down Captain America? Would Marvel have gone down, particularly on the silver screen?

[1] Marvel Comics Movie Universe

Batman Forever is directed by a then-obscure Brad Bird in this timeline.

For the record, Captain America here is not just Batman Forever in Marvel's clothing. Red Skull (much older here) is played by Alec Guiness. The oscar nomination comes from both his fish out of water nature and how Cap (renamed Sven Rogenstein here) was involved in the internment of german and japanese-americans, including his own family, and reacts in silent horror when he learns what has happened to them, specifically beaten by guards to near death.)
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